Monitoring the financial well-being of a business


Problem: The finance team in a business plays many roles. They are crucial to many different systems that are monitoring the financial well-being of a business. They are monitoring cash flow making sure that the overall money coming in and going out are making sense. They are validating the inventories and watching the materials coming in and going out depending on what the financial transactions are. They are working with the overall business team and are responsible for maintaining the cost strategies and making sure that the fixed assets and the depreciation is being accounted for properly. While focusing on this they are going to be looking at the forecasting. Not only are they forecasting they are benchmarking as well running the actuals vs the forecast to make sure that the financial is on pace to match the forecast so that adjustments can be made before issues get too large. There are many charts and break downs that the financial teams use. Some of them are the cash flows ledgers, the profit and loss comparison and looking at the overall financial with the balance sheet. Currently I use the balance sheet and the most as I am watching to see the

 

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Accounting Basics: Monitoring the financial well-being of a business
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