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What is good financial management

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Finance professionals and budget holders: different needs, same solution

From the finance department perspective, “good financial management” is having robust processes that ensure all sales and purchasing transactions are accurately captured, processed and paid in a timely manner, the management accounts and statutory returns meet the legal requirements and auditor’s approval, payroll is always run on time and the resulting cashflow information is diligently managed.

From a budget holder’s perspective (the people who spend the money), good financial management is much more about understanding where they are today against budgets and based on their decisions, where they are going to be in the foreseeable future and that determines what they can achieve within the limitations of their available money and resources.

Download our white paper and find out more about the following:

The perspectives of both the finance department and the budget holders

What next generation financial management looks like

How budget holders spend analysis is effective

Why invoice capture and processing is an important consideration

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