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Benefits of good financial management and accounting
Good financial management and accounting covers a broad spectrum including considering commercial law implications whilst concluding transactions and contracts. In some instances good financial management will imply to obtain qualified legal advice before important contracts are signed. Good financial management therefore implies knowing the limits of your knowledge and fields of speciality.
In the smaller to medium business environment financial managers or senior accountants are often expected to be more than just number crunchers but to oversee the whole admin process, from procurement to quoting. Often the financial manager doubles as the part-time HR Manager.
The design of the accounting system in an environment of branches and subsidiaries with inter -company transactions and transfer of inventory is important so that all transactions are captured accurately and on time so that financial reports are available.
But what differentiates a financial manager from an accountant or a good financial manager from an average financial manager? And what are the benefits of implementing good financial management?
A good financial manager or accountant is proactive in his approach. Having accurate management accounts and budgets and forecasts on hand makes it much easier arranging for all types of finances without too many hassles.
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