Not all businesses need (or can afford) a full-time head of finance. But, in addition to accurate and regular financial reporting, they need a strategic view of finance, whether that means budgeting, business planning, forecasting, fundraising, financial modeling, acquiring a business and so on.
Read MoreTopics: Business Improvement, Team Development, Efficiency
In a world of digital financial networks and online commerce, the risks of cyber fraud are greatly increased. With the continuous advancement of technology and the ever-growing reliance on digital platforms for financial transactions, businesses are faced with new and evolving threats from cybercriminals. These criminals utilize a range of tactics and techniques to target and exploit vulnerabilities in computer systems, networks, and devices.
Read MoreTopics: Business Improvement, Risk Management, Technology, Fraud
All businesses should carefully monitor their cash position.
Healthy cash reserves enable investment in growth, allow distributions to owners or - for some businesses - can be a matter of survival. In any case, cash management is critical.
One way to improve the cash position is to carefully manage Accounts Receivable (or collections). Here are some Best Practices which can positively impact the cash position.
Read MoreTopics: Business Improvement, Accountability, Optimisation
All businesses should review their expenses periodically.
Prudent expense management helps ensure that valuable cash resources are used wisely. And sometimes, a business may NEED TO reduce expenses as a matter of survival.
No matter what the circumstances, here are some Best Practices in reviewing and managing expenses.
Topics: Business Evaluation, Business Improvement, Wealth Creation
An important responsibility of leaders is figuring out how to fund business operations and growth plans.
In the best case, a business will generate enough cash for operations, growth, and shareholder dividends. However, in many cases, leaders need to borrow money for growth and, in tough times, even the operations of their businesses.
Read MoreTopics: Business Improvement, Business Planning, Debt Management, Expenses
