For 35+ years, we’ve been the on-demand CFO (Chief Financial Officer) for American business owners, and we’re damn-good at what we do, on average we increase businesses revenue by 40.1% ($2.3M) and profits by 954.9% ($1.8M) over 3 years.
The CFO is responsible for overseeing and managing financial reports, investment portfolios, accounting, and all types of financial analysis for the company. In addition, he must supervise the cash management strategies as well as the regulatory area of the enterprise.
He is committed to accurately managing an organization’s cash flow by monitoring balance sheets, profit and loss statements, and the cost and revenue model.
Responsibilities also include the development of an efficient financial strategy. It must clarify all the financial aspects of the organization, fulfilling the objective of minimizing costs and maximizing benefits. It is also in charge of making budgetary decisions and developing the financial planning of the operation.
The CFO Services must be well-versed in the technical aspects of any type of financial decision the business makes. The key elements of financial management are:
· Financial planning
· Financial control
· Financial Decision Making
Management has to ensure that funds are available at the right time to meet the needs of the business. In the short term, financing may be necessary to invest in equipment and stock, pay employees, and finance sales made on credit. In the medium and long term, financing may be necessary to significantly increase the company’s productive capacity or to make acquisitions.
Financial control is an extremely important activity to help the company ensure that it is meeting its objectives. It is a method designed to answer the following financial questions that a company may have:
· Are assets being used effectively?
· Are company assets protected?
· Is company management acting in the best interests of shareholders and in accordance with business rules?
Tools for financial control
· Cash controls: system for managing amounts in cash.
· Bank controls method to ensure that the bank account cannot be misused.
· Budgetary and accounting control: they provide sufficient information or manage the activities of the organization.
· Purchase and authorization control: designed to ensure that different people participate at each stage.
· Control management: additional controls carried out by the administration.
· Physical controls: maintenance and security of business property and guidance on the use, by staff, of items owned by the organization.
Financial Decision Making
The fundamental aspects of financial decision-making are related to investments, financing dividends, and asset management. For example, investments must be financed in some way, however, there are a variety of financing alternatives to consider. For example, it is possible to obtain financing through the sale of new shares, bank loans, or taking credit from one of the suppliers.
What are the functions of a financial director?
It depends on the type of organization, whether it is public or private since one is required in both, but in general, the functions are as follows:
• Ensure the correct and timely use of company resources.
• Generate the annual spending budget.
• Project revenue estimates with historical information and balances periodically.
• Prepare the income statement of the company.
• Detect investment opportunities for the company in the stock market, the market, the public sector, and industry.
• Warn adverse economic situations of inflation that could affect the price of products.
• Implement financial control mechanisms.
• Supervise internal financial audit processes in the areas of the company.
• Keep financial commitments with suppliers and the financial institution up to date
Umar Nisar was born and raised in the busy city of Abbottabad. As a journalist, Umar Nisar has contributed to many online publications including PAK Today and the Huffing Post. In regards to academics, Umar Nisar earned a degree in business from the Abbottabad UST, Havelian. Umar Nisar follows the money and covers all aspects of emerging tech here at The Hear Up.
How to Prepare for a Long-Distance Move
More than 27,059,000 people move each year, whether traveling across the state or the country. Regardless of when you’re preparing for a long-distance move, there are several things you’ve got to be aware of ahead of time.
We’ve created a checklist that you can use full of packing tips and other things you need to know, like the importance of hiring movers to aid in the big move. The more prepared you are, the easier and more stress-free the move will be.
Get ready to settle into your new home after you check out these need-to-know packing tips below.
When moving to NY from California, you need to plan ahead. You need to do this to get everything in order, such as shutting off the utilities and turning it on at the new location before you’re scheduled to arrive.
The last thing you want to do is risk arriving at your new place and not having running water or working electricity when you get there. Another reason you want to plan ahead is that if you’ve decided to hire movers, you’ll need to coordinate the day they plan to pick up your items and deliver them to the new house.
Again you don’t want to arrive at your home and the movers not arrive with your items on the day you expect them to. Not only does this leave you without your necessities, but it could also mean you pay additional delivery fees that you’d not planned for.
If it helps, you could make a list of everything you need to do before you are set to move. We recommend making this list ahead of time so that you don’t feel rushed at the last minute to get everything completed.
Moving lots of items a long distance can be tricky, especially if you’re not used to driving a moving truck. Before you’re set to move, make a list of the best movers in your area.
You can do this by creating a list of mover names and estimates from your area. Ensure you have them clarify what you’re paying for because most rental companies provide a specific number of miles locally and out of state that could increase your overall rental price.
You’ll also want to inquire about the insurance needed to schedule movers to come and help transport your items. Ensure you get the estimates for each type of vehicle they offer.
When the move is complete, the larger the vehicle and the more movers you need, the higher the rental price. Once you’ve decided which moving company you’re going to work with, take the next steps to set your reservation.
If you’re making the appointment over the phone, ask the company to send you a confirmation email once the phone call has concluded. This will ensure you have tangible evidence of your appointment reservation just in case something comes up the day of the move where you need to contact the moving company.
When you move a long distance, it’s in your best interest to only pack the items you need and discard items you no longer use. The best way to do this is to take some time to declutter your home before you begin packing.
Make a pile of the items you need to get rid of, whether that means donating or discarding them accordingly. While it might prove to be a time-consuming process, in the long run, it will pay off when you don’t have to do these things while unpacking in your new home.
This is especially true if you’re downsizing and don’t have enough room to store all the items that you have currently in your home or apartment. Another reason to declutter your home is so that you can effectively determine how much packing material you need to pack, such as boxes and packing tape.
Check your local area for packing items because there are several places online where people want to get rid of their extra boxes for free. This can help you to save on packing expenses.
When you move into your new place, the last thing you want to happen is for essential items to be mailed to your previous email. This means you need to take the steps necessary to forward your mail to your new address, which can be done online via the united states postal service website.
When forwarding your mail, ensure you list the names of everyone moving and the address of the new home. Then you will need to specify a date when you want the mail to begin being sent to the new location.
Along with forwarding your mail, you need to remember to change the address on other government documentation, such as:
- Car registration
- Drivers license
- Voter registration
When you don’t place your new address on these documentation forms, completing other things you need to complete after you’ve moved can become challenging.
When you’re moving a long distance, the last thing you want to do is travel back to your previous residence to take care of things that should’ve been completed before the move.
When preparing for a long-distance move, you need to know several things, such as ensuring you forward your mail ahead of time. You should also remember to schedule movers and request estimates to help move your belongings from one place to another.
If you want to know more about this topic, continue to scroll through the posts in this section.
Khalil ur Rehman is a proud born and raised in Abbottabad. Khalil has worked as a journalist for nearly a decade having contributed to several large publications including the Yahoo News and The Verge. As a journalist for The Hear Up, Khalil covers climate and science news. [email protected]