Financial management techniques is the planning, monitoring and organising of
your company resources and ensuring that nothing is wasted, and that profits
are gained.
Some techniques that can be used are
Setting goals: Have
a good clear understanding of what you are aiming to achieve
Budget creation:
List all sources of outgoing and incomings make a realistic budget that
you can stick to.
Budget maintenance:
Keep an eye on your budgets by tracking expenses
Financial forecasting is thinking about and preparing for the future
and controlling the cash flow of your company. When starting out this is more
difficult to do as it is really a best guess of what will happen financial with
your business and new businesses will not yet have the trading history needed.
Cash flow management allows you to monitor and estimate the amount
of cash you will have at any one time, allowing you to see the cash outflow and
inflow. A cash flow analysis should be done often so you can prepare and deal
with any cash issue that may arise.
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