Financial Operations
Increased automation, more efficiency, and less human error
Symptoms that your financial operations need help:
- Have to make extension on tax filings because of messy books.
- Struggle getting loans because financial records are inaccurate and hard to update.
- Your team is consistenly behind on bank / credit card reconciliations.
- You know your books aren't right, but you don't know what's wrong.
- It takes a significant amount of time to prepare financial reports for CPAs, lenders, and peer groups.
What Are Financial Operations?
Anytime a transaction happens (whether cash in, cash out, or a non-cash transaction), "Financial Operations" is the process that a transaction must go through to be created, recorded, and approved.
This applies to many components of a business, including bill pay, invoicing, payroll, credit card spending, debt, investments, assets, and any other item that may impact your financial statements.
Our Methodology
- Create a solid infrastructure.
- Simplify existing processes and tools.
- Automate processes as able.
Investing in Strong Financial Operations Results in:
Efficient and Accurate Job Costing
Confidence in knowing how much your team made per job and how to improve it in the future.
Payroll Insights
Gain additional insight into who you're paying, how much you're paying them, and what you're paying them for.
Improved Transaction Efficiency and Accuracy
Spend less time categorization transactions and more time understanding your financials.
FAQs
What are some examples of financial operations improvements?
Let's say you run a business that has 10 other employees, with each of them owning seperate credit cards. This creates several operational requirements for you, including:
- Validating the legitimacy of the spend by capturing receipts.
- Understand the nature of the spend so you can categorize it correctly by collecting feedback from the spender.
- Developing reporting to show spend per employee, department, or location over a given time period, which requires adding those details to each transaction.
Typically, this process would include putting together all the unknown transactions into a spreadsheet, sending it to the team, and waiting for explanations and receipts.
Instead, we partner with Ramp to provide a streamlined process in which all automations and workflows reduce the complexity and time required to collect this informatin. By setting up the appropriate parameters, rules, and mappings, Ramp can significantly reduce the amount of time spent on managing emplyee expenses.
Why should FinTeam be the one to help our financial operations?
Just like you are a subject matter expert in your field, financial operations are our world. We've tested and tried many softwares and processes, so we know what works and what doesn't work. With an understanding of your goals, we can recommend updated processes based on our collective experiences while accounting for the strategic, operational, and financial implications of the changes we make.
How much do these changes cost?
The cost varies on the specific changes we recommend. During our assessment process, we generate a cost benefit analysis to understand the explicit and implicit costs associated with any changes we propose before we make them.
We have found that the explicit costs to most changes are either free or very low, while the implicit costs vary by company / software.
Optimize Your Financial Operations
Let's talk about how we can improve your financial systems