Effective financial management is a critical determinant of the failure or success of a project or a company.

Effective financial control ensures that the company or project is run as efficiently as possible, ensuring that its full potential is realized.

At Best Practice Consulting we will work with you to implement proven financial management tools to help:

  • You monitor your financial position
  • Ensure that there is a clear reporting structure where all staff members know who is responsible for setting a particular budget and who can authorize spending.
  • Draw up robust internal controls to cover issues such as cash handling.
  • Draw up a strategic or long-term plan to enable you to determine where the financial priorities of a company or project lie.
  • See that all managers recognise and are held accountable for ensuring effective financial management.

Good financial and accounting systems are paramount: it is essential that management has current, accurate, and relevant financial data to ensure sound decision-making. In addition, this information must be presented in a useful form that addresses the needs of individual managers. Internal controls should be robust and should be rigorously overseen. This could apply, for example, to the handling of cash by employees. Devolving the management of budgets can bring advantages in terms of flexibility, but there must be a clear reporting structure, so that, for example, it is easy to identify who is responsible for making spending decisions.