The finance department’s business process is crucial to any company as it serves as the link between all departments. A well-run finance department can facilitate the growth of an organization by providing financial transparency.
There are 3 key benefits of streamlined financial affairs in any organization;
- Quick decision making by evaluating the financial performance
- Tracking of organizational profitability and revenue targets
- Management of cashflow to make supplier’s payments on time
How to develop business process of well running finance department?
In order to develop the business process, we will segregate the department in three major functions.
- Preparation of financial statements
- Management of financial operations
- Management of cash flow cycle