FIN@U defines Financial Management as the "coordinated activity of an organization to realize value from financial resources". In turn, Financial Resources are defined as follows: "A financial resource is any item, thing, or entity that has potential or actual value to an organization's financial well-being". This intentionally encompasses a wide range beyond just monetary assets. Financial Management entails the balancing of costs, opportunities, and risks against the desired financial performance, aiming to achieve organizational objectives efficiently and effectively.
3 Crutical Aspect of FIN@U
- Seamless integration across financial processes.
- Efficiency and accuracy through automation.
- 3. Actionable insights via comprehensive dashboards.
Implementing formal policies and procedures, alongside a professionally supported financial management system, will aid in controlling and managing the financial resources register. Professionally supported financial management software equipped with barcode tracking technology will decrease the time and resources allocated to managing financial resources. Physical audits enable organizations to identify and manage dormant and unproductive financial resources, adhere to corporate governance standards, ensure adequate insurance coverage, and facilitate precise reporting.
Order to Cash:
- Quotation Generation
- Order Processing
- Invoicing and Revenue Recognition
- Payment Tracking
- Customer Relationship Management
- Supplier Management
- Purchase Requisition
- Purchase Order Management
- Receipt and Inspection
- Invoice Processing