Financial Management With Accountant

What is Financial Management Accounting?

Financial management accounting is the support most often associated with the Chief Financial Officer (CFO) and finance department of a company. These services primarily involve looking into the future by converting a business plan into a budget or financial model and helping a company manage to its plan. CFO’s provide management and the board with financial clarity and visibility into the financial results—why they occurred and what can be done to improve financial performance in the future. These services include financial oversight, financial trend analysis, cash management, debt management, board and management reporting, dashboards, benchmarking, budgeting and forecasting.

What is Accounting?

Accounting is the process of converting financial transaction data into accrual based financial reports that are utilized to report financial performance to management and other stakeholders. This process includes reviewing and overseeing accounting transactions, ensuring that an organization has an adequate internal control structure, a month-end closing process which converts transaction data to an accrual basis and a financial management accounting reporting process that gives meaning to all of the financial information.

What are Financial Transactions?

Financial transactions include account payables and cash disbursements to vendors, billing and cash receipts from customers, payroll to employees and equity to and from shareholders. A properly configured accounting system will ensure that there is an adequate internal control structure in place, that transactions are recorded contemporaneously with their execution and that only properly approved transactions are executed.