FinancialManagement

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At its core, financial management can be viewed as the highest and best use of money (and assets) that accomplishes the goals of an organization. To that end, there are multiple underlying structures that support strong financial management, many of which are listed below. Over time, procedures have evolved within an organization based on a particular individual’s skills and abilities, but not based on best practices. IMG breaks down these processes, compares them to best practices, identifies the gaps and works with you to implement the process that is right for your company.

Administrative Processes. This category includes all of the clerical tasks and documentation that are necessary to keep an organization running, including: mail, phones, records retention, contract & lease administration, insurance, petty cash, worker’s comp, timekeeping, payroll & benefits, office management and applicable licenses. Some of these are compliance related and others are required to maintain a functioning office.

Accounting Processes. Order-to-cash and procure-to-payment cycles are traditional accounting processes, which include invoicing, accounts receivable, cash receipt & application, purchase orders, accounts payable and cash disbursement. Also included in this category is month-end closing, maintenance of the general ledger and journal entries. Opportunities abound for streamlining and simplifying in this area.

Financial Systems. Accounting and business systems typically are not optimized within organizations. Whether it is a result of a shortened initial implementation, budget constraints or inadequately trained personnel, many systems have more horsepower than the organization is utilizing. IMG can recommend ways to optimize your existing investment in both human capital and technology.

Internal Controls. Internal control involves everything that controls risks within an organization. Preventive control activities aim to deter the instance of errors or fraud and include thorough documentation and authorization practices. Preventive control activities prevent undesirable “activities” from happening, thus require well thought out processes and risk identification. IMG can recommend changes that strengthen your internal controls and mitigate risk.

Financial Reporting. Timely financial reporting is one of the hallmarks of a finely tuned organization. However, not only does the reporting need to be timely, it needs to be accurate and support the decision-making activities of the business. IMG has designed financial reports that are efficient, effective and appropriate for all levels of management, including boards of directors.

Financial Analysis. Proper financial analysis answers the question “why” when management reviews the financial reporting. Many financial organizations know how to make the system print reports, but few have the analytical capability to make sense of the numbers and present those findings in a way that enables management to take action. IMG promotes financial transparency and understands the analytical capabilities that businesses need to remove the barriers to growth and profitability.

Working Capital. Cash is the life blood of any business and managing it is essential. Managing the elements – receivables, payables, cash and debt – is essential. IMG believes that managing working capital is more than just looking up a checking account balance; forecasting your working capital is key to the growth and success of your business. Running out of cash will kill a business – don’t let it be yours.

Financial Organization Structure. In many companies, the structure of the financial organization does not match the needs and demands of the business. Sometimes it is due to underskilled or underperforming personnel. Sometimes it is due to management not knowing the optimal financial organizational structure to support the financial management activities of the business. Sometimes the work that should be done isn’t getting done. Regardless of the situation, IMG can design and recommend the right finance roles for your organization that will equip you for today’s complex and rapidly changing business climate.

Interested in learning more? Contact us today.

"Our company is stronger and executing more effectively around our goals as a result of bringing IMG's expertise to our team.”

President, Die-Tech, Inc.