Services Economic Management Systems & Restructuring
Consultancy services related to financial management processes are closely linked to “how and with what tools” to manage your business’s finances.
Financial management processes include the following services:
- Planning, budgeting, forecasting
- Financial reporting
- Economic systems optimisation
We consider the key areas to be planning, budgeting, forecasting, financial reporting, controlling, and economic system optimization, although understand that the financial management process are complex and related to number of other areas.
More in depth planning, budgeting and forecasting are linked all together by the same aim – form financial views for the future. Establishment of mid-term financial plan is essential to define targets and time-plan, using various forecasting methods. This is followed by budgeting process defining in further detail short-term plans for individual departments, service units, processes or products.
We offer tools and methods for such processes, as well as professional advice on how the process of preparation of these plans should be structured to be most efficient.
Financial reporting is a process of preparation of various reports that are essential for managing the entire business and taking managerial decision. The key purpose of such reports is provide accurate, structured and quality data for stakeholders, for example giving them timely indication of potential future problems, which are to be resolved before evolving into larger dimensions. Typical recipients of such reports are managers, owners, banks, business partners, etc.
We offer professional advice on both the structure, periodicity and data sources for various periodical reports, as well as on processing the reports and responsibilities.
Controlling includes mainly comparison of reality to defined plans and targets; it is a management function of establishing benchmarks, comparing actual performance against them, and taking corrective action whenever required. The aim is to create more efficient environment in terms of processes.
We offer consulting on establishment of new controlling process and reports, or amendment of existing approach to controlling.
Under Economic system optimization is mainly meant an efficient Management Information System (MIS). These computer based systems provide managers with tools to organise, evaluate and efficiently manage the business. Such systems support financial management with consistent data, reports and limit need for manually data processing.
In MIS projects we provide our clients with advice on most suitable key characteristics of the systems (i.e. “what should the system be able to do”), assist in selecting the system and its provider, followed by the role of liaison between your company and MIS provider during implementation phase.