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Home » Solutions » For Departments » Finance department » Financial Administration
Financial Administration  

Financial Administration

How to improve finance department productivity
in 3 minutes
How to improve finance department productivity  with VIP Task Manager Professional

Planning financial activities
Financial planning process is the process of meeting the corporate goals through the proper management of corporate finances. The corporate goals can include investing a new project, saving for development and re-investment, or planning for product promotion and advertising. The financial planning process can be divided into four steps that help Finance Director and Finance Manager take an integral approach to assessing where the company is from financial point of view. By passing through these several steps, Finance Department can define current financial position, what the company may need in the future and what the department should do to reach the corporate goals. These steps include:

  • Collecting relevant financial information
  • Setting corporate goals
  • Examining current financial status
  • Developing financial strategy or plan

The financial planning process provides direction and meaning to the financial decisions. It allows to understand how each financial decision you make affects other areas of your finances. For example, investing a particular promising project might help the company pay off mortgage faster or it might significantly delay development of other projects. In this case VIP Task Manager can be used as a financial planner that helps view each financial decision as part of a whole. The department management can consider short and long-term effects of the project investment on the corporate goals. In Calendar view Finance Director can schedule tasks by using due dates, start and finish dates. To plan tasks for investment project, he can use 'Estimated Time' and 'Actual Time' columns.VIP Task Manager also allows to adapt corporate financial management more easily to changes and feel more secure that the corporate goals are planned out and tracked.

Implementing financial plan
Finance Director with assistant of his deputy should agree on how the financial plan will be carried out. They create a list of financial directives and recommendations the department staff should do in order to implement the plan. During the implementation process Finance Manager should analyze all incoming information to assess current situation and determine what should be changed or re-oriented in order to meet the corporate goals. Depending on what activities Finance Manager has asked for, this could include analyzing tasks of financial staff members, schedules, appointments or assignments. By using VIP Task Manager, Finance Director can track the financial plan implementation and efficiently communicate to the subordinates to coordinate their activities. For example, the task 'Check and reconcile accounts' is assigned to Accountant, and Finance Manager needs to find out whether accounting transactions are completed. In VIP Task Manager Finance Manager can track status of this task by using 'Status' and 'Complete' columns.

Reporting financial plan implementation
As a rule Finance Manager reports current situation with financial planning process to Finance Director. This is important part of the departmental workflow as Director and his deputy should mutually understand time frame for results, discuss potential risks, define success of the plan implementation and check whether it comes near the corporate goals. Finance Manager should gather all the necessary documents before giving the report to the department head. In VIP Task Manager this can be easily done by using Report Builder. This is convenient tool that creates task reports and gives detailed information about current task statuses, assignments and achievements. Report Builder allows to enclose all financial documentations to the task report, so Finance Director will get complete information about existing financial status.

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