Know at any time what your budget execution and financial availability are and report clearly and quickly. What is your current budget? What was your budget execution? What budget do you need for the future?
Financial management is a way of organizing the budget of an institution, that is a ministry, an institute, an association, etc. Financial management helps to record all the inflows and outflows of money, to make budgets, to control expenses, to predict income, and to show the results. Thus, financial management helps to make good decisions about money and to comply with the rules that exist.
Some parts of financial management are:
- Public Accounting SNC-AP. It is a set of standards that public institutions, such as the government, the municipalities, the schools, etc., have to follow to record and show their money and their assets.
- Budget Management. Plan how much money you will receive and spend in a certain time frame, such as a month, a year, etc., and compare it with what actually happened.
- Analytical Accounting. Analyses the costs and benefits of each activity or project that an institution does, to know if it is worth it or not.
- Budget Forecast. It is a way of estimating how much money you will receive and spend in the future, based on what happened in the past and what you expect to happen.
- Financial Management of Projects. It organizes the budget that you use for all specific projects and controls if it is within the expected budget.
- Managerial Account. It shows the result of the financial management of an institution in a certain time frame, such as a year, for example. It shows how much money came in and went out, how much was spent and on what, how much was earned and how, etc.
- Budget Preparation. It calculates how much money you will need to do something, such as buying material, hiring people, etc., and presents that value to whoever has to approve or finance it.
- Cash Management and Bank Reconciliation. It controls the money that you have available at any time, such as in the safe, in the bank account, etc., and checks if everything is correct with the records and statements.
- Accountability. In an automatic and simple way it explains how we use the budget and if we comply with the rules and objectives.
Whether you need to manage your general ledger, accounts payable, accounts receivable, or financial statements, Quidgest’s Financial Management System Automates and Streamlines your Accounting Processes.
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See the case study NOVA – Universidade Nova de Lisboa