Property and Financial Management

Property and financial management are both important aspects when you own commercial or residential real estate. There are many things to consider when trying running an organization or association, and many little things that need to be taken care of behind the scenes. This is why most associations will hire a management company to take care of things both little and small, so they can focus on dealing with homeowners and board members, instead of worrying about landscaping, security, and other maintenance issues that can become a nightmare. Placing the right personnel to run something smoothly will be the key to keep an association happy, and to keep members of a neighborhood or board of investors happy.

Some functions of the financial aspect of a management company are to collect paperwork and document everything accordingly. It is also their job to collect all fees and dues that are due each month from homeowners. If a homeowner is behind on paying their association fee, they will have to be properly warned and notified before fees can be issued. The financial management company will take care of all the paperwork during this process, and will be in charge of fines being sent to that specific homeowner. This part of management will also take care of paying out any services that have been hired by the management company, such as maintenance and repair work.

Property management works hand in hand with the financial aspects of the association. They take care of contracting on people to take care of the property. They will make contracts for yearly maintenance, monthly maintenance, and emergency maintenance. They will also take care of complaints from people who pay the association fee, such as streetlights that no longer work, or other problems. They will also be the ones who take in the bids of contractors looking to perform necessary work for the association. Everything that they do, they will send their bills and paperwork for the financial management team to take care of.

Property and financial management is very important to keep everything running smoothly for an association. This is also a big concern of homeowners. People who are living within a neighborhood want to be reassured that their association fees are being put to good use by hiring these types of companies to take care of their concerns, their requests, their association fees, and to make sure that the neighborhood is safe and worth living in.

Financial Management – Things All Business Owners Should Know to Succeed

Statistics show that 87% of small business failures are due to one reason: Lack of proper financial management skills! This is a horrible statistic and it can easily be turned around for you! The formal definition of financial management is “the planning, directing, monitoring, organizing and controlling of the monetary resources of an organisation.” Basically; do you understand, track and control where and when your cash flows in or out of your business.

I have seen evidence of this statistic over and over again. There are so many small business owners out there that pay a fortune every year for their financial statements to be prepared by their accountant, and have very little understanding of what this document actually means. No sooner have they written out the cheque (with a very heavy heart) to their accountant, and the next cheque is on its way out -to the tax man!!!

Financial Management is not something you only worry about after year end, when you need to report to the tax man. Its a process of understanding and tracking how your business is performing on at least a monthly basis. Some business’ require a more frequent review depending on its size or even how desperately the business needs it. To prevent you from becoming part of this 87%, I have formulated a few DIY tips in my report so make sure you sign up for it before you go!

It is designed specifically for you (the local business person with little or no understanding of financial numbers or processes) and you can use them to gain an understanding and eventually confidence in your business today, and tomorrow…… your business’ future. You can also sign up for our DIY templates package to get you started “understanding, tracking and controlling” your business. Be part of our database and you will be able to get started “number crunching” the Turnover you desire – and qualify for 30 minutes extra expert time for FREE.

Financial management is a big part of a running a business and it’s likely to determine your long term success.

Every business owner should have a strong skill in the area of financial management. If not, it is important to have someone on your team who is a specialist. You should take on financial management with great focus and importantly, take into account the strategies and plans that offer growth, stability, as well as continuous profit for the business. Managing your finances will always involve some risks but these can be reduced with the assistance of experts like the team from “Confident Cashflows.”

Don’t become an all to common statistic!

You can learn and understand the basics of financial management, but as a business owner, it doesn’t mean that you need to know everything. It is your role to steer the ship and have an understanding of what is going on in the engine room is critical.

Sign up for our “Financial Health Check” which can help you truly understand how “healthy” or how “not-so-healthy” your business is. Don’t wait – tomorrow may be too late!

Regardless of what specific tools you adapt for managing your finances, you will certainly be on the right track if you consider a team of financial experts who can help and guide you well on how to handle your finances.

Benefits of working with financial experts

  • Financial experts let you focus on your technical and operational expertise of your business – but help identify potential stumbling blocks along the way – BEFORE your business falls down!!
  • Financial management experts help you employ BIG business principles to small(er) business enterprises. Remember you will never be able to handle BIG profits if you cannot manage smaller profits NOW!
  • Financial experts give you advice based on your specific industry and your specific business. Every business is unique – with its own strengths and unfortunately its own weakness’. Without the knowledge of where you stand – it’s very difficult for you to make informed decisions about your business’ future!

The key to success is always a solid foundation and knowing your goals and more than anything else, choosing the best financial management experts to help you reach your financial goals and run your business effectively.

Improving Your Profitability Via Financial Management System

A good part of the success or the failure of a business has to do directly with how much profit the organization realizes from the sale of the products or services that the company provides to its customers. In order to maximize a company’s profitability, it is very important to have a good and complete financial management system to handle the important aspects of money management.

One of the keys to a good business financial management structure is controlling the daily, weekly, monthly and yearly expenses of the operation. This comes down to simple math and cash management principles. Companies will not be profitable, and therefore won’t stay in business long, if they spend more than is required to produce and deliver their product, and end up trimming their profit margin so that it is just too thin to make the business viable.

Keeping overhead expenses in check and making sure that the cash in the business is managed effectively through a financial management system will help make a company better able to compete in the marketplace. When expenses get too high, it is hard to compete effectively and a competing company can easily start luring away customers based on price.

One of the most important people involved in good business financial management is the treasurer of the board. He or she is typically charged with the responsibility to oversee the money management for a corporation. The person in this role should come to the job with a wealth of business cash management experience, a strong level of wisdom and a firm understanding of corporate financial management. With the treasurer strongly armed with these money management skills, the corporation stands a much better chance of being strong financially and being able to ride out the storms of business and economic challenges.

Another key person on the team that oversees the entire business financial management practices for a corporation is, of course, the accountant. It is the corporate accountant and his team, depending on the size of the company, that will deal with the minute and detailed money management for the company on a daily or sometimes hourly basis.

The accounting department of a company will keep the books for the organization, will generate the various financial statements that are required both by government agencies and by the board of directors, and will conduct the financial analysis of the financial reports. This is the department that is entrusted with managing and enforcing departmental budgets, which is such an essential part of financial management systems, and essentially handles and accounts for every penny that flows in and out of the business coffers.

Nowadays, with the ubiquitousness of computers at every level of business and commerce, there is no doubt that any company that takes advantage of a complete financial management system for their operation will also be using sophisticated money management software as well. Even though the people in the organization bring the expertise and knowledge to the task of business financial management, the software chosen to help them do their jobs is critically important and much be chosen only after careful research and comparisons, with regard to the options available.