Money is tight, times are hard, you have heard this constantly for the past couple of years and businesses in particular have suffered at the hands of the global economic downturn. Perhaps the poor economy as much as anything else has increased the importance companies now place on their financial teams and perhaps to a greater extent the financial management software that they employ. Is it really possible that something as basic as software could be the difference between success and failure in a recession?
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.
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.