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Financial Control Add to toolbox

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Financial control  means having rules, processes and systems in place that enable you to manage and monitor the finances and investments in your business.

The documents that you will need to keep a track of are:

  • Income statements
  • Budgets and forecasts
  • Cash flow statements/Expenses
  • Balance sheet
  • Accounts (receipts)
  • Bank Statements

Tools in order to do this are:

  • A good/computerised book keeping system
  • Financial Ratio analysis
  • Frequent analysis of budgets
  • Frequent break-even analysis
  • Auditors
  • Regular cash forecasting

These statements only become useful if they are used and applied in order to help you raise more finance or gain a return on the money you have invested in your business. This means they should be diligently monitored by yourself and compared on a month by month and year on year basis.

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