{"id":123250,"date":"2023-12-15T11:44:09","date_gmt":"2023-12-15T09:44:09","guid":{"rendered":"https:\/\/factorialhr.com\/blog\/?p=123250"},"modified":"2025-04-01T10:37:10","modified_gmt":"2025-04-01T08:37:10","slug":"mastering-company-finances","status":"publish","type":"post","link":"https:\/\/factorialhr.co.uk\/blog\/mastering-company-finances\/","title":{"rendered":"A Holistic Approach to Mastering Company Finances"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The words &#8220;<strong>financial management&#8221;<\/strong>\u00a0may crop up frequently in business conversations, but how often do we stop to think about what they mean and whether we have sound processes in place for the financial health of our company?\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this guide, we\u2019ll cover what financial management involves and some of the tools available to help your business.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><div class=\"js-toc toc\">\n<p class=\"js-toc-title toc__title\">Table of Contents<\/p>\n<nav id=\"fac_toc_nav\" class=\"js-toc-nav toc__nav\" aria-label=\"Table of Contents\"><ol class=\"toc__list toc__list--level-1\"><li class=\"toc-heading-level-2\"><a class=\"toc__link toc-link-heading-1\" href=\"https:\/\/factorialhr.co.uk\/blog\/mastering-company-finances\/#the-importance-of-financial-management-in-business\" title=\"The Importance of Financial Management in Business\" data-target-id=\"the-importance-of-financial-management-in-business\">The Importance of Financial Management in Business<\/a><\/li><li class=\"toc-heading-level-2\"><a class=\"toc__link toc-link-heading-2\" href=\"https:\/\/factorialhr.co.uk\/blog\/mastering-company-finances\/#payroll-and-expenses-management\" title=\"Payroll and Expenses Management\" data-target-id=\"payroll-and-expenses-management\">Payroll and Expenses Management<\/a><\/li><li class=\"toc-heading-level-2\"><a class=\"toc__link toc-link-heading-3\" href=\"https:\/\/factorialhr.co.uk\/blog\/mastering-company-finances\/#payroll-management\" title=\"Payroll Management\" data-target-id=\"payroll-management\">Payroll Management<\/a><\/li><li class=\"toc-heading-level-2\"><a class=\"toc__link toc-link-heading-4\" href=\"https:\/\/factorialhr.co.uk\/blog\/mastering-company-finances\/#expense-management\" title=\"Expense Management\u00a0\" data-target-id=\"expense-management\">Expense Management\u00a0<\/a><\/li><li class=\"toc-heading-level-2\"><a class=\"toc__link toc-link-heading-5\" href=\"https:\/\/factorialhr.co.uk\/blog\/mastering-company-finances\/#integrating-payroll-and-expense-management\" title=\"Integrating Payroll and Expense Management\u00a0\" data-target-id=\"integrating-payroll-and-expense-management\">Integrating Payroll and Expense Management\u00a0<\/a><\/li><li class=\"toc-heading-level-2\"><a class=\"toc__link toc-link-heading-6\" href=\"https:\/\/factorialhr.co.uk\/blog\/mastering-company-finances\/#risk-management-and-compliance\" title=\"Risk Management and Compliance\u00a0\" data-target-id=\"risk-management-and-compliance\">Risk Management and Compliance\u00a0<\/a><\/li><li class=\"toc-heading-level-2\"><a class=\"toc__link toc-link-heading-7\" href=\"https:\/\/factorialhr.co.uk\/blog\/mastering-company-finances\/#continuous-improvement-and-evaluation\" title=\"Continuous Improvement and Evaluation\u00a0\" data-target-id=\"continuous-improvement-and-evaluation\">Continuous Improvement and Evaluation\u00a0<\/a><\/li><li class=\"toc-heading-level-2\"><a class=\"toc__link toc-link-heading-8\" href=\"https:\/\/factorialhr.co.uk\/blog\/mastering-company-finances\/#final-thoughts\" title=\"Final Thoughts\u00a0\" data-target-id=\"final-thoughts\">Final Thoughts\u00a0<\/a><\/li><\/ol><\/nav><\/div><\/span><\/p>\n<h2><b>The Importance of Financial Management in Business<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">What exactly is financial management? It involves organising, controlling and directing a company\u2019s financial resources to achieve its business objectives. On one level, financial management is about detail (having the right processes and reporting lines in place, for example). On another level, it is very much a strategic operation due to its essential role in understanding the current state of the business and creating plans for the future.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Financial management can also be thought of in terms of <\/span><b>budgeting<\/b><span style=\"font-weight: 400;\"> (the state of the present) and <\/span><b>forecasting<\/b><span style=\"font-weight: 400;\"> (the state of the future), both done through bookkeeping and accounting. Bookkeeping is the recording of financial transactions, while accounting involves using the information from bookkeeping to understand a company&#8217;s financial position and make strategic decisions with that information.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Let\u2019s take a closer look at why financial management is essential for business:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ensures that the business has <\/span><b>the funds to keep functioning<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Provides<\/span><b> visibility over the whole business<\/b><span style=\"font-weight: 400;\">, which aids decision-making to minimise risks and control costs.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Supports <\/span><b>accurate forecasting<\/b><span style=\"font-weight: 400;\">, which ensures a business has enough money to cover expenses, make investments and give shareholders a good return.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Creates <\/span><b>financial independence:<\/b><span style=\"font-weight: 400;\"> a detailed knowledge and understanding of a company&#8217;s finances help leaders have more control over business decisions.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Allows for emergencies<\/b><span style=\"font-weight: 400;\"> because sound financial management can ensure assets are available when required unexpectedly.<\/span><\/li>\n<\/ol>\n<h2><b>Payroll and Expenses Management<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Within the broader concept of financial management, two areas are essential for understanding the current state of a company\u2019s finances:\u00a0<\/span><\/p>\n<h3><b>What is Payroll?\u00a0<\/b><\/h3>\n<p><a href=\"https:\/\/factorialhr.co.uk\/blog\/payroll-explained\/\"><span style=\"font-weight: 400;\">Payroll<\/span><\/a><span style=\"font-weight: 400;\"> refers to the list of employees who need to be paid, how much money they should be given, and when. Understanding exactly how much money needs to be paid out to the workforce and when this needs to happen is critical to managing cash flow, and payroll preparation is an important job to get right. For many companies, the wage bill is one of the most significant outgoings of cash, so ensuring their payroll is accurate and planned is essential for the ongoing financial health of a company.\u00a0<\/span><\/p>\n<h3><b>What are Expenses?\u00a0\u00a0<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Understanding what expenses will be incurred as part of a business\u2019 usual practice is also essential for <a href=\"https:\/\/factorialhr.co.uk\/blog\/budget-control-spreadsheet-excel\/\">budgeting<\/a> and forecasting. The term \u2018expenses\u2019 covers everything from business expenses incurred by employees as they do their jobs to every single cost a company has to account for in running the businesses. Like payroll, <\/span><span style=\"font-weight: 400;\">managing expenses<\/span><span style=\"font-weight: 400;\"> is key to ensuring a company has enough money to function and plan for the future.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Let\u2019s take a closer look at these two key pillars of financial management.<\/span><\/p>\n<p><!--HubSpot Call-to-Action Code --><span id=\"hs-cta-wrapper-8387bda7-4d75-4da3-98b2-dd680f4031d7\" class=\"hs-cta-wrapper\"><span id=\"hs-cta-8387bda7-4d75-4da3-98b2-dd680f4031d7\" class=\"hs-cta-node hs-cta-8387bda7-4d75-4da3-98b2-dd680f4031d7\"><!-- [if lte IE 8]>\n\n\n<div id=\"hs-cta-ie-element\"><\/div>\n\n\n<![endif]--><a href=\"https:\/\/cta-redirect.hubspot.com\/cta\/redirect\/4960096\/8387bda7-4d75-4da3-98b2-dd680f4031d7\"><img decoding=\"async\" id=\"hs-cta-img-8387bda7-4d75-4da3-98b2-dd680f4031d7\" class=\"hs-cta-img\" style=\"border-width: 0px;\" src=\"https:\/\/no-cache.hubspot.com\/cta\/default\/4960096\/8387bda7-4d75-4da3-98b2-dd680f4031d7.png\" alt=\"demo free expense management\" \/><\/a><\/span><script charset=\"utf-8\" src=\"https:\/\/js.hscta.net\/cta\/current.js\"><\/script><script type=\"text\/javascript\"> hbspt.cta.load(4960096, '8387bda7-4d75-4da3-98b2-dd680f4031d7', {\"useNewLoader\":\"true\",\"region\":\"na1\"}); <\/script><\/span><\/p>\n<h2><b>Payroll Management<\/b><\/h2>\n<h3><b>Understanding Payroll Processes<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">We\u2019ve looked at how paying employees accurately and on time is key to sound financial management. Now, let\u2019s focus on the different processes involved in payroll. The following aspects need to be covered to get payroll accurate:<\/span><\/p>\n<p><b>1.Employee Classification and Compensation<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The foundation of payroll is knowing which roles employees perform and the appropriate compensation package. Having secure systems where contracts are stored, personal details can be updated as required, and the specific compensation arrangements noted in detail ensures that companies have the correct basic information to start creating their payroll report.<\/span><\/p>\n<p><b>2. Legal Compliance and Tax Obligations<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The basic information of who is due to be paid and how much then allows companies to move to the next stage, which involves calculating tax payments and ensuring legal obligations such as statutory pay and minimum wage are met. In the UK, most employees pay tax through PAYE, where the employer calculates the amount of tax owed and makes the contribution to HMRC before paying the employee. As a result, employers must understand the tax implications and legal compliance required for each employee. Having processes to ensure these implications are understood and the appropriate financial actions taken is critical to producing accurate payroll reports. <\/span><\/p>\n<p><b>3.Payroll Schedule and Timing<\/b><\/p>\n<p><span style=\"font-weight: 400;\">In the UK, payroll usually runs weekly or monthly.\u00a0 For employees, knowing their pay amount and when it will appear in their bank account is essential for job satisfaction and engagement. Most people rely on their salary to meet their living costs, and receiving their pay on time allows them to make financial plans and meet their commitments. In many ways, getting payroll right is the bedrock for company success. Paying employees on time and the right amount shows they are valued and supported, leading to increased productivity.\u00a0<\/span><\/p>\n<h3><b>Technology Solutions for Payroll<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Once we understand how much information needs to go into creating and managing a payroll report, it\u2019s easy to see the benefits of payroll manager software that stores the necessary details, automatically calculates the payments required and can run on an agreed schedule. Let\u2019s have a closer look at how digital solutions for payroll work.<\/span><\/p>\n<h4><b>\u00a01. Payroll Software and Automation<\/b><\/h4>\n<p><a href=\"https:\/\/factorialhr.co.uk\/payroll-summary\"><span style=\"font-weight: 400;\">Payroll management software<\/span><\/a><span style=\"font-weight: 400;\"> is a digital system that automatically creates, manages and sends a payroll report to accounts at an agreed point (weekly or monthly). Payslip software also automatically generates payslips. The system takes previously inputted information on contracts, compensation agreements and compliance obligations and uses this information to generate an accurate payroll report. By automatically calculating how much to pay each employee, payroll software reduces manual work, which saves time and minimises the chance of mistakes through human error.<\/span><\/p>\n<h4><b>\u00a02. Benefits of Cloud-Based Payroll Systems<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Many companies now prefer cloud-based payroll systems, although some still use site-based systems with all the company\u2019s information stored in a server based on an office site. Cloud-based systems are accessed via the internet and use software hosted on remote servers. There are several benefits to these systems:<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-123361\" src=\"https:\/\/factorialhr.co.uk\/wp-content\/uploads\/2023\/12\/13163239\/Screenshot-2023-12-13-at-15.29-1_11zon-300x199.jpg\" alt=\"\" width=\"828\" height=\"549\" srcset=\"https:\/\/factorialhr.co.uk\/wp-content\/uploads\/2023\/12\/13163239\/Screenshot-2023-12-13-at-15.29-1_11zon-300x199.jpg 300w, https:\/\/factorialhr.co.uk\/wp-content\/uploads\/2023\/12\/13163239\/Screenshot-2023-12-13-at-15.29-1_11zon.jpg 494w\" sizes=\"(max-width: 828px) 100vw, 828px\" \/><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Easy to access wherever you are: <\/b><span style=\"font-weight: 400;\">you can ensure that your staff are paid accurately and on time regardless of whether staff involved in payroll work remotely.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Cost-effective<\/b><span style=\"font-weight: 400;\">: cloud-based systems usually require a smaller monthly fee rather than a significant upfront investment.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Automatic updates:<\/b><span style=\"font-weight: 400;\"> if tax structures or legislation changes, cloud-based systems will update with the relevant information.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Room for growth:<\/b><span style=\"font-weight: 400;\"> cloud-based systems are usually designed to be used by businesses of all sizes.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Security:<\/b><span style=\"font-weight: 400;\"> cloud-based services need to have the highest level of security features to protect all their client&#8217;s data, so a reputable cloud-based provider will ensure your data is well-protected<\/span><\/li>\n<\/ul>\n<h4>\u00a0<b>3. Integrating Payroll with Accounting and HR Systems<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Managing payroll through a cloud-based digital system is one of the first steps to sound financial management. For some companies, the payroll report generated by the system is then sent to their accounts department or external bookkeepers. However, one of the strengths of cloud-based systems is that it is possible to integrate payroll reports with accounting systems, removing the need for extra stages.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Likewise, integration between HR and payroll software means that there is one source of truth for details on contracts, personal information and specifics that feed into payroll reports, such as leave and tax requirements.<\/span><\/p>\n<h3><b>Ensuring Accuracy and Compliance<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Financial management involves knowing what you are spending and receiving (accuracy), as well as understanding your tax and legal requirements obligations (compliance). Here are three ways your business can be sure it is compliant and has accurate financial information:<\/span><\/p>\n<h4><b>1. Regular Audits and Reviews<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Regular audits and financial reviews allow you to be confident that you understand your company&#8217;s financial health accurately and can help spot issues as they arise. Audits can be both internal and external, and can be a mandatory requirement. Regular audits ensure that the reporting of the company\u2019s financial position is accurate and honest. A financial review differs from an audit as it is usually less detailed and comprehensive but instead provides an overview of the financial state of affairs. Once senior leaders have this overview, they may look more closely at certain business areas.\u00a0<\/span><\/p>\n<p><b>2. Staying Informed about Tax Code Changes<\/b><\/p>\n<p><span style=\"font-weight: 400;\">On a personal level, tax code changes can significantly impact an individual employee\u2019s take-home pay. Likewise, on a company level, if there are significant changes in the amount of tax you will pay, knowing about this means you can include it in your plans. Sound financial management includes having systems to inform you about tax code changes. These ensure that you remain compliant and have an accurate picture of your cash flow. <\/span><\/p>\n<p><b><br \/>\n<\/b><b>3. Employee Training on Payroll Procedures<\/b><\/p>\n<p><span style=\"font-weight: 400;\">While a digital system can take much of the pain out of calculating payments and providing the correct information for a payroll report, it is still essential to have someone with an overview of the report who can spot any problems and resolve issues. The best way to get an accurate and compliant payroll report is to have skilled employees working with high-quality digital software. Training for employees who use the system is essential: it not only helps employees feel more confident about what they are delivering but also helps them feel supported and valued, encouraging them to do their best job.<\/span><\/p>\n<h2><b>Expense Management\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">We\u2019ve looked in detail at how important it is to get payroll right for sound financial management, so let\u2019s turn our attention to <\/span><a href=\"https:\/\/factorialhr.co.uk\/expense-management-software\"><span style=\"font-weight: 400;\">expense management<\/span><\/a><span style=\"font-weight: 400;\">. An expense management system provides information, allowing you to plan and accommodate expenses, an essential part of sound financial management.<\/span><\/p>\n<h3><b>Categorising and Tracking Expenses<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">On a broad level, business expenses are anything the business incurs as part of its operating costs. Keeping a close eye on what these costs might be is essential to avoid hefty, unexpected bills that impact the bottom line. Categorising expenses is the first stage to allow accurate tracking of all costs. The following three steps form the basis of an expense system that can categorise and track your expenses.<\/span><\/p>\n<h4><b>1. Identifying Essential vs Non-Essential Expenses<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Make two lists to differentiate between essential and non-essential costs. Both types of expenses are usually necessary to the functioning of the business, but understanding the difference between the two ensures that leaders have a detailed and solid knowledge of what is essential for business success and what is flexible.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Essential expenses are those without which your business cannot operate. For example, staff, utilities, rent and whatever the business is selling (whether this is inventory or a service). Non-essential costs are discretionary and can be reduced or removed without affecting the business&#8217;s operations. Examples include travel and entertainment, subscriptions and advertising spending that is not essential. Remember that a non-essential cost may still be significant to running the business but just not absolutely essential.\u00a0<\/span><\/p>\n<h4><b>\u00a02. Creating Expense Categories for Better Tracking<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Good financial management involves ensuring you have a detailed understanding of where you are incurring costs. When this approach is applied to expenses, using categories for different expenses means you can immediately see which business areas have the more significant costs. This information provides you with a company expense tracker and allows you to make better-informed business decisions.\u00a0<\/span><\/p>\n<h4><b>\u00a03. Implementing a Comprehensive Expense Policy<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">As well as understanding and categorising your expenses, another way to control your business expenses is to create a comprehensive expense policy. It provides a reference for everyone in the business and provides a framework for a consistent approach. A comprehensive expense policy should be fair, clear and easy to use. Someone in the business should be responsible for the business expenses policy and ensure that it is regularly updated and updated with any changes from either the business\u2019s perspective or legislation.\u00a0<\/span><\/p>\n<h3><b>Expense Reporting and Approval Processes\u00a0<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">As well as ensuring that everyone in the business is aware of and uses the expenses policy and that expenses are appropriately categorised, another aspect of business spend management is to ensure that expenses are approved promptly and that leaders receive relevant reports. Expenses software can help with this, as can expense management companies.<\/span><\/p>\n<h4><b>1. Streamlining Expense Report Submission &amp; Workflows<\/b><b><\/b><\/h4>\n<p><span style=\"font-weight: 400;\">A system for recording, submitting and approving expenses that is easy to use and streamlined is vital to ensuring that expenses are recorded accurately and paid on time. You need to know what your outgoings are and why you have incurred them, and this means that all staff need to understand requirements in this area. Keeping the workflow involved in expenses simple and easy to follow will maximise the chance of expenses being submitted accurately and on time.<\/span><\/p>\n<h4><b>\u00a02. Leveraging Technology for Expense Management<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Expense management software can help manage the workflows and reports involved in expenses. Tracking expenses in a digital system makes it easy for managers to approve them. Having one place where receipts or invoices are uploaded and stored means that information on costs is in one central place. Centralising data in this way makes running reports and keeping a close eye on expenses quicker and easier. These reports allow managers to get valuable insights into spending patterns and spot potential issues or concerns.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Technology can also help with expense management as it is much easier to introduce and approve <\/span><a href=\"https:\/\/factorialhr.co.uk\/corporate-cards\"><span style=\"font-weight: 400;\">business expense cards<\/span><\/a><span style=\"font-weight: 400;\"> for employees. Companies can use traditional business credit cards or virtual corporate cards, which provide a digital payment system where the company pays directly for the expense via software.<\/span><\/p>\n<h2><b>Integrating Payroll and Expense Management\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">We\u2019ve looked at the positive impact of managing payroll and expenses properly, so now it\u2019s time to consider how integrating the two functions can further support good financial management.\u00a0<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-123408\" src=\"https:\/\/factorialhr.co.uk\/wp-content\/uploads\/2023\/12\/14110655\/Screenshot-2023-12-14-at-10.00.56_11zon-300x200.jpg\" alt=\"\" width=\"786\" height=\"524\" srcset=\"https:\/\/factorialhr.co.uk\/wp-content\/uploads\/2023\/12\/14110655\/Screenshot-2023-12-14-at-10.00.56_11zon-300x200.jpg 300w, https:\/\/factorialhr.co.uk\/wp-content\/uploads\/2023\/12\/14110655\/Screenshot-2023-12-14-at-10.00.56_11zon-768x511.jpg 768w, https:\/\/factorialhr.co.uk\/wp-content\/uploads\/2023\/12\/14110655\/Screenshot-2023-12-14-at-10.00.56_11zon.jpg 1000w\" sizes=\"(max-width: 786px) 100vw, 786px\" \/><\/p>\n<h3><b>Cross-Functional Collaboration<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">With little or no cross-functional collaboration, departments may focus on their own objectives without considering the bigger picture. In some cases, this can lead to inefficiencies, a lack of transparency, or even mistakes or issues that can damage the company&#8217;s financial health. So, how can you promote cross-functional collaboration?<\/span><\/p>\n<h4><b>1. Coordination between HR, Finance and Operations<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">The first step in cross-functional collaboration is to integrate processes and workflows so that there is coordination between HR, Finance and Operations teams. These departments can work on different cycles (for example, monthly reporting on the financial position versus recruitment or offboarding, which depend on business needs) and see the business through different lenses (people, money or activity). While these differences are essential for the successful running of a company, internal systems that encourage data sharing between teams benefit the company&#8217;s financial health.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">HR teams can use digital systems to centralise their data and streamline workforce planning; finance teams can work with the centralised data for payments such as payroll and forecasting; operations teams can easily see where they need to control costs and change decision-making processes or workflows.<\/span><\/p>\n<h4><b>2. Communication Strategies for Seamless Integration<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Cross-functional collaboration means integrating the work done by different departments, often through introducing a software system. Ensuring that the process of integration is as seamless as possible is mainly dependent on communication:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Involve the workforce in planning<\/b><span style=\"font-weight: 400;\"> for the new system to ensure you fully understand the needs and help employees feel part of the change process.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Communicate clearly<\/b><span style=\"font-weight: 400;\"> and widely the benefits of the new system.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Organise <\/span><b>dedicated training sessions<\/b><span style=\"font-weight: 400;\"> on the new software and an ongoing help desk to answer queries as people use it.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Nominate software champions<\/b><span style=\"font-weight: 400;\">,<\/span> <span style=\"font-weight: 400;\">people given time to get to know and love the new system so they can share their knowledge and promote it.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Actively <\/span><b>ask for and listen to feedback<\/b><span style=\"font-weight: 400;\"> on the new system so you can make changes that will help the teams using it.<\/span><\/li>\n<\/ul>\n<h2><b>Risk Management and Compliance\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Focussing on sound financial management is not purely about understanding your cash flow, safeguarding your assets and being able to produce forecasts; it is also about managing your risks, which involves being legally compliant.<\/span><\/p>\n<h3><b>Legal and Regulatory Compliance<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Complying with both legislation and industry-specific regulations is essential for sound financial management. Companies should have a process for keeping up with any legal and regulatory compliance changes, whether an individual employee with specific responsibility or an outside agency retained to provide this support. Every company has employees, so it\u2019s worth considering a couple of particular aspects of compliance when it comes to your people:<\/span><\/p>\n<h4><b>\u00a01. Staying Current with Employment Laws<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Employment law can change frequently, and keeping up to date with what your business requires to stay compliant is essential to treat your employees fairly and avoid any legal action, fines, reputational damage or even imprisonment. Changes may feel small and less relevant to your business but they can significantly impact individual employees.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are different ways to stay current with employment law:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Become a professional association member for your industry or industry working groups.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Subscribe to online and print publications, and ensure you read their newsletters.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Use an HRIS (human resources information system) that automatically updates you when a new law comes in.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">It\u2019s also a good idea to regularly review and audit your contracts and other documents linked to working regulations to ensure they are still valid and in line with updated laws.<\/span><\/p>\n<h4><b>\u00a02. Ensuring Data Security and Privacy<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">When it comes to compliance with individual employees\u2019 rights, being on top of how you keep their personal data secure and private is critical. In the UK, this is known as GDPR and it is a legal requirement for businesses to meet specific GDPR requirements. The Information Commissioner\u2019s Office has a <\/span><a href=\"https:\/\/ico.org.uk\/for-organisations\/uk-gdpr-guidance-and-resources\/security\/a-guide-to-data-security\/\"><span style=\"font-weight: 400;\">guide to data security<\/span><\/a><span style=\"font-weight: 400;\">, which is an excellent place to get more detail. Here are five quick tips to get you started:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Share information on a need-to-know basis only.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ensure all employees understand and can execute their responsibilities when it comes to data.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Check password and two-factor authentication rules are being followed correctly.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Use secure networks to access or transfer data.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Exercise caution when taking data offsite or out of the secure cloud.<\/span><\/li>\n<\/ol>\n<h2><b>Continuous Improvement and Evaluation\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">We\u2019ve seen how having the right tools, processes and people in place is essential to having good financial management. However, it\u2019s not simply enough to put a system in place; it\u2019s also crucial to keep evaluating your position and making changes as necessary. One of the ways to review how well your strategies are working to ensure quality financial management is to introduce regular financial health checks.<\/span><\/p>\n<h3><b>Regular Financial Health Checks<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Financial health checks can include regular audits or financial reviews, as well as reviewing key performance indicators for departments involved in managing the financial health of a business.<\/span><\/p>\n<h4><b>1. Conducting Financial Audits &amp; Financial Health Checks\u00a0<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Regular audits, financial health checks or financial reviews are crucial to keeping on top of how well your company is performing. These are all ways to ensure that the information finance teams provide represents an accurate picture of the company&#8217;s financial health.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In some cases, audits will be a legal requirement, but either way it is good business practice to take a step back and look at the company\u2019s position from a different perspective. An external audit checks the truth and accuracy of a company\u2019s financial statements and uses people outside the company to do this work, which helps to ensure unbiased evaluation.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There is also value in an internal audit, which is done by people working on the company\u2019s behalf, evaluating current performance and identifying areas for improvement.<\/span><\/p>\n<h4><b>2. Key Performance Indicators for Financial Management &amp; HR Reports for Finance\u00a0<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Key performance indicators (KPIs) are measurable benchmarks that allow leaders to track and evaluate their department&#8217;s performance. Sound financial management involves departments having clear objectives of what they are expected to deliver and being able to track how they are performing against those objectives.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">KPIs for financial management focus on areas that can grow the business, such as revenue concentration, net margin, debt vs. equity and stock turnover. They can also include tracking the reliability and timeliness of financial reports, the regularity of audits and financial reviews, and how accurate planning is.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As you would expect, KPIs for HR will be focussed on the people side of the business, for example, tracking how long recruitment takes, staff turnover and length of time in position. HR teams may also produce analytical reports assessing the teams&#8217; overall position within the business. As well as the metrics mentioned above, these can include employee demographics, diversity and inclusion, training and development, and employee engagement.\u00a0<\/span><\/p>\n<h2><b>Final Thoughts\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">On this page, we\u2019ve considered how <\/span><a href=\"https:\/\/www.lsbf.org.uk\/blog\/news\/importance-of-financial-management\/117410\"><span style=\"font-weight: 400;\">essential good financial management is<\/span><\/a><span style=\"font-weight: 400;\"> for business growth. Financial management involves having the right processes and tools to fully understand the company\u2019s current position, which helps with strategic decision-making, forecasting and planning.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We looked at some key ways companies can closely monitor their financial commitments, specifically the management of payroll and expenses, using technological solutions. Software can help integrate the work of different departments, reduce mistakes and save time by automating some of the processes, and ensure that changes to legal and tax regulations are taken into consideration immediately.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Above all, sound financial management involves both processes and people. Having systems in place to save time when it comes to the processes involved in financial management is key because they free up time for the people involved. With more time and a <\/span><a href=\"https:\/\/hbr.org\/2016\/01\/what-having-a-growth-mindset-actually-means\"><span style=\"font-weight: 400;\">growth mindset <\/span><\/a><span style=\"font-weight: 400;\">(the approach of always learning and striving to improve), your people can focus on the strategic running of the business rather than the operational side.<\/span><\/p>\n<p><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot; \n &lt;!--HubSpot Call-to-Action Code --&gt;\n    &lt;span class=&quot;hs-cta-wrapper&quot; id=&quot;hs-cta-wrapper-94f56e4d-6463-424f-8f82-3817b8695bb4&quot;&gt;\n        &lt;span class=&quot;hs-cta-node hs-cta-94f56e4d-6463-424f-8f82-3817b8695bb4&quot; id=&quot;94f56e4d-6463-424f-8f82-3817b8695bb4&quot;&gt;\n            &lt;a href=&quot;https:\/\/cta-redirect.hubspot.com\/cta\/redirect\/4960096\/94f56e4d-6463-424f-8f82-3817b8695bb4&quot;&gt;\n                &lt;img class=&quot;lazyload hs-cta-img&quot; id=&quot;hs-cta-img-94f56e4d-6463-424f-8f82-3817b8695bb4&quot; style=&quot;border-width:0px;&quot; src=&quot;https:\/\/no-cache.hubspot.com\/cta\/default\/4960096\/94f56e4d-6463-424f-8f82-3817b8695bb4.png&quot;  alt=&quot;\u201cuk\u201d-demo-request&quot; width=&quot;&quot;100%&quot;&quot; height=&quot;&quot;100%&quot;&quot; \/&gt;\n            &lt;\/a&gt;\n        &lt;\/span&gt;\n        &lt;script type=&quot;text\/javascript&quot;&gt;\n            function loadCTA(){\n                window.hbspt.cta.load(4960096, &#039;94f56e4d-6463-424f-8f82-3817b8695bb4&#039;, {&#039;region&#039;: &#039;eu1&#039;})\n            }\n            if(window.hbspt){\n                loadCTA()\n            }else{\n                Defer.js(\n                    &#039;https:\/\/js.hubspot.com\/cta\/current.js&#039;,\n                    &#039;hubspotCTA&#039;, \n                    0, \n                    loadCTA\n                );\n            }\n        &lt;\/script&gt;\n    &lt;\/span&gt;\n&lt;!-- end HubSpot Call-to-Action Code --&gt;\n&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:23107,&quot;3&quot;:{&quot;1&quot;:0},&quot;4&quot;:{&quot;1&quot;:2,&quot;2&quot;:16777215},&quot;9&quot;:1,&quot;12&quot;:0,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Arial&quot;,&quot;17&quot;:1}\"> \n <!--HubSpot Call-to-Action Code -->\n    <span class=\"hs-cta-wrapper\" id=\"hs-cta-wrapper-94f56e4d-6463-424f-8f82-3817b8695bb4\">\n        <span class=\"hs-cta-node hs-cta-94f56e4d-6463-424f-8f82-3817b8695bb4\" id=\"94f56e4d-6463-424f-8f82-3817b8695bb4\">\n            <a href=\"https:\/\/cta-redirect.hubspot.com\/cta\/redirect\/4960096\/94f56e4d-6463-424f-8f82-3817b8695bb4\">\n                <img decoding=\"async\" class=\"lazyload hs-cta-img\" id=\"hs-cta-img-94f56e4d-6463-424f-8f82-3817b8695bb4\" style=\"border-width:0px;\" src=\"https:\/\/no-cache.hubspot.com\/cta\/default\/4960096\/94f56e4d-6463-424f-8f82-3817b8695bb4.png\"  alt=\"\u201cuk\u201d-demo-request\" width=\"100%\" height=\"100%\" \/>\n            <\/a>\n        <\/span>\n        <script type=\"text\/javascript\">\n            function loadCTA(){\n                window.hbspt.cta.load(4960096, '94f56e4d-6463-424f-8f82-3817b8695bb4', {'region': 'eu1'})\n            }\n            if(window.hbspt){\n                loadCTA()\n            }else{\n                Defer.js(\n                    'https:\/\/js.hubspot.com\/cta\/current.js',\n                    'hubspotCTA', \n                    0, \n                    loadCTA\n                );\n            }\n        <\/script>\n    <\/span>\n<!-- end HubSpot Call-to-Action Code -->\n\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The words &#8220;financial management&#8221;\u00a0may crop up frequently in business conversations, but how often do we stop to think about what they mean and whether we have sound processes in place for the financial health of our company?\u00a0 In this guide, we\u2019ll cover what financial management involves and some of the tools available to help your<a href=\"https:\/\/factorialhr.co.uk\/blog\/mastering-company-finances\/\" class=\"read-more\"> [&#8230;]<\/a><\/p>\n","protected":false},"author":193,"featured_media":123359,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[338],"tags":[],"class_list":["post-123250","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legal-finance"],"acf":{"topics":"expense-management"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.5 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>A Holistic Approach to Mastering Company Finances | Factorial<\/title>\n<meta name=\"description\" content=\"Mastering your company\u2019s finances involves having the right processes, tools and people in place. Learn how to set yourself up for success.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/factorialhr.co.uk\/blog\/mastering-company-finances\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A Holistic Approach to Mastering Company Finances\" \/>\n<meta property=\"og:description\" content=\"Mastering your company\u2019s finances involves having the right processes, tools and people in place. 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