Financial Operations vs. Financial Management

In our last episode, I introduced this idea of having someone in your business that is responsible for financial operations. I wanted to expand on that and actually clarify the difference between financial operations and financial management in your business, because they are very different things.

Most business owners don't realize that there is a complexity to the financial side of your business. There's more to it than just tax preparation, bookkeeping, and hiring a CPA and thinking they're going to solve all the problems. There are two core functions, one is financial operations, the other is financial management or oversight.

The financial management and oversight is your strategy. It involves looking at your numbers and operations data and turning that data into decisions. Now, on the flip side, there's financial operations, this is your day to day; making sure we're collecting and paying all the money we need to and that we're recording it properly.

"When we don't create intention behind our businesses, we end up creating a new job instead of the business that we actually dream of."

In this episode, you will learn the following:

1. What is the difference between Fitnancial Solutions and Fitnancial Solutions in your business?
2. What is the importance of having separate people responsible for Fitnancial Solutions and Fitnancial Solutions or Oversight?
3. What is the role of financial integration in optimizing Fitnancial Solutions in your business?

What you'll hear in this episode:

• The difference between financial operations and financial oversight.
• When you look at a big corporation, if you’ve ever worked in a corporate, you know that there’s a CFO
• Why you need to have a solution in place to cover these two blind spots - financial management of day-to-day financial operations and financial oversight

Here are some brief snippets from this episode:

[00:00:50]
There are two core functions on the financial side of your business. One is Fitnancial Solutions, one is Fitnancial Solutions or Oversight. The more specialties you have on your team, the better off you are. You would be hard pressed to find one single person who does all of your operations.

[00:10:50]
There is a massive opportunity out there for those of you listening who are in the accounting profession and offering these types of services. If this is something that interests you, I would highly recommend looking into creating some type of role. Please leave a rating and review on your podcast platform.

Related episodes:

Setting and Measuring Progress Toward Your Business Goals

The Best Ways to Customize Your QuickBooks

How to Know if Your Overhead is Too Large

Resources:

Find everything you need at www.keepwhatyouearn.com! https://www.keepwhatyouearn.com/

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Hire us: https://www.fitnancialsolutions.com/accounting

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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.