Since April is National Financial Literacy Month, CivilityMS would like to share some financial tips that we believe to be helpful. Among many others, one service we have been providing to our customers for over half a decade is Financial Management.
CivilityMS President and CEO Laurie Sayles knows the importance of proper financial management practices in any organization, both government and private, with a successful contracting firm. CivilityMS provides auditing, accounting, and budgeting, and grant management subject matter experts to meet the financial needs of our clients.
No matter the organization, the steps to proper financial management remain the same. Below is a list of flexible tips for financial and contract specialists.
Tip 1: Understand your needs.
Before you take any step towards successful financial management, you must understand your needs. Based on the size and complexity of your business, your needs may differ from other businesses in your industry. One way to understand your needs is to create strategic plans, estimate the cost, and identify funding or monetary resources.
Tip 2: Create a budget.
Just as in personal finances, business or government finance management involves creating a budget. Once you have a clear understanding of your needs, it is now time to itemize and set parameters.
Tip 3: Have specific fiscal goals.
Now that you have a full scope of what you can manage and the direction you are headed create specific goals. Is there a certain number of people that you need to hire? Is there a project deadline? The success of your fiscal year goals is a direct result of your financial management. Identify those goals and let them be part of your ongoing discussions.
Tip 4: Keep accurate records.
You would think is self-explanatory; however, it is not. One of the most important records to keep for any organization or entity is financial records. Your financial records are important not only for the success of your financial management but also for legal obligations. If there is ever an audit or inquiry, your financial management practices should make obtaining those records a seamless process. Keeping accurate records can also affect your eligibility for loans, grants, and other external funding opportunities.
Tip 5: Seek help before you need it.
When our CEO first started CivilityMS, she was advised to “Get an attorney and an accountant before you need them.” Even when you think you will not need help, seek financial management assistance for advice, guidance, and reassurance that your financial health leads to growth and financial wealth.
For more tips and information about CivilityMS Financial Management Services, contact us today.