Financial Systems and Processes!
Happy Sunday! welcome back to SUNDAYS & BUSINESS, This week featuring Soochie Sabol from fifthlightadvisors.com with 3 easy to implement tips on Financial Systems and Processes!
Start at the end
When creating a system or process, first determine your goal - what do you want to get out of it? What data do you want to see? Once you determine this, you can work backwards to ensure that the systems you pick, and the processes you set up will actually provide the information you are looking for. Focus on data that will give you insight you can use to make better operational decisions.
Things to think about
Is my data complete? Is my data current? What can I do to get it current and completed FASTER? Ask yourself, "are my current systems providing me the data need?" If not, where are my current systems (or lack thereof) failing? Brainstorm and research ways to capture live data more quickly
Monitor & Tweak Regularly
You are only as effective as your least efficient component. This is not a 'set it and forget it' situation. As your business grows, you may need to pivot to continue to get the valuable, live data you're looking for. Even if no major changes are necessary, you may have an opportunity to improve your current processes. Regularly monitor your systems, or hire experts for a tune up!