The role Effective Financial Management plays in business. Guest Kris Peterson of NowCFO shares his Basic Financial Management Practices that businesses should possess and execute. These practices are (1) Measure Performance (2) Cash Flow Management (3) Planning & Budgeting (4) Government Compliance (5) Communication Methods to Lenders, and (6) Safeguard Assets. Peterson explains the importance of each practice and how they fit together to build an Effective Financial Management platform. Guest concluded with “What Does Effective Financial Management Look Like” –including 1) regular periodic closing of financials 2) oversight by outside party 3) separation of personal and business expense…..and more.
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