Performance & financial management covers the management, process, and behavioral aspects of strategy execution, and managing and monitoring performance. This is important to professional accountants, both as employees or advisers, since many of them are focused on helping their organizations deliver on objectives, goals and targets, and strategies using a range of approaches, tools, and techniques.
Performance & financial management involves the deployment of various tools, techniques, and systems to help an organization implement its strategies and plans, and support the achievement of organizational objectives. Successfully executing strategy involves various disciplines, areas of capability, including planning and forecasting, funding and resource allocation, revenue and cost management, managing performance against objectives, and improving operational management and utilization of assets.
Performance & financial management also covers the management of an organization’s finances, such as cash flow and working capital management, and forecasting and budgeting, as well as ensuring resources are allocated to the most important projects and investments by using analytical approaches to project and investment appraisal.
Effective performance & financial management requires: engaging people to determine their information needs; implementing processes and systems to collect the right data; turning the data into information and insights; and presenting it in the best way.
Technological advances in data collection and storage present opportunities for enhancing performance & financial management. There improvements have also introduced new terms, such as business intelligence, big data, and predictive analytics, to represent the importance of evidence-based decision making that helps organizations succeed. The emergence of cloud computing is enabling organizations, especially small- and medium-sized entities (SMEs), to gain access to and capitalize from performance & financial management applications.
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