Measure For Success, Team Management, Making The Budget

Measure for Success
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Measure for Success
There are numerous strategies that can be used by an organization to optimize its accounts receivables and thus make its working capital to work well in the long run. These factors can be considered as measures of success, and they range from activities in which finance manager and general service manager work together to address matters concerning the liquidity of an organization. Studies have shown that finance managers can coordinate well with other departments when strategies are put in place to address the factors that influence coordination across the entire organization (Moskowitz, 2015). For instance, the administrative department can utilize the electronic platform that has been implemented by the organization to ensure that all expenses are budgeted for when the management team is making the budget.
When employees in the finance and the administrative departments are able to coordinate, they enhance the efficiency of their managers in developing a workable budget. In addition, finance managers can utilize the electronic platform to effectively understand what each department needs and thus plan the aspects concern with accounts payable and accounts receivable. Maguire (2017) says that some of the basic strategies of freeing up liquidity and increasing working capital include dealing efficiently with accounts payable, accounts receivable, inventory, and cash management. This implies that financial and general service managers can coordinate together to meet measures of liquidity by following certain measures that enhance the success of their financial performance.
Some of the ways of increasing the efficiency of the financial manager include automating account receivable processes, eliminating challenges involved in receiving payments, regular enhancement of account receivables, prioritizing credit management...