All Included Administrative and Financial Support Package
Because we care about your business
FALINWA can study your needs in terms of financial management of your business. Intervention can take the form of a conventional audit based on the existing system - critical study, analysis, proposal - or a full implementation of all of your financial management.
FALINWA develops his speech around three axes:
1. Computer setup: FALINWA working on two types of software - Excel and Odoo - to offer you a solution to your needs.
2. Dashboards: necessary for the daily monitoring of your business, setting up tables efficient board is divided into three phases:
- establishing procedures for your business.
- the establishment of a codification.
- creating dashboards.
3. Reporting and performance indicators (KPI): constructed from dashboards, reporting and performance indicators provide an overview of the necessary management: cost center - current level and evolution - calculate margin project / per activity / per month, forecasting activity, forecast cash ...
4. Financial management in the long-term monitoring can be performed either by one of your employees trained on the set of tools, or by FALINWA / pair one of your employees if you opt for the optional external CFO.
The following description is studying the case of the full implementation of financial management. In the case of an audit by FALINWA, an analysis will be carried out around the points described below.
The computer tool: Excel vs Odoo
FALINWA working on two types of software:
- Excel: versatile and flexible software, it fits the needs of most SMEs.
- Odoo: This free ERP system allows the centralization of information in a database and operations for all financial needs of the business (accounting, tracking invoices, time sheets ...). It can also be extended to other departments (sales management, procurement management, human resources ...). Heavier installation, this ERP is relevant to relatively large SMEs.
For most SMEs, FALINWA generally recommend using Excel - Excel 2007 preferably in English.
The benefits of Excel for financial management:
- Ease of use: Excel basics are well known. Training on this tool are faster.
- Flexibility: The tables are flexible and can be developed according to the needs of the business.
Excel drawbacks for the development of management tools for finance:
- Repeat entries: there is no one central database containing all the financial information.
- The tables are not write-protected. A person with access to a file can make changes.
- The problem of repeated seizure is real only for SMEs with a large number of financial transactions - a few thousand - and a full accounting.
- The failure to protect the paintings demand accountability of each person working on the file. In the case of SMEs, the number of players is limited, the changes can be easily managed and validation processes help prevent errors.
- Finance departments in large companies with Odoo or SAP ERP, Excel is often used in tandem because of its flexibility - the ability to create exactly the needs of the business.
Excel is an alternative to the use of an Enterprise Resource Planning (ERP). Therefore we offer free Odoo software. Although the license is free, there is a cost of implementation and training of employees to accurately study.
Benefits of ERP:
- Central database: the data is entered once. They are then used to automatically generate all company documents - invoices, invoice tracking, accounting, finance, ...
- Extension to other departments: ERP is not limited only to the finance department, but can be extended to sales departments, purchasing, human resources ...
- Compliance with procedures, once implemented, procedures managed by the ERP follow strict validation rules. This forces who work on the ERP to meet such requirements.
Disadvantages of ERP:
- Cost: Although the license is free, the cost of installation and training of all employees is important. The implementation of an ERP involves a reorganization of the entire company and should be thought about the long term.
- Lack of flexibility: an ERP follows strict rules that every employee must oblige to follow. Once a procedure in place, we can not transgress. In the case where few people involved in financial management, it obviously hampers their work.
- Training: all actors of society are involved and therefore must be trained to the package.
- Essential for large companies though often maligned, ERP can be cumbersome and costly in terms of SMEs. The need now is to study in detail possible before installation.
The purpose dashboards
The main elements managed dashboards are:
- Monitoring cash,
- monitoring of accounting,
- invoice tracking,
- order tracking, purchase orders,
- tracking timesheets
Following the organization of the company, these tables can be managed only by the finance department or several departments - departments purchase, sale and human resources can intervene. Dashboards are used to control daily all these positions. They also form the basis for enterprise data necessary for creating and reporting of performance indicators.
Once the computer tool available, the establishment of reporting takes place in four phases:
1. Existing analysis and business needs.
2. Development procedures.
3. Developing a system of coding: the coding system gives an impression each financial transaction. It allows you to find all the information related to a transaction and above to compile the operations belonging to the same family - the same type, same project ... The main codifications are:
- The type of expenses: the classic accounting code, plus a codification WBS (work breaking structure) which classifies expenses according to your business organization.
- all documents: customer invoices, supplier invoices, purchase orders issued, orders received ...
4. Creating dashboards (Excel) - Implementation of modules (Odoo).
Once all of the framework created all financial operations and transactions related to the business of the company shall be entered daily. This can be done by one or more persons according to the organization of the company.
Reporting and performance indicators
Reporting is reporting - monthly, quarterly, annual - dashboards of the company to all the useful data management: cost center - current level and evolution - margin calculation by project / by field activity / month, forecasting activity, forecasting cash ...
Performance indicators provide a summary of reporting based on business objectives. Performance indicators facilitate the reading of the information and decision-making by managers.
Performance indicators can be strategic (sales trends, ...) or operational (completion time of a project, the gap between expected and realized ...).
Financial management in the long term
The last step is the transmission of all these tools for monitoring the long term.
We must differentiate at this level dashboards part of the reporting / performance indicators:
- Dashboards: essentially comprising of seizure, dashboards require a holistic understanding of the process, a knowledge of all procedures and validation. This can be done by a financial assistant following a specific training. Reporting and performance indicators are more skill and involves more responsibility:
- Verification and validation of dashboards.
- Technical mastery of computer tools to generate performance indicators without error.
- Management of confidential information - salaries of all employees, margins on each project ...
This phase of financial management should be done by the CFO of the company, which will be formed by FALINWA. In case your company does not have CFO FALINWA offers outpatient CFO.
Note: In the case of the establishment of Odoo, all persons having access to the software package to be formed. This solution requires an effort larger training.