Financial data admin

The financial data of a business underpins the finance function. Without complete, accurate, up-to-date data, all of the financial reporting, insights, and decisions are not as useful as they could be or worse, they could be misleading.

The variety of sources where financial data is created can make it difficult to capture and process that data. Sometimes you receive an invoice or receipt by email, some are paper copies, sometimes you need to login to your account to download the invoice or your bank statements.

Without a clearly defined process for capturing the data at source and processing it for the bookkeeping, they can easily be lost or forgotten. It's easy for the financial admin to become a mess of unorganised data.

It is common in small businesses for the finances to never be up-to-date or complete because of a lack of administrative processes.

Maintaining a clear and simple system for financial admin will have a massive impact on the ability of a small business to improve its financial performance.