Monthly Financial Meeting: Important Reasons
Can you quickly browse the road trip without stopping breathing to make sure you are not off the route? Of course not!
It is very likely to enter the station, such as GPS inspection, progress analysis, and even vehicle inspection to confirm that everything is normal. Note that the fuel tank is almost empty, and you can add more fuel or re evaluate the path to determine whether there is a more strategic way to reach the destination.
So when it comes to your business, more specifically, your financial situation is: Why don’t you take some time to keep your team effective, on track, and moving forward quickly?
Blueprint’s CFO believes that the monthly financial meeting is an important factor in the success of the company’s profitability roadmap process. The reasons are as follows.
- Ensure accounting accuracy at monthly financial meetings
Just like not checking GPS so as to make a major trip without entering the wrong location, in order to ensure accounting accuracy, the establishment of regular checkpoints is very important for the profitability of the company.
The monthly financial meeting is a useful time to sit with the financial team to discuss all peripheral data points that need to be checked for accuracy. In addition to checking the legality of all contents in the form, the monthly financial meeting is also a good time to avoid completely ignoring the financial information.
As a leader, you can rest assured by establishing regular contact points to review and supplement the work of the accounting team. Because I know that your strategy is based on comprehensive, accurate and timely data reflecting your business situation.
- The accounting team is responsible for the monthly financial meeting
The monthly financial meeting not only encourages the leaders to sit down and access the data that promote business growth, but also encourages the accounting team to return to the core responsibility of maintaining a sense of responsibility throughout the business.
After all, as we shared in the past, there is no sense of responsibility without good accounting. In addition to building accountability in the right form, the monthly financial meeting also allows your accounting team to start thinking strategically.
When your accounting team collects and reviews your data, they can analyze trends across reporting phases, identify areas for improvement that management can monitor, and bring new perspectives to the company.
By calling on the accounting team to submit relevant memoranda, opinions and opinions at the monthly financial meeting, you can build a real organizational culture and put excellent accounting first. It’s not just good financial reporting.
- Hold monthly financial meetings to connect the team with the overall vision and profitability roadmap
Through the introduction of accounting and asset management, monthly financial meetings are held to bring together various stakeholders of the organization. As leaders, team members can feel the connection with the company’s strategic vision.
By developing touchpoints for two-way communication and collaboration, your accounting team will find more than just “touchpoints.”. Instead, they will understand how their work helps move forward, and how their role is related to the strategic revenue roadmap and overall growth of the enterprise.
