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Financial Management

What is “Financial Management”?

Financial management, or financial management, is at the core of a business plan and ensures the proper allocation of cash flows to achieve financial goals within the enterprise or company. The interaction between the business plan and financial management is expressed in the effective direction of financial resources across divisions and sectors with the aim of achieving optimal management and profitability of the enterprise, regardless of its field of activity. In simpler terms, “financial management” is the management of monetary funds within the company.

Financial management involves coordinating the financial activities of the organization to achieve financial goals and optimize resources. This encompasses various aspects such as revenue management, cost control, investments, budgeting, risk management, and more. The primary principle in financial management is to strike a balance between financial goals and available resources, combining growth and sustainability.

Why is successful financial management important in organizations?

Several key reasons define the importance of financial management:

  • Resources and Optimization: Financial management oversees financial resources by ensuring the availability of funds for current operations, investments, and development. The optimal allocation of resources helps maximize profitability and efficiency.
  • Planning and Budgeting: Financial management provides a structured approach to planning business activities through budget creation. These budgets define financial goals and actions to achieve them while controlling expenses and optimizing revenue.
  • Decision-Making: Based on financial analysis, financial management provides information and tools to support strategic and operational decision-making. This process includes evaluating investment opportunities, risks, and capital returns.
  • Liquidity Maintenance: Financial management monitors an organization’s liquidity, ensuring its ability to meet current obligations. Proper cash flow management maintains financial stability.
  • Risk Management: Financial management analyzes and manages various financial risks, such as currency fluctuations, interest rate risks, and more. This helps reduce uncertainty and protect against potential losses.
  • Compliance and Transparency: Financial data and reports generated through financial management are crucial for compliance with legal and regulatory requirements. They also provide transparency and build trust among investors, clients, and partners.
  • Growth and Development: Effective financial management supports an organization’s growth and development through investment management, optimal financial resources, and achieving future goals.

By encompassing all these aspects, financial management plays a vital role in the sustainable functioning, growth, and success of any organization, regardless of its size or industry.

Management of Financial Resources:

Managing finances within a company, whether it’s a dental laboratory, dental practice, or any other business, is vital for survival and subsequently for its prosperity. The importance of financial management should not be underestimated, and its condition should be determined based on real data and figures. Yes, accounting aims to track all cash flows, monitor income and expenses, and whether profit covers expenses. However, imagine if accounting were not a completely separate entity, but the manager had a clear view of what’s happening at all times. Not only would it save time and resources, but the traceability would improve significantly.

You’ve probably wondered how much revenue your loyal customer has brought in for the month or which orders have already been accounted for and which have not. What cash movements are there for the month, and whether you have a positive balance or are in a deficit? What is the market liquidity, and where are the hidden opportunities? By having a constant view of what’s happening and minimizing “escaping values,” you would have a significant advantage over your competition.

Of course, when working in a dental laboratory or dental practice, it is normal for you to be concerned not only about profit but also about tracking and the execution of orders, the quality of your colleagues’ work, meeting deadlines for orders, and the overall workflow. Our team has taken care of everything! In the AMOSYS software, we have paid attention to every step of the workflow, from creating and sending orders to their accounting, all possible with just a few clicks. Satisfied patients should be a priority, but to meet their needs, whether as a dental technician or a dentist, you need to have a functioning business. That’s why we at “TEACS” have taken care of it, and the latest module in the AMOSYS software covers your financial processes.

Dental Laboratory:

As a dental laboratory, the new “Finance” module will provide you with several important tools for successful financial management in the laboratory:

  • You will be able to track customer receivables.
  • Track incoming and outgoing payments.
  • Create invoices, both standalone and linked to orders.
  • Generate invoices for multiple orders.
  • Translate your invoices into foreign languages for international clients.
  • Create credit and debit notes.
  • Store all documents in the “Documents” menu.
  • View all financial flows and actions for a specified period.
  • Analyze your interactions with clients.
  • Track delayed payments.
  • And much more!
Dental Practice:

As a dental practice, you can also benefit from the new “Finance” module in AMOSYS. In addition to sending orders directly to dental laboratories, you can:

  • Receive invoices from dental laboratories.
  • Store all received documents in one place.
  • Track which laboratory sent which invoices.
  • Easily find the necessary documents using filters.
  • And much more!
Conclusion:

Tracking cash flows, revenues, and expenses is crucial for any company, regardless of its industry. Proper financial management ensures a successful future for dental laboratories and dental practices and aids in analyzing business activities correctly. Our team is committed to continuously improving and expanding AMOSYS, and with the latest “Finance” module, we provide you with the opportunity to integrate the latest technologies and enhance your existing practices.

Stay tuned for upcoming webinars dedicated exclusively to the new module, and don’t miss the opportunity to be among the first to take advantage of its benefits!

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