Financial Management
WISDOM – Know your numbers and what they mean.
Your association or organization’s strategy could quickly “run out of gas” if there is a lack of financial management expertise to map out the fuel stations, calculate how often to fill up the tank, and know what it’s going to cost.
When you want to get better at knowing your numbers and what they can do for you, OTUS Group works with leadership teams in Ottawa and across Canada to sharpen financial management wisdom.
Our most sought-after financial management services:
How many times have you wished you had regular input from a C-level financial management expert but thought it was off limits due to cost?
A Virtual Chief Financial Officer (VCFO) might be the service you never realized was accessible or affordable to you!
Our team of VCFOs see more than just numbers. We become a part of your management team. With our extensive executive-level experience, we will help you understand the impact and opportunities relevant to your financial information.
Our business and financial management consulting experts can help you:
- Identify your most significant financial management risks, so you can avoid expensive surprises.
- Design effective internal controls over financial reporting, which may result in cost savings.
- Develop effective monitoring processes to provide you with assurance that your key internal controls over financial reporting are operating consistently as designed (to avoid expensive surprises).
The following quotation captures the true value of a Financial Sustainability Assessment: “The real voyage of discovery consists not in seeking new landscapes, but in having new eyes.” (Marcel Proust)
OTUS Group will empower you with “new eyes” to truly understand your financial landscape. We will scan for financial risks and gaps that may have escaped your awareness. We will also identify opportunities to solve problems and find savings, so you can make better informed decisions.
The following critical financial management competencies will be assessed:
- financial management
- efficient and cost-effective use of resources
- financial reporting
- internal control over financial reporting
- vigilant measures to safeguard assets
- budgeting and forecasting
- payroll
Implementing financial management systems can become frustrating and very costly if not done properly. Every organization is complex and unique, which is why selecting a financial management system should not be primarily focused on researching its technology.
Instead, the focus should be far more about understanding your association or organization’s requirements and aligning them with a system that is right for your needs.
Our business and financial management consulting experts can help you to make informed decisions by:
- Assessing and understanding your business requirements
- Identifying appropriate technical solutions that align with your business requirements, including full consideration of the risks and benefits
- Establishing appropriate internal controls for your new financial management system
- Generating meaningful and useful financial reports
- Converting data from the old to the new accounting system
- Identifying opportunities to take greater advantage of technology, including for example, electronic funds transfer and cloud computing
