• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • HOME
  • RECOMMENDED BOOKS
  • FREE TOOLS
  • CONTACT US
  • ABOUT

The Fortunate Investor

Investing, Business & Personal Finance For Wealth Builders

  • Save Money
  • Invest Your Money
  • Get Out of Debt
  • Making Money Online
  • Family & Money
  • Taxes
  • Business
  • Retirement
    • Retirement Calculator
Home » Scrap The Monthly Financial Review In Place Of These Proactive Budget Focuses

Scrap The Monthly Financial Review In Place Of These Proactive Budget Focuses

July 7, 2021 By Bobby | This article may contain affiliate links. For more information visit our Disclosure

Tweet
Share
Pin
Share
Share

Scrap The Monthly Financial Review In Place Of These Proactive Budget FocusesFinancial reviews are the best way many of us know to keep track of our personal and business spending and provide us with what we believe to be a comprehensive, relevant oversight of finances overall. In business, especially,  this financial springboard makes it possible to conduct conclusive financial investigations that help us to manage and even cut business costs either once every few weeks or annually. 

But, while regular financial reviews have long been touted as the ‘must-do’ financial approach, many companies are finding that quickly shifting landscapes have rendered the scheduled financial review somewhat obsolete. Last year alone certainly saw a landscape in which overnight shifts left even regular reviews reeling from too-long-neglected financial gaps.

In light of this, and also to simplify finances in general, many more companies are now opting instead for proactive budget focuses. Here, we’re going to look at the benefits of shifting your company’s financial outlook in these same ways.

Understanding your spending reality

When financial reviews only come into play at predetermined, intermittent periods, it can be increasingly difficult to understand financial realities, especially when major spending changes are taking place. Even if you conduct entire reviews once a month as some companies do, this can lead to significant gaps in the money you think you have compared with the money you actually have, both in terms of less and more. Specifically, companies who shifted to remote work last year would have been spending way less on alternative focuses like marketing and product development than they could have because they were still accounting for a commercial space that they weren’t using. Equally, companies who have recently started to look into office rental again could soon see their budgets struggling if they don’t account for that necessary cost until their next scheduled review. To overcome this, many companies are altogether scrapping comprehensive reviews in place of real-time understanding led by the automation and cloud-based oversight offered by a range of cutting-edge financial softwares. 

Always tracking the value of investments

Investments can be an amazing way for companies to expand their portfolios, influence, and ultimately profits. However, whether they’re investing in other companies, stocks, or even commercial spaces, companies who fail to consider investments between reviews could soon experience significant losses in a market that’s really anyone’s guess right now. As such, replacing or at least enhancing financial reviews with in-the-moment investment management apps like Personal Capital Finance is the best possible way to ensure not only that investments are still lucrative, but that immediate action is taken in advance of losses if any area before investments start to look shaky.

Simplifying financial management overall

Even if companies wish to keep financial reviews in place, this more active budget focus ensures the ability to simplify sometimes extensive budget analysis with one-source, centralized insights, already reported and stored within platforms that an entire company is familiar with. This can half the time that financial reviews take, making these a secondary factor of a financial focus that is far fitter for the modern, ever-changing business landscape. 

  • About
  • Latest Posts
Bobby
Latest posts by Bobby (see all)
  • What’s Going Wrong In Your Business And How Can You Sort The Problems? - July 2, 2022
  • How To Choose The Right Manufacturing Company - July 1, 2022
  • Is Productivity An Issue In Your Business? Let’s Sort That Out - June 29, 2022

Primary Sidebar

Popular Articles

Whats Going Wrong In Your Business And How Can You Sort The Problems

What’s Going Wrong In Your Business And How Can You Sort The Problems?

Every business has its problems, there is no way around this. However, not every business has the … Read More about What’s Going Wrong In Your Business And How Can You Sort The Problems?

How To Choose The Right Manufacturing Company

How To Choose The Right Manufacturing Company

Having a modern, open and wide-ranging overview of the manufacturing industry is extremely important … Read More about How To Choose The Right Manufacturing Company

Is Productivity An Issue In Your Business Lets Sort That Out

Is Productivity An Issue In Your Business? Let’s Sort That Out

Productivity is one of the things that you should always be looking at when it comes to your … Read More about Is Productivity An Issue In Your Business? Let’s Sort That Out

Key Reasons Real Estate Is A Great Investment

Key Reasons Real Estate Is A Great Investment

Diversification of your portfolio is something that all investors will come across in their … Read More about Key Reasons Real Estate Is A Great Investment

What Happens To Credit Card Debts After A Divorce

What Happens To Credit Card Debts After A Divorce?

Credit cards are a practical tool when it comes to managing your finances and spreading the cost of … Read More about What Happens To Credit Card Debts After A Divorce?

Footer

TOPICS

SAVE MONEY
INVEST MONEY
REDUCE DEBT
MAKE MONEY
FAMILY & MONEY
TAXES
START A BUSINESS
RETIREMENT

THE FORTUNATE INVESTOR

ABOUT US
ADVERTISE
CONTACT US

The Fortunate Investor focuses on personal finance topics to build wealth. Topics include saving money, investing, managing debt, family and money, taxes, making money, college planning, starting a business, coupons and retirement.

SOCIAL MEDIA

FACEBOOK
TWITTER
PINTEREST
INSTAGRAM
YOUTUBE

Copyright © 2022 Fortunate Investor. All Rights Reserved. | Disclaimer & Disclosure | Privacy Policy | Terms of Service