People management stands as the linchpin of any collective endeavor, determining both successes and failures. Broadly speaking, even individual resource management can be efficiently structured under the encompassing concept of resource management applicable to group management. The essence of any manager’s role lies in the efficient utilization of resources. In modern business, people are recognized as the primary resource, maximizing added value in most countries. Hence, I accord precedence to personnel management: searching, hiring, motivating, and orchestrating the effective deployment of talent.
Subsequently, specific aspects relevant to financial management are addressed. It’s noteworthy that financial management significantly relies on in-depth knowledge of production (operational) business processes, legal functions and compliance expertise, understanding of the company’s technological infrastructure, familiarity with business marketing channels, and more – all of which impact managerial decision-making. However, for the scope of this discussion, emphasis will be placed on financial management, so I will thoroughly examine the key areas of financial management while others will be mentioned in passing.
Thus, the first financial block within the company management system to be explored is financial and operational reporting for decision-making by both external and internal users. This encompasses tax reporting for government authorities and consolidated reporting per international standards. The latter is essential for internal users (management and shareholders) and external users (tax authorities, potential investors, banks, and other interested parties) alike.
The second block involves asset management in a broad sense, encompassing the management of available internal and external resources, process organization, and business efficiency improvement. Asset management extends to activities such as optimal supplier selection. Furthermore, in recent years, possessing a strong banking history has become a highly valuable asset, particularly for international business operations and ownership of companies in multiple countries. Opening and maintaining bank accounts in the modern, fragmented, and sanction-limited banking landscape demands considerable expertise and sustained investment in relationships.