Elisabeth Toftmann Klintholm’s Post

As the size of your holding company’s portfolio grows, here are seven best practices for integrating new portfolio companies. 1. Complete a full finance and operations process audit. 2. Set your non-negotiables. 3. Align on your North Star metrics. 4. Create portfolio counsels. 5. Ensure you have the right personnel. 6. Determining the frequency of reports. 7. Establishing an effective budgeting process. Learn more about these best practices as well as multi-entity finances in our recent blog post👇

Variable Costs VS Fixed Cost! Understanding the distinction between variable and fixed costs is crucial for cost analysis, budgeting, pricing decisions, and overall financial planning within a business. 𝗛𝗲𝗹𝗽 𝗺𝗲 𝘀𝗵𝗮𝗿𝗲 𝘁𝗵𝗶𝘀 Variable Costs VS Fixed Cost 𝗙𝗥𝗘𝗘 𝗖𝗵𝗲𝗮𝘁 𝗦𝗵𝗲𝗲𝘁. 👍 👍 👍 𝗟𝗶𝗸𝗲, 𝗦𝗵𝗮𝗿𝗲 𝗮𝗻𝗱 𝗖𝗼𝗺𝗺𝗲𝗻𝘁 𝘀𝗼 𝘁𝗵𝗶𝘀 𝗽𝗼𝘀𝘁 𝗰𝗮𝗻 𝗿𝗲𝗮𝗰𝗵 𝗽𝗿𝗼𝗳𝗲𝘀𝘀𝗶𝗼𝗻𝗮𝗹𝘀 𝘄𝗵𝗼 𝘄𝗮𝗻𝘁 𝘁𝗼 𝗹𝗲𝗮𝗿𝗻 𝗺𝗼𝗿𝗲 𝗮𝗯𝗼𝘂𝘁 Variable and Fixed Costs. ▶️ 𝗪𝗵𝗮𝘁 𝗶𝘀 𝗶𝗻𝗰𝗹𝘂𝗱𝗲𝗱 𝗶𝗻 𝘁𝗵𝗶𝘀 𝘀𝗵𝗼𝗿𝘁 𝗰𝗼𝗺𝗽𝗮𝗿𝗶𝘀𝗼𝗻 𝗴𝘂𝗶𝗱𝗲: • Definitions • Examples • Behavior • Predictability • Control • Risk Management • Cost Structure • and more 𝗗𝗼 𝘆𝗼𝘂 𝗹𝗶𝗸𝗲 𝘁𝗵𝗲 𝗱𝗼𝘄𝗻𝗹𝗼𝗮𝗱𝗮𝗯𝗹𝗲 𝗣𝗗𝗙 𝘃𝗲𝗿𝘀𝗶𝗼𝗻? 👉 By engaging with this post with likes, reposts or comments, you can help increase the visibility. If you find the information useful, leave a like or comment. 𝘚𝘵𝘢𝘳𝘵 𝘤𝘰𝘭𝘭𝘦𝘤𝘵𝘪𝘯𝘨 𝘮𝘺 𝘳𝘦𝘴𝘰𝘶𝘳𝘤𝘦𝘴 𝘢𝘯𝘥 𝘮𝘰𝘥𝘦𝘭𝘴. Did I miss something? Let me know what you would add, and I will approach that in the new version. 👉 𝗟𝗶𝗸𝗲, 𝗖𝗼𝗺𝗺𝗲𝗻𝘁, 𝗥𝗲𝗽𝗼𝘀𝘁. ------------------------- "You can't predict the future, but you can create it" P. Drucker. Use my 𝗖𝗼𝗿𝗽𝗼𝗿𝗮𝘁𝗲 𝗙𝗶𝗻𝗮𝗻𝗰𝗲 Modeling Package and start creating your financial health today. https://lnkd.in/d2QhAcJg ➕ 𝗙𝗼𝗹𝗹𝗼𝘄 𝗺𝗲 for more finance, accounting, reporting, M&A, IFRS and valuation 𝗙𝗥𝗘𝗘 𝗿𝗲𝘀𝗼𝘂𝗿𝗰𝗲𝘀.

Whether you’re managing a complex financial reporting environment or a smaller operation with limited staff, developing a comprehensive financial closing checklist can significantly benefit your entity. This checklist serves as a crucial tool in ensuring that all key control activities are completed in a timely manner, thereby enhancing the accuracy and efficiency of the financial reporting cycle.

Cost Reduction Strategy: Identify and eliminate financial drains with prompt-based evaluations. In the intricate dance of business profitability, while revenue generation is crucial, cost management often plays an equally pivotal role. Yet, many businesses struggle with hidden costs, inefficiencies, and financial drains that chip away at their bottom line. The solution? A strategic shift towards prompt engineering. Prompt engineering, when applied to cost management, is about using structured questions and cues to illuminate areas of unnecessary expenditure. It's not about cutting corners but about smart spending, ensuring every dollar is invested where it truly counts. Here's the transformative potential: Spotlight on Inefficiencies: Prompts can help businesses identify areas where resources are being wasted, allowing for targeted cost-saving measures. Proactive Problem Solving: Instead of reacting to financial setbacks, prompts enable businesses to proactively address potential cost concerns before they escalate. Strategic Resource Allocation: By understanding where money is best spent, businesses can allocate resources more effectively, maximizing the return on investment. But let's delve deeper: Are hidden costs eroding your profits? Are you seeking a proactive approach to financial management that goes beyond traditional cost-cutting? By integrating prompt engineering into your financial strategy, you can uncover and address cost concerns, ensuring a leaner, more profitable operation. 📣 Collaborative Exchange: Financial leaders and business owners, how are you currently tackling hidden costs and inefficiencies? Share your experiences and let's explore how prompt-based evaluations can redefine your cost management strategy!

📚 The Ultimate Financial Management Handbook 🔥 Wants to improve your Financial Acumen, this Handbook is a perfect source of information for various aspects of Financial Management. 1️⃣ The Income Statement Guide ➡ Guide to under different aspects of Income Statements 2️⃣ The Balance Sheet Guide ➡ Guide to learn the Financial Position 3️⃣ The Cash Flow Statement Guide ➡ Guide to Learn Difference components of Cash Flow and Cash Health 4️⃣ The Ultimate Budgeting Guide ➡ Guide to explain different times of Budget 5️⃣ Inventory Valuation Methods ➡ Guide to learn difference Inventory Valuation Methods 6️⃣ Depreciation Methods ➡ Guide to learn different methods of Depreciation 7️⃣ Accounting KPIs Guide ➡ Ultimate Accounting KPIs guide 8️⃣ Types of Financial Models ➡ Detailed explanation of different types of Financial Models 9️⃣ Why Financial Modeling is Important ➡ Importance of detail and comprehensive Financial Modeling ➡ Follow Muhammad Anis Younus for more amazing content.   ♻️ Repost this to help others in your network. Source: Financial Modeling World Cup

ADVANTAGES OF ANNUAL FINANCIAL CLOSE. There are several advantages to conducting an annual financial close with the assistance of Tilmaan Consulting Firm: 1. Accuracy and Compliance: Tilmaan's expertise ensures that your financial records are meticulously analyzed, reconciled, and aligned with regulatory requirements. This helps maintain accuracy and compliance, reducing the risk of errors and penalties. 2. Efficiency and Time Savings: With Tilmaan handling the financial close process, your team can focus on other critical tasks and strategic initiatives. Our streamlined approach and experienced professionals optimize efficiency, saving you valuable time. 3. Expert Guidance and Recommendations: Tilmaan provides valuable insights and recommendations based on the analysis of your financial data. This enables you to make informed decisions, identify areas for improvement, and optimize your financial performance. 4. Peace of Mind: Knowing that your annual financial close is being handled by seasoned professionals brings peace of mind. You can rely on Tilmaan's expertise and attention to detail, ensuring a thorough and accurate closure of your financial books. 5. Enhanced Decision-Making: By having a clear understanding of your financial position at the end of the year, you can make informed decisions for the future. Tilmaan's comprehensive reports and recommendations empower you to drive your business forward with confidence. 6. Customized Solutions: Tilmaan Consulting Firm tailors its services to meet your specific needs and requirements. Whether you operate in a specific industry or have unique accounting practices, we adapt our approach to ensure a seamless financial close. Partnering with Tilmaan Consulting Firm for your annual financial close brings numerous advantages, from accuracy and compliance to time savings and expert guidance. Experience the benefits of a simplified and efficient financial close process, allowing you to focus on strategic growth and success. #finance #financialclose #adjustment #acccounting #reporting #financialreporting #financialanalysis

Ready to experience an adaptable partnership that maximizes efficiency? Bright Balance transforms financial complexities into opportunities for growth with our dedicated team by your side. We offer strategic planning, financial analysis, or ongoing support with a commitment that goes beyond project completion. Learn more about our services here - https://lnkd.in/eK8hTQ49 #FinancialSuccess #CostEfficiency #Accounting #FractionalAccounting #FractionalCFO

Navigating Financial Year-End Like a Pro 🚀 As we approach the financial year-end, strategic preparation is key to ensuring a smooth transition. Some essential steps to gear up for this critical period include: ✅ Review Your Financial Records Conduct a comprehensive review of your financial records to ensure accuracy and completeness. Address any discrepancies proactively. ✅ Budget Evaluation: Assess your current budget against actual performance. Identify variances and adjust forecasts as needed to align with your financial goals. ✅ Tax Compliance Check: Ensure compliance with tax regulations. Review deductions, credits, and any changes in tax laws that may impact your organization. ✅ Asset and Liability Analysis: Evaluate assets and liabilities. Update asset values, and assess the status of outstanding debts to gain a clear financial picture. ✅ Inventory Assessment: Conduct a thorough inventory assessment. Identify obsolete items, manage stock levels, and plan for any necessary adjustments. ✅ Engage with Stakeholders: Collaborate with key stakeholders, including finance teams, department heads, and external partners, to gather insights and align on year-end objectives. ✅ Cash Flow Management: Optimize cash flow by reviewing outstanding receivables and payables. Address any potential cash flow challenges to maintain financial stability. ✅ Employee Benefit Review: Evaluate employee benefits, ensuring compliance with regulations. Communicate any changes to staff and address queries or concerns. ✅ Audit Preparation: If applicable, prepare for audits by organizing necessary documentation and ensuring transparency in financial reporting. ✅ Strategic Planning for the Next Year: Begin strategic planning for the upcoming year. Set financial goals, allocate resources, and outline key initiatives to drive success. Navigating the financial year-end demands careful planning and attention to detail. By proactively addressing these steps, you position your organization for a successful transition and set the stage for financial excellence in the coming year! 💼✨ #FinancialPlanning #YearEndPreparation 

Interview Question #4 How do you manage budgets and financial reporting for properties? With 15 years of experience in managing budgets and financial reporting is invaluable for success in property management for several reasons. Property management involves handling significant financial responsibilities, including budgeting for operational expenses, tracking income and expenses, and ensuring that properties remain profitable. With extensive experience in managing budgets, I have developed a keen understanding of financial principles and practices, enabling me to create accurate and realistic budgets that align with the financial goals of property owners or stakeholders. Moreover, my proficiency in financial reporting is crucial for providing transparent and insightful financial information to property owners, investors, and other stakeholders. By generating comprehensive financial reports, I can effectively communicate the financial performance of properties, identify areas for improvement, and make informed decisions to optimize profitability and mitigate risks. Furthermore, my expertise in financial management equips me with the skills to identify cost-saving opportunities and implement strategies to improve operational efficiency. Whether it involves negotiating vendor contracts, optimizing utility expenses, or streamlining maintenance processes, your ability to analyze financial data and identify areas for improvement can significantly impact the bottom line of properties under your management. Additionally, my experience in financial management demonstrates my attention to detail, accuracy, and accountability, which are essential qualities for ensuring financial compliance and integrity within property management operations. Whether it involves adhering to regulatory requirements, reconciling financial records, or conducting audits, my proficiency in financial reporting helps maintain trust and credibility with clients and stakeholders. #budget2024 #propertymanagement #Propertymanager #multifamily #financialaccounting #budget #BudgetReporting

**Understanding Accruals and Prepayments: Integral Components of Financial Management** 🌟 Excited to dive deep into the world of accruals and prepayments! 🌟 As I embark on my research journey into these critical financial concepts, I've come to appreciate their significance in ensuring accurate financial reporting and effective cash flow management. 🔍 **What are Accruals and Prepayments?** - **Accruals** reflect expenses and revenues that are recognized before cash transactions occur, ensuring that financial statements provide a true and fair view of a company's financial position. - **Prepayments**, on the other hand, are payments made in advance for services or goods to be received in the future. This ensures that expenses are matched with revenues in the correct accounting period. 💡 **Why Are They Integral?** - They help organizations adhere to the **Matching Principle**, which is fundamental for accurate financial reporting. - They facilitate better cash flow management and aid in forecasting future financial needs. - Understanding these concepts is crucial for effective budgeting, financial analysis, and strategic decision-making. As I research this topic further, I aim to uncover best practices, common challenges, and innovative strategies used by professionals in the field. I look forward to sharing insights and engaging with fellow finance enthusiasts. If you have experience with accruals and prepayments or insights to share, I’d love to connect and discuss! #Finance #Accounting #Accruals #Prepayments #FinancialManagement #ResearchJourney #Networking