Financial processes are the processes and procedures that a business puts in place to ensure effective financial management. These processes are designed to provide an accurate and efficient way to track, account, report and audit all financial transactions within an organization. Financial processes help businesses maximize profits and minimize risks associated with financial activities. They also help businesses increase visibility, streamline operations and reduce costs. By standardizing financial processes, businesses can create a more efficient, transparent workplace where all stakeholders have clear guidance on how financial resources should be managed.