In the second part of this series, we present the organisational module Finance. It covers a wide range of tasks aimed at ensuring the financial stability of the team.
The finance module takes all aspects into account that ensure sufficient financial resources for ongoing projects and activities. This ranges from comprehensive capital requirement planning to precise liquidity planning. By recording and monitoring all financial transactions, members keep track of income and expenditure and react proactively to any deviations. Through close cooperation with the sponsorship module, additional funding opportunities are sought to further strengthen the financial basis of TU Wien Racing. It is also important to finance the team's activities. This includes travelling to competitions in the summer, but also other events such as Sponsor Day and, above all, the rollout, the annual presentation of the new EDGE.
Another essential aspect of Finance is ensuring compliance with legal and tax regulations. By implementing double-entry bookkeeping and regular controlling measures, transparent and proper accounting is guaranteed. The financial documents are checked for accuracy and completeness by two independent auditors at the end of each season. The module relies on comprehensive documentation and offers regular training for all team members to ensure that valuable expertise is passed on from generation to generation and that the team continues to develop.
The team's financial strategy is another important topic dealt with by the members of the Finance module. In the short term, this means covering current expenditure, while in the long term the focus is on planning and implementing investments and projects. Together with the other modules, these goals are identified and the financial resources required to achieve them are identified. By implementing a sustainable strategy, the members ensure the competitiveness and development of TU Wien Racing. Potential opportunities and risks are also analysed and integrated into the planning in order to prepare the team for a successful future.
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