A company that presents negative results is in a delicate situation. However, what many entrepreneurs don’t know is that a positive balance can, at some point, mask a problem. To avoid this mistake, entrepreneurs can use 2 simple tools: the cash flow and the Income Statement (I/S).
These days, keeping a close watch on the financial processes of a business is an easy task, as there are technological solutions developed specifically for this type of business issue.
But despite this easiness, many companies have difficulty in analyzing their numbers, and don’t understand the reason for their losses. Therefore, this article aims to help you understand how cash flow and I/S can reveal the situation of your company. Enjoy your reading!
Cash flow is a simple accounting tool that is used even for family budgets. It is a constant subtraction of expenses on the earned amounts in order to verify a company’s ability to honor its commitments and generate revenue.
With cash flow, an entrepreneur can improve expense planning, as he is able to map out the expected costs for the business and comprehend which assets the company will receive (for example, receiving sales paid in installments).
In addition, by having a detailed cash flow, the business gains financial security, as the expenses are identified, thus, allowing potential losses to be found.
Another important point is confidence in decision making; after all, leaders can rely on the cash flow to know the risks involved in new investments, such as buying equipment.
However, there is a more detailed accounting study that uses the cash flow information as a basis: The Income Statement (I/S).
It provides a vertical analysis and can indicate whether the company has made a profit or is at a loss. Ideally, its calculation should be done at least every month.
That said, the I/S usually has the following components: gross operating revenue; net operating revenue; gross income; deductions and taxes; gross earnings before tax; amounts of Income Tax and Social Contribution on Net Income; fixed expenses; costs of products or services; net income.
Let’s use an example to understand how to calculate the I/S. Suppose that company X presented the amount of R$ 100,000 (in Brazilian Real) as revenue.
The first step is to subtract from this amount all taxes related to the company that need to be paid. In this example, the amount is R$ 5,000. Company X has, then, R$ 95,000 of gross profit.
The next step is to discount the amount of variable expenses from the gross profit. Variable expenses are those that change according to the business’s results. For example, expenses on suppliers.
In the case of company X, this burden was R$ 40,000. That is, this company has R$ 55,000 of operating profit. If this result is negative, it means the company is literally paying to work.
The time has come to discount the amount of fixed expenses, which are those that do not depend on the company’s performance – such as rent, internet provider, electricity, etc.
In this case, the amount is R$ 20,000. We reached the amount of R$ 35,000.
Now it is the time to discount personnel expenses, including the remuneration of partners. The end result is the Net Income of the Fiscal Year.
The vertical analysis will be a good parameter to know what the biggest expenses were, and also to assess if the company is heading for a loss.
Another way to interpret this tool is to use it together with previous reports. In this case, it is even possible to make a comparison with previous earnings periods, as well as revenues and costs for other months.
Liquidity is the ability to turn assets into capital. The easier this task is, the more liquid is the asset. For example, selling the company’s headquarters is a task with low liquidity because it can take months.
When an entrepreneur uses cash flow and I/S to know the financial situation of the company, he discovers the business’s ability to pay its bills – something that is directly linked to investment ability and can define the growth of the enterprise.
As we have seen, both the I/S and the cash flow can work together to improve the company’s management. At the same time, a troubled cash flow can lead to losses in the accounts. So here are some tips on how you can improve this resource. Check it out!
The company can take some measures to encourage customers to pay quickly, with discount being one of the main ones.
The great strategy here is to offer it for not too high amounts in order to avoid suffering losses. Discounts of 2% to 4% for payments of up to ten days, for example, are a good option. That way, the customer gets a cheaper invoice and your company gets an improvement in cash flow.
Inventory is a very important factor for a company. Regardless of the size of your enterprise, the organization of items is critical. This includes evaluating the quantity of products and whether it is really necessary to have this volume in stock. That way, no investment is wasted.
In this case, it is time to re-evaluate well the loans your company has taken. Reviewing the rates and conditions is an important step, as it is the chance to try to consolidate them into one account, and thus, get lower interest rates.
Don’t focus only on increasing installments to have lower monthly fees. Renegotiating your debts in order to get better conditions is a great way to improve your cash flow.
Of course, it is possible to make the cash flow using only a spreadsheet. However, a financial management system will optimize your work and provide much greater control and analysis possibilities.
In addition, there is a number of management software that offers cloud storage, where all results can be safely stored. It is a very interesting investment because it makes your cash flow easier and faster, and can even help in creating and analyzing company performance reports.
With the information found here, now you understand well how cash flow and I/S work, don’t you? So if you liked this post, follow us on Facebook, Twitter, and LinkedIn to receive information in your feed!
There are many ways of looking at the world, that’s why it’s natural that the same phenomenon is studied by various fields of research. This is why it’s interesting to know what capex and opex are.
Even those these terms are related to accounting, they perfectly illustrate important issues in terms of the business world, such as innovation, efficiency and planning.
Would you like to know what capex and opex are, and how they can help change your company’s processes? Then keep on reading this article and enjoy!
CAPEX is an abbreviation for Capital Expenditure which indicates the amount of money spent on buying the capital goods of a given company.
OPEX on the other hand is an abbreviation for Operational Expenditure which indicates the capital used to maintain or improve the physical assets of a given company, such as loans, properties and buildings.
To give a simple example: your company buying a building that will serve as your administrative headquarters is considered capex. All the maintenance needed to keep this investment functioning is considered opex.
For many years companies opted to focus on capex, because it expanded their properties, which is an investment that can be turned into capital when necessary, even though it doesn’t always offer good liquidity.
In terms of the company-customer relationship the question “what are capex and opex?” also makes sense, and with good reason this has revolutionized the way in which we consume many products and services.
Here are two examples that illustrate this situation well: Uber and Spotify. The former didn’t have to buy cars (capex) to increase its market value. Uber outsourced this need in partnership with their drivers, freeing them from certain worker expenses. This hasn’t hurt the company. In fact, today Uber has a market value greater than many car manufacturers.
The same is true of the latter, the startup Spotify. There was a time when music consumers invested in possessing this media in a physical form (capex) and were able to sell it later. Records can in fact be sold at high prices today.
However, people’s great need is to listen to quality music albums in a mobile fashion for a good price. Digital subscription services, like Spotify, have resolved this issue and have made it more difficult to pirate music.
As we’ve seen in this article, understanding what capex and opex are helps a company think about its business model and reexamine its investments. However, during these times of economic recession, investing in opex is a safer solution to conserve financial resources and improve productivity.
One alternative is to establish partnerships with specialized companies, and in this way your company can avoid spending a lot of money on training your employees and buying equipment to perform a task.
The analysis and monitoring of data is an example of this. Currently this type of strategy is fundamental, but applying it can be expensive. That’s why the simplest solution is outsourcing this task to a specialized firm. This way your company’s implementation costs will decrease and its productivity will improve.
Now that you understand what capex and opex are, reevaluate your company’s business model and outsource those things that can be delegated to other companies (which aren’t strategic). If you’ve enjoyed this article, sign up for our newsletter to receive exclusive — and free — content by email.
In general, companies may have some problems with suppliers, especially those related to reporting exactly what they need. In this case, the lack of a document like the RFP can be detrimental, since it helps in the direct communication between company and supplier.
Thinking of the importance of this instrument, we selected some of the main information about it. Check it out!
Known as Request for Proposal, the RFP is a document prepared by the company describing information on how to receive the products and services it needs. This document is sent to the supplier and serves as a kind of invitation, requesting that a work proposal is presented.
It is likely that an RFP will contain not only the information on the products and services requested, but also the requirements for proposal response and the company’s offer in return.
Usually this tool is used when a budget for a project needs to be prepared, especially when there are several companies involved.
It is important to understand that each company has its particularities when requiring materials. Nevertheless, the RFP may have some key steps in its preparation. Next, you will learn what they are.
Look for proven formats
If the company has been operating for a while, it probably already has an RFP format – not only defined, but proven. A good idea is to take advantage of it if there is a need to develop a new one.
Evaluate the requirements
Initially, it is necessary to determine what will be purchased and the potential price. Then some matters should be defined, such as delivery method, quantity, etc. In this case, the information should ideally be obtained from those responsible for that area in order to be more accurate. When it is time to establish the scope, check if you will need to contact the supplier for support after obtaining the product.
Lastly, the next steps are the calendar, supplier evaluation and restrictions. The first is related to the deadline and its limit; the second relates to the performance of the supplier, how he carries out his service, and what criteria are used to choose the best supplier for your company; the third is to assess if there are risks, what can happen that directly affects the product or service provided, etc.
After evaluating all the issues, it is time to generate the RFP. There are some basic topics that should be contained in the document, such as:
In addition to these topics, the RFP may contain design and functional requirements, evaluation criteria, submission guidelines, among others.
Check the logistics
In the last step, it is time to assess whether suppliers agree with what the company is looking for. In addition to analyzing the means for preparing an RFP for the chosen supplier, one must indicate how to contact the company.
The use of RFP is quite versatile – for example, it can be used as the scope of a project, as well as the budget model, which determines the amount that is expected to be received, and the terms and conditions.
With the information contained here, it is now clear what an RFP is, right? Do you want to keep following our content? Then follow us on Facebook, Google plus, LinkedIn and Twitter!
In order for companies to remain competitive, they need to adapt even faster to market trends, which is a difficult task without the help of reliable information. Fortunately, it is possible to get a relevant source of data when using management reports.
Would you like to know more about it? Keep reading and find out what a management report is and learn how to prepare it!
To run a business, it is necessary to have reliable information on the situation it is in. A management report is nothing more than a document that compiles the data set containing this information.
With these reports the manager has a broader view of the problems his company is facing and the methods for solving them.
Management reports are used in various institutions. Although its name usually varies according to the company where it is made, its main functions remain the same.
Among the categories of management reports that are most used, we can mention:
This report is intended to present information on the company’s capital. It covers topics such as accounts receivable, defaults, cash flow, and other information related to financial operations.
Based on the financial report, it is possible to have a view of the institution’s finances, which makes it possible to allocate its resources more efficiently.
Satisfaction reports can be used to measure both the customer satisfaction of a company, and that of its employees.
When this report is customer-oriented, it shows how much the customer liked a product and if it is likely that he will do business with the company again.
Based on these data, it is possible to improve products and services.
In turn, when it is prepared thinking about employees, it reports on their engagement and opinion about the work environment. From this information it is possible to work on policies for retention of good employees.
The purpose of this report is to present solutions to a problem. When a failure is found in company procedures, a document collects and analyzes data about it, then presents possible ways to remedy it. This is how an analysis management report is made.
Although the management report shows information that is vital to the company, its preparation should be as simple as possible. Focus should be on the information!
Learn about four steps to prepare a management report:
Firstly, it is necessary to understand why the report will be prepared. Once the goal is clear, it is time to start collecting the information that will be used.
Unnecessary data makes the report confusing and the lack of relevant information may lead to the wrong conclusion, therefore, care must be taken in the choice of data that will be used.
The report should be prepared according to its purpose. If the goal is to compare current company results with past results, for example, the data presentation must follow the same pattern. That is, the report should be made in a way that is easy to understand the information it presents.
Finally, it is important to think about the person who will receive the report.
If it is intended for a CEO who needs a lot of information to make his decision, it is important that the report be better structured; indexes and summaries become necessary.
But if the goal is to bring the sales team together and compare results from past periods, a simple spreadsheet should be enough.
The presentation of the report is directly related to the amount of information it must provide and to the audience that will receive it.
As we have seen, management reports are an efficient way to stay informed about company departments. If well-crafted, they become useful and accurate tools for the management of a business.
Would you like more information on this subject? Contact us! Our consultants are prepared to answer your questions.
Keeping the right course of decisions in a company can be a great challenge. This is because it is very complicated for the entrepreneur to manage all processes, including those related to business and back-office areas. Therefore, it is very important to have the help of a cost management consultant.
The work of a cost management consultant can be instrumental for the company to make quick decisions on the costs of products, services, customers and channels. A consultancy is responsible for helping analyze and assimilate the causes of costs and their consequences, always aiming at improving the performance of the organization.
If you are interested in knowing how cost management consultancy can help you, just read this article to the end. Let’s go?
In some cases, the market has an increase and direct competitors show a momentum that is not experienced by your company. In such cases, what is stopping your business can be a failure in cost management.
The cost management consultant will act in a surgical manner, analyzing the quality of the company’s operating method. After this analysis, it will be possible to outline an action plan that can align the performance of the business with that of its competitors.
Companies should not wait for market signals to make their decisions. Many changes can – and should – be made, based on internal data.
One such example is the profit margin. It is possible to improve this indicator without increasing sales. To do so, it is enough to have the help of a cost management consultant, as this work will identify obsolete processes and various losses.
After the entrepreneur coldly analyzes his business, he can set the price of his products. Thus, cost management consultancy can be applied at any stage of the business, including the initial stage.
The Marketing team can make mistakes when setting the prices of products. This can happen, for example, due to a failure in defining the target audience.
So, if your company is facing a complicated scenario, it is worth having the support of a cost management consultant to help the Marketing team to redefine the focus of a project.
Cost management works with case studies. These studies can address internal facts or facts from other ventures. With this approach, the company will not bet on actions that are proven wrong.
For example: one industry competitor started expanding the brand to another audience segment, but had losses. The cost management team makes an analysis of this case, understanding what went wrong.
It may be that the chosen audience has no interest in the product, but it may be that the outcome experienced is the result of disastrous marketing campaigns. With this analysis, the company can develop a better structured expansion project, taking advantage of the market experience.
When the company counts on management consultants, its professionals can focus on the analysis of the data provided by them; instead of having to generate all this information by themselves.
This saves the time of your employees, who will not need to spend weeks developing a verification method, allowing them to create action plans to help the company overcome its challenges.
The reports provided by a cost management consultant will help the entrepreneur to improve the purchasing process, define growth strategies, improve process efficiency, and so on.
That way, your company will become safer for investors and healthier in its day-to-day operations. With less room for mistakes, the business will grow steadily, as it will become less dependent on external economic results.
As we saw in this post, cost management consultancy reduces risks in a company’s operations, as well as being a competitive edge.
But if you still do not know where to start, don’t worry. Learn how to develop the cost management in your company in our article. Enjoy your reading!
In order to create the planning of a viable business, it is essential to set goals in the most correct way possible.
They serve as a compass for company employees, allowing everyone to move in alignment towards the established objectives.
The goals directly contribute to enabling a company to maintain its competitiveness in the market, make better forecasts about possible scenarios, and optimize its results.
That is why it is important to develop intelligent and strategic goals. To do so, there is the SMART methodology, a tool that helps managers to consider the necessary variables.
In this post, we present what is the SMART methodology, and how you can use it to boost the performance of your business. Enjoy your reading!
It is a simple tool used to create goals, by which it is possible to check if each of them takes into account 5 (five) main characteristics:
Each of these words – which form the acronym SMART – represents one step in the methodology, and they are all essential to the success of the strategy.
The first characteristic of a goal is specificity. It should be very clear and objective, so that it can be understood by all employees, from the simplest worker to the top management.
This avoids misinterpretations; therefore, the goal must answer questions such as: what, how, where it should be done and who should do it.
The second characteristic of the SMART methodology is measurability. This means that every goal must have an indicator (values, percentages, etc.) by which its evolution will be verified.
A measurable goal is the only way to prove and guarantee the performance of the work carried out. It can also be easily followed up and generates more efficient reports.
The third characteristic determines that every goal must be achievable by the work team; otherwise it is quite likely that they will be discouraged from pursuing the results desired by the organization.
When setting goals, the incompatibility with real possibilities is a big mistake. In order to set an achievable goal, it is imperative that it be doable and developed based on company history.
Every goal must be in accordance with the strategic planning of the company, that is, it must be truly relevant for the development and growth of the business, as well as for the achievement of its objectives.
A relevant goal is one that, in a perceptible way, will directly impact the business, motivating the team to achieve it.
As such, it is important to create challenging goals for the work team.
The last characteristic of the SMART methodology is time-related. This means that every goal must have a deadline set to achieve it.
It is vital to understand that a goal without a deadline will never be concluded. Ideally, they should be brief – biweekly or monthly – so they do not fall into oblivion or are postponed.
The SMART methodology is a tool that has helped many managers to achieve surprising results in companies in a wide range of industries.
What separates a weekend athlete from an Olympic athlete? The answer is that the latter has a high performance. As such, he has gained physical stamina and prestige to participate in major competitions.
Likewise, a company that has a higher performance in the area in which it operates is able to stand out from competitors by gaining more market, attracting investors and, as a result, increasing its brand value.
However, what does your business need to evolve to the point of becoming a benchmark? If you are interested in this answer, read this article and understand everything you need to know about it!
Still using the world of sports as analogy, we can see the number of professionals working on an athlete’s team, such as physical trainers, physiotherapists and coaches.
All these professionals have different backgrounds, but know that they are essential for the sportsman to achieve a good result. Likewise, a company needs to bring its managers together so that it can also achieve its goals.
The organizational structure should prioritize communication between departments in order to increase the synergy. It is common that many managers don’t understand the work of other professionals, and this creates an internal competition environment.
Choosing the best employees is a mission that guarantees a higher performance for the company. That is why the best thing to do in this case is to invest in the continuous improvement of hiring processes.
A salary above the market average can attract many candidates, but only a good working environment is able to retain them and, moreover, ensure that employees speak well of the company.
Therefore, create appropriate communication channels and make sure that your company is able to handle any type of situation, such as harassment allegations, for example. The intolerant attitude of a moody and feared boss must remain in fiction. In addition to the best employees on the market, your company needs to have an exemplary leader.
What makes start-ups the business model desired by many managers is the creative use of technology to solve problems. This makes these companies use the scarcity of resources as a way to encourage creativity.
However, entrepreneurs with a consolidated career ignore the need for innovation because they fear the risks of changing their businesses. It is the duel between traditions versus innovation.
This insecurity is understandable, but you should consider replacing obsolete processes with more efficient means of production. This brings us to the next topic.
You already know what your company talks about, so the meetings are based on reports from the most diverse departments. What you may ignore is that your business speaks fast and, perhaps, you are not keeping up with things that happen.
Storing and analyzing data on spreadsheets makes the manager spend a lot of time on these tasks. Furthermore, there is a risk that he may make decisions based on information that does not relate to the company’s current time.
High performance companies use information management software. That way, they can make timely decisions. It’s like a farmer looking at the sky to see if it will rain, versus one who watches the weather forecast.
If you liked this article, be sure to continue learning about this subject and read about the importance of outlining different business scenarios.
Building a business and staying in the market pose some challenges. Any entrepreneur knows how difficult it is to deal with all the setbacks that appear, especially in the case of financial problems.
Nobody wants to see their business break. Therefore, it is critical to understand what strategies are used to recover companies in this situation.
After all, debts, even small ones, can cause disastrous consequences for the company’s cash and even disrupt its growth. With that in mind, we have some tips for you to learn how to get back in the black. Keep reading!
Make a diagnosis of finances
Identifying what is wrong should be the first step in getting the company back in the black. It is essential to understand what attitudes are making your business’s financial health go badly.
First, analyze the performance of departments, the status of the company budget, and employee behavior. Check if there are harmful habits that are keeping your company from thriving. Spending on unnecessary things, or even not having a stock or cash control, are examples of actions that hinder the growth of companies.
The next action is to conduct a market study: don’t think that just assessing the internal attitudes of your company is enough! Carry out an analysis and compare how your company is in relation to competitors. Do not hesitate to change some things and set a new standard for your finances.
As we mentioned in the first topic, perhaps you will need to do a new planning for your finances. If your company has a pattern of wrong behavior, it is time to review whether the goals and objectives are really beneficial. Understand that in order to improve in the future, some past concepts will need to be reviewed. For that purpose, it’s essential to be more analytical in the present.
The data acquired in the diagnosis will be your tool to define a more precise plan. Try to use metrics, as they will help you understand whether the new changes are really delivering results.
Remember that the new planning is not final, and that at some point you will need to make adjustments to achieve the financial level you want for your company.
While carrying out your diagnosis and planning, you will probably have to take a stance towards your expenses. You will need to cut them down in order to run your business competently. Understand that it will not be any expense – if you did your analysis, you must have already seen your organization’s unnecessary costs.
With that purpose, you may even have to deal with sensitive parts of your company, such as staff. We’re not talking about terminations, but reassessing if the activities are really needed or if you can reposition employees.
Debts are a part of your company’s financial problem that you will have to deal with responsibly. Now that you have reviewed all the financial conduct of your business, it is time to look for your creditors and talk about the possibilities of resolving your situation.
Remember that, just like you, they also want to resolve this debt, so don’t be afraid to look for them and show your interest in dealing with the situation. There are some financial institutions that make this easier with discount proposals, especially if your intention is to pay cash.
Even if your company has already been in the market for a while, it doesn’t mean that management knows every part of the accounting process. In this situation, hiring a professional can be a great investment in order to deal with issues in this area with more competence.
Getting help from someone from outside can be very useful to become aware of wrong attitudes that you and your employees have about the venture, but fail to notice them. Although this means adding one more cost, understand that this is the type of expense that aims to bring results.
With these tips, it’s easier to understand what can be done to have an effective business recovery, right? Do you want to hire software that will help you with the financial processes of your company? Contact us!
The job market has been going through profound changes around the world, and one of the most common clashes is about staff training vs. outsourcing. In some countries, laws are more flexible in relation to the outsourcing of labor; however, there are still people who believe that outsourcing is always a bad deal for the company and for the employee.
If you are facing this dilemma, don’t worry: this article will look at the pros and cons of each option. Let’s go!
In many companies, there is a trend of outsourcing jobs that are not tied to their core activity. That way, resources are saved and management focuses on the work of those professionals who are key parts of the business.
However, following a trend may not be ideal for all businesses. Before doing so, the entrepreneur needs to define the purpose of each job in relation to the business processes. Then, it is possible to contextualize the advantages and disadvantages of each decision.
This is the work model characterized by the hiring of another company that provides services.
As mentioned in the previous topic, reduction of expenses and focus on the main work processes are the undeniable advantages of outsourcing.
Another important point is the agility in hiring professionals and reducing bureaucracy in labor or contractual matters, after all, the service provider is responsible for these.
The problem with having someone who is not part of your business is that there is usually a lack of synergy between the outsourced workers and the professionals hired by the company. Depending on the business, this can be an issue.
Because of this, the contracted company can make mistakes that damage the contractor’s image, and in that respect, the customer has no way to know which professionals are outsourced.
In addition, costs can be higher depending on the degree of qualification of the outsourced worker, directly impacting the financial results of a project.
Staff training
This is a project developed by companies to train employees, making them more qualified – in constant evolution – in a type of task.
The qualification of a professional who is already integrated to the company, has knowledge about the projects that he develops, and is in accordance with the company’s goals, is considered as the main advantage.
Also, the professional feels valued when he receives investment in his qualification, and this feeling impacts his productivity and contributes to a pleasant work environment.
In addition, the time needed to integrate external professionals to a project is saved. Lastly, investment in training is done only once.
This model is not recommended for very specific activities or for activities that will not be developed frequently. Another negative point is that the employee will not be covering his position during training, impacting his productivity.
It is worth remembering that there is a high cost involved in hiring a company to train – or educate – a professional to teach colleagues. Therefore, the training must be performed to meet the company’s real demands.
Now that you have understood more about the differences between staff training and outsourcing, you can rethink the role each employee plays in developing the company’s goals. After all, hiring a person is an investment.
If you liked this article, share it on your social media so that more people understand this relationship!
Every tool purchase that you make should seek to improve your department’s results. However, many purchase managers don’t pay enough attention to technical support, and as a result, they don’t get the most out of the investment that they’ve made.
One of the reasons that managers don’t get the maximum return on an investment in financial software, without the help of support, is subutilization. Without applying all of its functionality, some problems do not get resolved, possible improvements do not get applied, and controls parallel to the system begin to be implemented, which is bad for a department’s organizational structure.
Find out a bit more about the importance of support in buying a financial tool and why it should be a priority.
Software users may face technical problems related to a lack of clarity in terms of its use.
For example, a bug or a problematic integration can impede the release of reports and the completion of other tasks using this tool. This may also occur due to an incorrect action by a user with consequences that may extend to other activities.
Whatever the reason, without support the task of identifying the problem will be more difficult and time consuming. Depending on its cause and consequences, the problem may end up not being identified by the users and manager, and as a result, it won’t be solved.
The fewer problems there are, the more the user team will succeed in working with the tool and extracting good results from it. However, without the necessary technical support, many hours can be lost by employees, the manager and the entire department at once.
This occurs when there’s a delay in detecting errors and correcting them, and some tasks are not automated due to subutilization, for example. In general, everyone becomes less productive in the face of specific preoccupations with software and a lack of complete knowledge in terms of its functionality.
If a financial manager wants detailed data about sales, purchases and operational expenses to analyze financial indicators, for example, this can lead to looking for and printing various reports that are not integrated.
However, the software may offer a way to personalize documents and generate just one report, which will cover the necessary information and make it possible to evaluate the desired indicators.
If this resource is not utilized, not only will it lead to a lack of productivity and subutilization, but it will also lead to a lower return for this tool compared with the investment made in it. Thus to get the most out of your financial software, you always need to get the most out of its resources and use it daily in your departmental and managerial activities.
The better the experience for a company’s financial software users, the better its application and return on investment will be. In order to achieve this, you need to rely on technical support and have close and frequent communication with the support team.
This way, the external support team will be able to respond to the company’s demands in an easier and more agile fashion, instructing your employees on how to use the software, aligning its functionality with user needs, and as mentioned above, resolving any problems you have with the tool.
For all the reasons that we’ve mentioned, the offer of this support can be viewed as a characteristic that makes all the difference when it comes time to compare the offered solutions and opt for one of them.
Therefore, technical support proves itself necessary to the efficient application of financial software, given that these tools are normally not developed in-house and therefore require specialized assistance.
Have you enjoyed this content? Count on financial management software that is aligned with your business and has good technical support. Contact us to find out more about our solutions.
