How to make the best financial decisions for your company

Blog | Technology | 18.06.2020

by Therese Eftevaag

The best foundation of making good decisions in your company will always be your financial figures. Financial management is an important part of strategic decision making and there are high demands for accurate data and precise analytics. Especially in times where the future seems to bring about so many uncertainties. Here are the key points that will help you make the right decisions for your company – based on your financial situation.

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Gather information in one place

In times where our surroundings change rapidly, you need to be able to rely on your data. The first step towards informed decision-making is to gather relevant information. The quality of that information will depend on the following questions: is your data easily accessible and exactly how accurate is it? 

One way of tackling these issues is to get your hands on an informative reporting tool. With everything in one place, you would be able to get relevant information about the status of your business whenever you need it. One single place in which accounting and payroll information is easily available and accessible.  A system allowing you to analyze this data will make it much easier to see your company’s full financial picture in real-time. 

Get the overview with a financial reporting tool

Imagine your computer screen with dozens of open tabs, the tool bar is packed with programs running and the engine is spinning just as intensely as your brain. Getting the complete overview of your company’s financials can be a complex and time-consuming task. If you are spending too much time on getting the complete picture, you should consider streamlining your procedures. 

Does your current solution allow you to create your own dashboard with key figures and indicators? Is it easy to create informative graphs and illustrations? Will the numbers be automatically updated from day to day? These are questions you should really ask yourself. An integrated and streamlined solution would allow you to efficiently maintain the necessary overview needed to make the best financial decisions for your company. 

To get a comprehensive understanding, you might want to look for a solution which allows you to quickly see the information that is most relevant for your business. It is very time-consuming to go through multiple files and reporting solutions and It’s easy to get lost and overwhelmed. The ability to find all the information you need in one dashboard is a quick and easy way to get the full picture of the situation. By creating your own dashboards that highlight the important parts of your business through charts, tables and KPIs, you could gain a deeper understanding and give the numbers more meaning without getting lost in all the details.  

Gain insight with financial analysis

Picture this: The next board meeting is due soon, and you are going to present the latest updates on the company’s financial situation. You are expected to have a detailed overview of accounting data, as well as the company balance, liquidity, trade receivables and payroll. This might seem almost impossible to visualize in an understandable way!  In addition to this, you are also going to present the key numbers and your advice on the next strategic steps for your company, based on your analysis. 

This might sound like a lot of work in some people's ears, but the truth is, these tasks do neither need to be time-consuming nor difficult to perform. Do you have a standard reporting system that is synchronized with your accounting and payroll system? Can you easily create parameters and visualize current financial status, for example? With a compatible reporting system, you should be able to gain valuable insight without spending time on jumping from one program to another and fiddling around with several spreadsheets. Spend your time on the actual task and allow the administrative work to be automated.

When the technicalities are out of the way and the numbers suddenly have a new meaning, it is not only you who have gained valuable company insight, but also your colleagues and the executives. 

Make strategic decisions based on financial analysis

Now that you have gained valuable insight from your customized reports, you are ready to take action, implement your measures and create the results you want and need. Backed by key figures visualized in informative charts and tables, it is much easier to see the actual status of your company and take the necessary steps. You are now prepared to make more informed and smarter decisions, with even less time spent. How efficient does that sound? Well, it definitely is -  and the whole management team will probably think so, too.

Here at Azets, our goal is to make your life easier while also adding value to your business.

If you’re interested in knowing more about how Azets can support your company within efficient financial management, read more or get in touch with us at our website.

post author

About Therese Eftevaag

Therese is Product Marketing Coordinator at Azets. She is taking good care of our product portfolio by creating content and making sure the good stories come to light. She has a degree in marketing and HR and a passionate interest in communication - especially making complex information understandable for everyone.