Tools and technologies for financial management
04 Jun 2024. 12:17
5 min. of reading
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  • SME maturity
    1. Competencias digitales
    Scope to digitize
    1. Business processes

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Financial management is a fundamental process for SMEs and the self-employed to make proper use of their financial resources and, although it can be a complex task, there are numerous tools that you can use.

In this monograph, Julen Brogeras Ruiz, NTT DATA's expert in financial sector consultancy, reveals the financial tools you can use in your business and the keys to implementing them.

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Executive summary

Financial management is the set of activities and decisions that a company must administer in order to optimally manage its financial resources. In the field of SMEs and freelancers, this task can be more difficult because the available resources are usually more limited. Therefore, the use of financial tools and technologies is a necessity for SMEs that want to stand out in the market.

There are different types of financial tools, each designed to cover different SME financial management functions. We can distinguish between those that facilitate the tracking of income and expenses, and the more complete ones, such as invoicing software, that allow centralizing all the financial information of a company in a single platform. Examples of accessible expense tracking tools include QuickBooks and Zoho Expense.

On the other hand, alternatives such as Sage Active or Xero offer complete invoicing solutions, providing a complete financial overview of the SME at all times.

The integration of these tools in SMEs has a few advantages. Firstly, time savings through the automation of repetitive tasks, allowing employees to spend more time on other activities. In addition, these tools provide detailed, real-time analysis of the company's financial situation, which facilitates informed decision-making and contributes to more efficient financial management.

When integrating a financial tool in an SME it is necessary to carry out a detailed implementation strategy and follow the following steps:

  1. Analyze the needs of the SME and identify areas for improvement in the financial section.
  2. Investigate the different solutions and select the tool considering characteristics such as ease of use, price and possible integration with other systems already in place in the SME.
  3. Plan the integration by establishing goals and deadlines and defining how to achieve them.
  4. Train employees so that they can maximize the functionalities of the tool.
  5. Implement the solution gradually and increase the functionalities of the tool as workers become more comfortable with it.
  6. Periodically evaluate the performance of the tool by gathering feedback from workers on its usability and efficiency.

On the other hand, SMEs such as Instituto de Pensamiento Positivo and Lex Documents are examples of companies that have experienced significant improvements in their operational efficiency and budget planning accuracy thanks to the implementation of financial tools such as Sage 2000 and Zoho Invoice, respectively.

In summary, the integration of financial tools in SMEs represents an opportunity for growth, although it also brings with it challenges such as organizational change management and increased risk of cyber-attacks. However, the opportunities offered by these tools are so great that their implementation becomes mandatory for SMEs that want to grow in today’s market

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