How to analyse the finances of your business the easy way?
- Author Y. Boach
- Published January 19, 2019
- Word count 431
It has been known for sometime now that, finance well understood, makes companies more profitable. Studies have shown that companies with excellent finance departments outperform those without any financial experts who haven't outsourced their financial analyses needs. If you apply the very best of financial concepts well, you would be on your way to joining the fortune 500 companies.
Because of the above, companies looking for intelligent business school graduates are on the rise. A bachelors in business administration is no longer considered good enough, so more and more companies are looking for brilliant MBA graduates well grounded in finance. To ensure that the demand for graduates are met, business schools across the globe have been increasing their MBA admissions.
What really makes a finance department tick? Technology. It is as simple as that. Equipped with the right technology and data, a finance department will make sound financial decisions just when it is needed. Companies are therefore investing in software specially developed for financial analysis. The software industry is also living up to expectations by meeting that demand. There are many excellent desktop and mobile apps out there on the market today.
Technology once meant only desktops and servers, but with the computing power of smartphones and tablets on the increase, more and more finance departments are harnessing mobile devices in making good financial decisions. These new devices offer the convenience of mobility and the advantages of portability. A smartphone can fit into the pocket and a tablet can fit into the smallest folder. Financial analysis can be done whilst waiting for a subway train, whilst flying or whilst walking.
Personal computers, smartphones and tablets, without software, are just plastic and metal, totally useless.Very good software on the market has made financial analysts more productive. That is not all. Software has made it possible for those without financial knowledge as well as those who have little experience to make sound financial decisions.
Some software and apps are expensive, but the good news is that most aren't. In fact many are free. You only have to identify the right one in order to become as intelligent and efficient as the biggest companies employing the best MBA graduates.
For those without in-house finance departments, you can make great decisions by outsourcing your financial analyses to another company, specially set up to do just that. Because these companies deal with a lot of clients the cost is shared. You will be amazed at how low the costs really are.
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