Financial management for companies, and tools for improving it

Find out how to improve the financial management of your company
Sometimes, owners of SMEs don't have a good understanding of the accounting and financial matters that affect the daily management of their companies. If this is your case, you will be pleased to know that there are now many easy software solutions available to help you. Thanks to digitization and to advances in technology, there is a wide variety of tools that have been designed to help you manage your finances more efficiently without the need for specialized accounting and financial knowledge. In this article, we will discuss three types of tools that will help you improve the financial management of your company.
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Billing and Invoicing Software

Billing and invoicing software is a tool that allows companies to manage and streamline invoices, and this way centralize all their purchasing and sales data.

There are various types of billing and invoicing software; but you should first take note of the features of each type and choose the most suitable for your company's needs. For example, some software providers offer an automatic invoice recognition feature. With this system, just scan your invoices and the program will recognize the basic data and integrate it into the system. Other programs also offer the option of storing data in the cloud or accessing accounting modules, which allows generating reports, such as the balance sheet and the profit and loss account, automatically.

A billing and invoicing software package will make the financial management of a company more efficient. Be sure to choose a software with expense tracking to help you stay up-to-date with your company's financial situation. Since there are so many software options and providers available, it won't be difficult to find a solution to suit your company's needs.

ERP software

Another very useful tool for managing a company's processes is ERP (Enterprise Resource Planning) software. These systems are more than just invoicing and billing programs, as they integrate all the business process of a company. ERP systems centralize data on every relevant aspect in an organization's management, such as inventory levels, sales, accounting processes and production.

There are many advantages to having an ERP system in your company. The tool can speed up all the processes involved in your company's operations and thus prevent the common errors that occur when the management of these processes is not automated. Moreover, many ERP software providers offer various options at different prices. The system can be configured with modules so you only pay for the features that your business needs.

The difference between investing in billing and invoicing software or in an ERP system is mainly that an ERP system allows you to enjoy all the features of an invoicing and billing system as well as many other additional services. These additional services can be of enormous help in the management of your company and should be considered when purchasing a software solution for optimizing your company's financial management.

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Business Intelligence Software

Although ERP software is highly effective at improving the financial management of companies, in certain cases there may be some limitations. In general, the greatest drawback to these systems is that the data tends to be static. This means that, although it is stored in a database, it cannot always be used efficiently.

A solution that can be used to overcome these limitations is Business Intelligence Software. This type of software uses a set of technologies, strategies and applications that allow companies to optimize and improve their decision-making processes. The main advantage of Business Intelligence technology is that it allows you not only to view your company's historical data, but it also helps predict trends in all types of data pooling.

All in all, the market offers a wide variety of tools to help your company become more efficient in its financial management. The many options now available adapt to the needs and budgets of every type of company. At BBVA, we know the importance of taking care of every detail involving the management of your company, which is why we would like to offer you our BBVA One View service, a financial data aggregator that gives you instant access to all your accounts, credit accounts and cards from any bank, and always with the highest levels of security. For your comfort is available in the online banking of BBVA Net Cash, so much on the website as in the app. Try it and enjoy this new service that will help you improve your company's financial management.

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