Understand and manage your finances intelligently

Modern financial management in a fast-changing world requires overview, steady nerves, and perhaps assistance from new digital tools. They can provide a visual overview of your financial data and critical figures and offer tools for forecasts and budgets and easy reporting options to banks, accountants, and authorities.

Things to consider

• Overview. Do you or others in the management have a sufficient overview of your financial data?

• Worktool. Do you use a digital financial planning, budgeting, and forecasting tool?

• Expenses. Do you have an overview of your expenses and whether agreements with subcontractors are optimally structured?

One is whether the annexes match and the bookkeeping is in order. In other words, basic control of the economy. Another thing is whether you have a valuable and straightforward overview of and insight into the company's finances so you can do real financial management intelligently. This is a prerequisite for optimizing operations, saving time, and supporting ambitions for growth.

It is about developing and improving the company's financial condition through budgets and forecasts, benchmarking with other market actors, and adjusting existing expenses and agreements. It is also about having a solid overview of liquidity in the short and longer term, so that you can assess and understand on an informed basis whether there is financial room for investments or acquisitions.

If you do not have a CFO or financial manager employed, there is help available from digital tools that can provide the necessary insight into the company's key figures. This makes it easy to talk to the bank, your accountant, or if you need to apply public subsidies for exports, digital transformation, or aid packages in a global crisis situation. Many accountants also use digital tools to create an overview for themselves and to be able to share it with their clients.

Who can help you?

Especially among smaller enterprises, CrediWire is a very popular choice. For a small monthly fee, you get access to their digital platform, which collects all accounting data in one place. It provides a user-friendly and highly visual foundation for the financial optimization of the company by collecting, structuring, and activating data.

The platform interacts with the usual bookkeeping systems. It can provide insight into the development over time, how your most important KPIs are performing, and whether there is enough liquidity for new investments or a need for strengthened financing.

If your most significant need is to have a better overview of the company's expenses and to get an effective tool to cut out the excess, Danish CostBits may be the solution. The key word is transparency, or rather the lack of it, which, according to Costbits, many companies have far too many suppliers, buy goods and services unstructuredly, negotiate agreements unstrategically, and generally have unnecessarily large expenses for third parties. Costbits' tool, which is extremely easy to use for the individual employee, provides the overview that enables management to negotiate better procurement contracts, reduce expenses, and strengthen your ’procurement performance’.

Many professionals also use established digital business intelligence platforms like Microsoft Power BI, Tableau, and Prophix. Other providers, such as Danish Initiate, offer more hybrid solutions, where a tailor-made BI solution is supplemented by ongoing advice from a consultant.