Financial management in times of change

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Over the past two years, companies have faced major challenges, demands and obstacles, which have arisen as a result of the pandemic, but also, more recently, have suffered the impact of the war and subsequent recession.

Over the last few months, and as a way of adapting to the various difficulties and this new reality, many changes have emerged in the normal functioning of companies and which now appear to be maintained, even in a post-pandemic scenario, but one of economic recession.

We are thus overcoming times of change, evolution and innovation in companies that will guide the future functioning of organizations.

Financial management adapted to the new times
If, initially, it was thought that this pandemic scenario was a iran whatsapp number database situation, there is increasingly certainty that many of these changes are here to stay and will shape the reality of companies in the future.

If we look at financial management, we realize that the change was also felt here, requiring a centralization of information and a rethinking of processes.

For the future, there are changes that will remain and that will help companies improve their operation and performance.

Digital billing and payments
With the need to avoid contact during the pandemic, there was also a major evolution in payment methods and invoicing.

Digital payments have gained greater prominence, being used both in the world of e-commerce and in physical stores, through MB Way, Apple Pay and other similar technologies.

In the field of invoicing, electronic invoicing has become popular , not only due to the legal obligation associated with Public Contracts, but also as a way of facilitating their sending and processing, all through digital means.

Collaborative economy
At a time when it is important to control costs, the trend towards adopting the collaborative economy is beginning to grow.

In this way, several companies can come together to create an economy of scale that allows the purchase of products or services at a more affordable price.

With this strategy, it is possible to establish a cooperative relationship with other companies, allowing you to create a network of contacts and reduce operating costs.

Open Banking
With the approval of the European PSD2 diploma, a revolution began in the banking system that aims to bring value to the market and to customers.

Open Banking therefore offers the possibility of banking data being shared with non-banking service providers, if customers so permit, ensuring more detailed management of accounts.

In this way, applications are beginning to emerge that allow banking information to be gathered in a single place, presenting spending statistics and providing alerts for pending payments.

This will make it possible to carry out more unified financial management, making it possible to monitor the entire scope of accounts in real time.

Decentralized finance
With the banking system beginning to open up to accommodate Fintech operations, new investment and capital increase opportunities are beginning to emerge.

In addition to the traditional banking system, companies will now be able to access other forms of financing, such as crowdfunding, blockchain, cryptocurrencies or other decentralized solutions.

Credit moratoriums and other state support
In response to the difficult times imposed by COVID-19, the State has launched some support measures for companies that you can use to help with the financial management of your company.

One of these supports was the credit moratorium for companies, which will be in effect until September 30, 2021.

This measure allows the extension, for a period equal to its term of validity, of credits with payment of principal at the end of the contract, in force on March 27, 2020, together, under the same terms, with all their associated elements, including interest, guarantees, namely those provided through insurance or in credit securities.

There are also other measures in place to support companies, such as assistance with paying commercial rents, Apoiar.pt treasury support, credit lines aimed at industrial companies and SMEs or mechanisms to support progressive recovery.

Integration of billing systems
ERP systems are generally used by more and more companies, allowing the unified management of various resources and sectors of organizations.

However, new times will now allow for the integration of this system with other platforms, allowing for more detailed and comprehensive information about the organization to be obtained.

With this data, it will be possible to obtain more complete analyses, automate processes, carry out more comprehensive financial management and interconnect the various sectors of the company.

Detailed analysis for better decisions
Finally, we highlight a point that will be very important for the success of companies' financial management in these new times.

With the economy going through unstable times, it is important that companies spend more time analyzing their financial situation in order to identify the biggest expenses and the biggest weaknesses in their activity.

Furthermore, it is important to know all the business information to make more informed and accurate decisions for the future of the organization.

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