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Support Function to Strategic Advantage

Support Function to Strategic Advantage

Accounting: From Support Function to Strategic Advantage

Defining a financial management goal at the onset of your business makes a lot of sense for a business owner. What you see is what you believe, and what you believe is what you work for.

Intuit India’s Vice President and Managing Director, Nikhil Arora, said, ‘Small businesses need to understand the importance of having clear visibility of their finances, only then will they be able to make informed decisions for the betterment of their business.

Visibility enables business owners to incorporate better tools and processes into their existing systems. If executed well financial management will evolve from a mere support function to a strategic advantage.

So here are some starting points for small biz owners:

  • At the end of financial year, take stock of your finances
  • At the beginning of the new financial year, check if you have the right tools to check financial health
  • Set new financial goals for the new financial year
  • First three years are important to set your financial management vision
  • Financial planning at the right time can take your business ahead, so don’t sit on taking those firm decisions
  • Invest in technology. Cloud, with its ease of access and low cost, can be the right partner for your small company.

For an insightful journey of being a small biz entrepreneur, read our white paper, Financial Management – An Essential Tool for a Healthy Business.

The white paper, commissioned by Intuit India, reveals essential data on financial management trends and practices amongst small business in India. “Financial Management – An Essential Tool for a Healthy Business,” represents data collected via qualitative and quantitative interviews with 350 Indian small businesses. The small businesses researched have a full-time employee strength ranging from one to 99 and an annual revenue falling in the range of less than INR 60 crores.

Support Function to Strategic Advantage

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