Data is the new gold. With so many operations happenings on an everyday basis, a tremendous amount of data is generated at every touchpoint of an SME business enterprise. Right from when the good have been delivered to what payments are outstanding, each is a data point of real value.
However, data in itself is not useful. It needs to be converted to information to make informed decisions. This is especially true of financial data. With the company’s financial health being a critical part to survival and expansion, analysis of the financial data will open the doors to success in all fronts.
A VCFO company in Chennai plays a critical role in the being an extended arm of SMEs. Some of the common roles handled by VCFOs include
1) Managing compliance requirements
2) Managing payroll and finances
3) Vendor management
4) Tracking receivables etc
Thus, there is a huge amount of information that can be extracted from standard financial statements that can be prepared like balance sheets, cash flow statements etc. While the information extraction is the easy process, it requires context, analysis and understanding for it to help make business decisions.
VCFO firms with real expertise in this domain help SMEs to identify areas of improvement and proactively make suggestions to deliver top value.
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