Partner at Accounting and Advisory Services at KPMG, Reindolf Annor, is entreating businesses to use technology in drafting their financial plans to improve efficiency.
According to him, businesses that thrive and grow rapidly have an effective financial plan that guide business expenditure and activities.
Speaking in an interview on Market Place on Joy News, Mr. Annor said the use of technology in preparing a business’ financial plan is crucial, and will help improve the plan and as well as enhance the company’s competitiveness.
“You need to take advantage of technology in the planning, implementation and in the monitoring because if you leave it to a human being, it becomes difficult. Without the technology, it will be very difficult to ensure that your plan is on track”, he said.
He added that a good financial plan will help businesses to navigate risks and adjust to changes in the market.
Mr. Annor further maintained that financial planning plays a critical role in enhancing the performance of businesses.
He also called on businesses to identify their strategic targets and draft their plans in tangent with it in order to put the business on to a path of growth.
The Joy Business Advisory Series themed “Effective Budgeting in a Tight Economy” is showed on Market Place and Business Live on Joy News at 2pm and 5pm respectively.
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