In Mexico, the use of reliable and accurate financial information is essential for business development. Although there is no regulatory body overseeing the preparation of financial data in non-public companies, more and more companies in the country are opting for this practice, resulting in significant benefits for them.
Measuring business performance is crucial for decision-making, and in Mexico, it is seen as a mandatory process that adds value to organizations. The relationship between companies and financial information has been growing together, providing opportunities for progress and more accurate decision-making, with a positive impact on their returns.
Currently, companies, especially micro and small ones, are being more proactive in the preparation and use of financial information. This is partly due to their dependence on information technologies, which seek to optimize processes and reduce operational and administrative costs. Additionally, the need to access financing for various business purposes has motivated companies to emphasize their accounting and administrative systems to ensure that the information produced is objective and complies with Mexican regulations.
In Mexico, the official financial information standards are the NIF, inspired by the international standards IFRS. This focus on presenting valuable financial information for companies and users has pushed Mexican companies to comply with international standards in their financial reports. The adoption of Mexican NIF has facilitated decision-making at the managerial level, strengthening business growth in the country.
Both entrepreneurs and boards of directors in Mexico are taking advantage of financial information for strategic decision-making, which contributes to the country's competitiveness in job creation, innovation, and business expansion. Financial institutions have raised their requirements standards, demanding reliable and up-to-date financial information as a fundamental part of the financing application processes.
