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Thursday, 12 September 2013

'Accounting Software' or 'Business Operating Software'

Are you using your software as 'Accounting Software' or 'Business Operating Software'?  What is the difference? Does it matter?

When you started your business, you had an idea, then a plan and you made it happen.  One of the ways you made it happen was to keep records - customers, stock you sold and your expenses. Keeping records, gathering information, allowed you to make better decisions for your business. All those things are about operating your business.

You knew you needed to keep records for GST, Income Tax  and compliance. So you picked an accounting software to help you keep your records.  How did you implement using the software in your business?  Is it after the actual transaction has happened? Is it historical? Does it help you and your business?

By altering how you record your business transactions - you could turn your accounting software into 'Business Operating' software. Gathering 'real-time' information about your business.  Don't double handle bits of paper, use the computer and your software to its best advantage.

Below are four simple changes to your accounting software, changing it into Business Operating software.

1. Clients Details:  Do you capture your clients details - not only for the invoice but for later marketing to them.  Loyalty programs are structured marketing efforts that reward, and therefore encourage, loyal buying behaviour. To use Loyalty programs to its best advantage you need clients details.
 
2. Invoices:  Do you create a manual invoice and then later the bookkeeper inputs into the accounting software? Can you change your practice and input the invoice, with all its detail, directly into the accounting software? What will that do? It saves you double handling, its keep your Debtors listing accurate. It allows you to look/search on historical sales and marketing to clients who have bought those goods previously from you.

3. Bank Feeds: A feature where your bank transactions are synced with your cloud accounting software.  This handy feature can cut down your manual data entry and allows you to see what is really happening with your money in the bank.

4. Orders to Suppliers: Suppliers are essential to almost every business, supplying materials and services you need to do business.  They can also be important sources of information, helping you evaluate the potential of new products, track competitors' actions and identify opportunities.  Keep all their details within your system.

Many industries have traditionally had 'front-of-house' software that captures specifically information for marketing to customers.   There are specialty programs called CRM (Client Relationship Management) which are available but most account software will keep track of your clients and allow you to extract their details so you can market directly to them, without you going to the expense of a CRM program.  Most software allows you to email directly to your clients and suppliers, making contact cost-effective, accessible, easy and immediate.

These changes generally, only require you to instigate some planning, training & implementation time.  You receive in return more value from your accounting software and some 'real-time' gains for your business

5 comments:

  1. It is very important that every form should use a good accounting software to mange their accounting.When proper accounting is done it becomes very simple to analyze and take certain decisions.

    Thanks
    Sanola Jerry

    Accounting Software

    ReplyDelete
  2. Very inspiring post. I hope the information will be really useful for all the small business owners. Get online bookkeeping services at affordable cost. For further information about Bookkeeping or accounting services you can call at:+1-800-409-8611
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    ReplyDelete
  3. Along with an efficient accounting software a business also needs a good CRM Software to manage it's customer data, streamlining marketing functions & integrating it's software.

    ReplyDelete