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
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.
double handle bits of paper, use the computer and your software to its best
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.
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