People often choose accounting software for convenience and flexibility. The knowledge that their operation can be scaled easier through a system is a considerable benefit. However, an often-overlooked perk is improved business insights.
In short, bookkeeping software allows companies to access cash flow and financial information that can result in better projections and more informed decision making. From their platforms, business owners and accountants now have a wealth of data at their fingertips, all of which is essential to enhancing any organisation.
Here, we’re breaking down the reasons why cloud accounting software allows for superior business insights – and how those insights can be applied.
Small business accounting software can be synced to your bank accounts and effectively eradicate data entry. Now, while this might initially seem like an ease-of-use benefit, the removal of manual input can actually minimise error too.
No errors mean that the data now available for analysis is of better use to you and can be imported in seconds. You’ll have a more precise representation of your finances and will be able to forecast accurately. The time you usually spend on data entry can additionally be immediately applied to make more informed predictions and develop your service.
CRM integration means that you’re able to nurture, score and monitor customers on your system. Syncing them together allows you to conduct client research as well as log all information about your cost per conversion in one place.
Capsule CRM, for instance, can be used to automate marketing and log sales. This kind of tool enables companies to study client wins and customer life cycles. The integration provided by accountancy software improves research based on these life cycles, allowing you to understand their payment preferences and how to upsell to certain clients.
In addition, business accounts software has features which allow for the creation of a Bill of Materials, as well as better stock management and multi-warehousing. In other words, you’ll have a 360-degree view of your business and its assets.
No more multi-reports or logging in and out of various systems: administration around your inventory can now be conducted from wherever there’s an internet connection. Have an important meeting? Demonstrate all that you need to from your accountancy platform. Desktop solutions simply can’t offer the same level of advanced reporting to keep shareholders happy.
Bookkeeping software is more than an Excel sheet; using accounting software like Liquid Accounts, for example, means you’re able to effortlessly track the cost of each job or project per invoice raised and per employee.
Negating the need for spreadsheets, bookkeeping software supports users in creating accurate forecasts of job costs – and it can be done from a single platform. You can measure profitability in an instant, but most importantly, you can report in real time on what work you can (or can’t) realistically afford.
At Liquid, we believe your operation is sure to stagnate if you don’t look for ways to innovate and streamline processes in order to meet contemporary client expectations.
Our solution provides users with the tools to scale up their organisation by using accurate business analytics and reporting. If you’d be interested in accessing better insights for your company, get in touch with our expert team today.