Taking Account – The Benefits of Upgrading Your Financial Systems

For most business owners the day to day running of their company makes huge demands on their time and energy. It may not even have occurred to them that their business could run more efficiently or that their cash flow could be increased and their customer experience be enhanced, simply by upgrading their accounting software.

Finance team meeting

Often this is a case of ‘if it ain’t broke then don’t fix it’. Unfortunately, in many instances, this can be an expensive mistake. To truly appreciate the advances made in small business accounting software and to understand how they can benefit your business, I have devised a few pertinent questions which can identify how your current accounting system may be letting down both your business and your customers.

Are you using optimised business solutions?

If your business isn’t utilising Cloud technology then you are placing it on the back foot. Put simply, the Cloud stores your data offsite, negating the need for space hungry servers and avoiding cumbersome and time consuming disc installations onto computers and laptops.

Online accounting software also makes it possible for staff located anywhere in the world, to view, contribute and collaborate on every facet of your business using permission based access.

This includes:

? Stock levels and inventory

? Cash flow

? Sales data

? Debtors and creditors

How do you invoice?

If you are still running invoicing monthly by either emailing, posting or faxing them out and then waiting weeks or months to be paid; there is a better way. Online invoicing software now furnishes businesses with the ability to quote and invoice clients whilst they are still onsite with the customer without having to wait till they return to the office. Invoices can even be generated and sent remotely from the other side of the country or even the other side of the world.

What payment methods do you offer?

In the flourishing e-commerce environment, consumers are demanding faster, safer ways to pay for their goods and services. On the flip side, business owners are tired of waiting days for bank transfers and credit card transactions to clear.

The New Payment Platform (NPP) enables you to offer customers a huge range of payment options which processes payment through a global platform in near real-time. Customers no longer have to remember account and BSB numbers but can pay quickly and easily – in many cases by simply using their email address, mobile phone number or a unique identifier code.

At the other end of the transaction, the business will receive an immediate notification that payment has been made. In a sales scenario this process means vendors can often provide same day postage or delivery and in turn, provide customers with an exceptional sales experience.

What size is your business?

If your business started out small and has grown over the years into a medium sized business, it is likely that your accounting software is not optimised to cope with your needs. Medium sized businesses require accounting functions which provide operational workflow management outside the scope of software designed for sole traders or small businesses.

Are you spending too much time on payroll?

One of the pet hates of business owners is the time and headaches involved in running manual payroll each month. With the Australian governments recently introduced laws calling for businesses to report payroll activity after every pay run, staying compliant is going to made even more difficult.

By upgrading to online accounting software you can use fast and efficient Single Touch Payroll (STP) reporting. Fortunately, automated online payroll can actually save you money and avoid any staff errors through automated salary and tax updates.

Conclusion

The above is just the tip of the iceberg when it comes to the power of online accounting and financial software. If your business could benefit from faster turnarounds, better cash flow and a more collaborative environment, then consider upgrading your systems today!

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