The biggest mistake I see businesses make is to assume accounting software has nothing to do with the rest of your business. Your accounting software shows the result of every decision you make.
Offer a discount to a customer? Revenue just went down.
Bought that extra inventory at an awesome price? Inventory just went up and your cash is tied up until you sell it.
Accounting software will show you who your highest (and lowest) income generating customers are. (Hint: it isn’t necessarily the client you spend the most time with.)
What are your best and worst selling products and services? Which are the most profitable and which should be discontinued?
Who owes you money? To whom do you owe money?
How much cash will you need for the rest of the month?
All too often, businesses use accounting software as an over-priced calculator to crunch numbers for a tax return. Good accounting software will have the following and more.
- budget feature to set and track sales goals
- set up recurring invoices
- store valuable customer contact information
- link to your newsletter software to send a client only newsletter
- prepare quotes
- send payment reminders to clients
- import sales from your e-commerce store
It’s time to invite your accounting software to be part of your business team. You might be surprised at what it can contribute if you give it a chance to flex its muscles.