Knowledge

The value of good accounting software

credit control

Running a business is hard enough as it is… Dealing with customers, clients, suppliers, employees, it’s a juggling act even the most seasoned entrepreneurs find challenging.

The area that regularly drops by the wayside first with regards to attention is accounting and finance. Business owners and CEOs often can fall into the trap of solely focusing on bringing on clients. Sales, sales, sales! After all; sales pay the bills right? If money is coming in and the business is profitable what more is there to think about?!

Well, sales is definitely key, but how often do you sit down and really dig into the numbers? Taking time for strategic business direction planning based on what’s really happening with the bottom line?

You’d be surprised to find that, particularly in the agency world very often business owners have no idea what they are truly making from existing clients. The invoices are being paid, the work is being done, but they might not realise that particular clients aren’t even profitable!

This is where good accounting and finance software can really be worth its weight in gold. Not only can it make life so much easier when it comes to VAT or return filing time, but it can also be super valuable in highlighting areas of your business that needs attention in real-time.

Having a true snapshot of the numbers helps you make key strategic decisions; you’re not working from the past, you’re basing decisions on the now.

Like the client example earlier; What if you discovered that a certain type of client is losing you money? What would you do? Well, of course, you’d either have to be discussing your pricing with them or parting ways!

Similarly, identifying a client that is very profitable for you. You may want to be more attentive, provide more value and even sell additional services into them. Just these examples alone could boost your profit by a significant percentage without expanding or placing an additional burden on your staff.

At RJF we can help you with all of this. Every new client we set up on our software systems so you have a good foundation to be making sound business decisions. You have the ability to find ways to boost profitability, leverage on trends or identify patterns in your business. Ways you might not even have known existed.

We offer a complete range of services. We’ve worked with everyone from startups, scale-ups to listed companies. Depending on your budget and requirements we can either provide an “everything done for you” service or show and guide you on how to leverage software & financial tools for maximum benefit.

Either way and whatever your business type harnessing the power of accounting and finance software is a must in the 21st century!

Get in touch now for a chat with Rob our managing partner to see how we can add value to your business.

RJF – So much more than ‘just your accountant’…