Most accounting softwares are fairly simple to use, so small business owners often learn the basics to it fairly quickly. Accounting software allows owners to automate processes like invoicing and payroll, track expenses and view real time financial reports to manage cash flow, therefore making better business decisions.
But what many business owners don’t take advantage of are key insights that can improve customer care and increase sales. Here are some smart, key ways you can utilise your accounting software to help boost your bottom line.
Gain insights that increase sales
Accounting softwares provide analytics to better understand your customers, and if you’re not tapping into it you’re missing a major opportunity to close more sales. Many software products can highlight your biggest spenders and buying trends. This then allows you to know who your best customers are, your biggest selling products and how much each customer spends impact your marketing decisions, as well as fine tuning your sales strategies. By the same token, when you know which products and services aren’t selling, you’ll be able to make better spending decisions that will positively impact profitability. Inventory tracking is also offered, thus helping you decide what to keep on the shelves, which products to sell off at a discount and which items to phase out altogether.
Improve customer care and boost profits
Accounting software ensures that all financial information is up to date and accurate thus allowing for peace of mind. But another major advantage of an online accounting solution is how much time you’ll save by automating processes like invoicing and payroll – giving you more time to follow up with clients and seek out new prospects.
You can use your accounting software customer data to help remember your customers’ birthdays or thank them when they’ve hit a milestone, such as spending a certain total amount or the length of time they’ve been a customer. We all know how important the personal touch is when it comes to sales.
Therefore, your business will earn a reputation for personalised service as a result of having enhanced customer data at your fingertips. You’ll be able to respond quickly to customer questions about a product or an order. You’ll also be able to suggest substitutions and offer valuable add-ons based on their buying preferences.
How will you use accounting software to grow your small business?
When business owners stop thinking of accounting software as simply a financial management solution and start thinking of it as a comprehensive tool for business growth, they take the first step toward better profitability. When used to it’s full potential, accounting software can help better serve your customers or improve your sales strategies.
Now that you have a handful of ideas for making better use of your accounting software, what will you do differently to enhance customer care, improve your profits and continue to grow your business?