How cloud accounting software can significantly increase your profits.
As experienced business accountants and Xero Gold Partners, we have seen time and time again how Cloud Accounting Software has helped our clients to significantly improve their finances, whilst saving them time and money.
Unlike the clunky accounting software of the past, Xero Cloud Accounting Software is designed with the end user in mind. It is user-friendly and easy to use. It also provides you with a great one-page view of your business finances in real time so you can make better decisions and it makes managing your business finances easier than you could ever imagine.
With features designed to save you time whilst improving your cash flow, from automating payroll and invoice reconciliation to sending out automated invoice reminders to chase up outstanding payments, it’s easy to see how Cloud Accounting can improve your profits.
But what many business owners don’t take advantage of are key insights that can improve customer care, increase sales and help you achieve a competitive advantage.
Here are our top tips on how you can use Cloud Accounting Software to help boost your bottom line.
1. Gain insights that increase sales
If you’re not tapping into your accounting software analytics to better understand your customers, you’re missing a major opportunity to close more sales.
Most accounting software can highlight your biggest spenders and buying trends. How would knowing who your best customers are, your biggest selling products and how much each customer spends impact your marketing decisions – not to mention help you fine-tune your sales strategies?
By the same token, when you know which products and services aren’t selling, you’ll be able to make more profitable purchasing decisions. Most accounting software offers inventory tracking to help you decide what to keep on the shelves, which products to sell off at a discount and which items to phase out altogether.
2. Improve customer care and boost profits
Cloud Accounting Software can offer peace of mind when you know your financials are accurate and up to date. 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.
We all know how important the personal touch is when it comes to sales. So why not use your Cloud Accounting Software customer data to help remember your customers’ birthdays or thank them when they’ve hit a milestone – spending more than $5,000 on your products, for example?
With enhanced customer data at your fingertips, your business will earn a reputation for personalized service. You’ll be able to respond quickly when a customer calls with a question about a product or an order. And you’ll be able to suggest substitutions and offer valuable add-ons based on their buying preferences, so upselling becomes a snap.
How will you use Cloud Accounting Software to grow your small business?
Savvy business owners take the first step toward better profitability when they stop thinking of accounting software as simply a financial management solution and start thinking of it as a comprehensive tool for business growth.
You may be surprised at the many ways accounting software can help you better serve your customers or improve your sales strategies when you look at its true potential.
Now that you have a handful of ideas for making better use of your Cloud Accounting Software, what will you do differently to enhance customer care, improve your profits and continue to grow your business?