Where Accounting Software Reaches its Limits
Companies that turn to software to better manage business functions often start with finance. While this enhances accounting, it won’t improve end-to-end processes to drive business growth and deliver great customer service.
Accounting - one part of a big picture
For many small businesses, the drive towards digital starts with finance. Managing cash flow, incomings, outgoings, payments owed and owing, financial forecasting, expenses and so on becomes harder and more complex with growth. Businesses naturally turn to accounting software. But beyond finance, everything is still manual. The new software doesn’t support the business in creating opportunities, managing the customer relationship or closing sales.
Efficiency through integrated CRM, finance and marketing
By limiting process improvements to accounting, businesses miss out on the opportunity to enhance a range of internal processes, end-to-end. To focus on customers and be more productive, businesses need effective customer relationship management (CRM) and marketing as well as finance. With the right set of digital applications businesses can:
- Improve customer knowledge through effective contact management and smarter data, task and event monitoring
- Communicate on a large scale using email templates, email distribution management and social media monitoring
- Increase productivity with accurate forecasting, simplified lead management, full visibility into the sales pipeline with a clear status of each opportunity and improved sales and marketing operations
- Save time and be consistent with clearly laid out and branded invoices and quotes, created with just a few clicks.
All of which helps businesses increase win rates, reduce costs and grow their sales pipeline. The most effective solutions package seamlessly links financial management, CRM and marketing, helping businesses realize the full benefits that digital solutions can provide to internal functions and customer service.
Visit our Business Solutions page to find out how our range of simple-to-use cloud-based CRM and marketing applications can help small businesses drive opportunities which, in turn creates more value from their accounting investment.
Tackling the late payment problem
Late payments are a problem for many UK businesses. In fact, 2018 research revealed it costs small businesses an average £9,000 to recover overdue payments. When incoming invoice management is inefficient it can contribute to this problem - so much so, that the same research found that 11 per cent of SMEs...