Five Ways to Grow Your Business with the Right Financial Management Software
Despite today’s business environments becoming increasingly challenging, the desire for growth remains a constant factor for every entrepreneur, start-up or growing business owner. Every business faces both challenges and opportunities from new technologies, innovative business models, unforeseen competition or even rapidly shifting consumer behaviors. And to keep growing, businesses must adapt and transform their systems in a way that embraces these changes at the right time. When it comes to finances, it’s crucial that your choice of accounting system not only allows for, but also promotes business growth–instead of obstructing your business’ journey to greater heights.
Basic accounting software and packages like Xero, MYOB, QuickBooks and Tally can support some financial needs of growing businesses, but only to a point. These accounting software choices typically focus on the fundamentals, like simple inventory, accounts receivables, payroll, tax and reporting. However, most are geared towards the smaller end of the business spectrum. Xero, despite the elasticity that its cloud-based platform provides, has always focused its functions and services on single-entity businesses, which can create difficulties when trying to integrate reports across a business with more stores, outlets or products–all natural by-products of growth. MYOB, in recent years, has indeed released its own cloud-based offerings to make scaling a little easier, but these basic accounting features are still tailored towards start-ups, freelancers and sole traders.
A business can only grow as fast as its software allows. When a business graduates from basic accounting software to a more comprehensive, end-to-end approach to financial management, it immediately gains real-time visibility into all its financial data, encouraging better decisions at the right time. The right choice of complete financial management software not only provides better intelligence, but also gives businesses the tools to reap greater productivity and profits even as they push into new territory. This white paper will help to identify five opportunities that businesses can capitalize on with a complete financial management software, from expanding their market horizons to minimizing risks to liquidity and cash flow.
- Exploiting the capabilities of financial management software
- Gain clear visibility across the business
- Meet business complexity head on
- Enable growth and scale
- The power of the platform
- Moving beyond bookkeeping