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When time is money, any business process that keeps you away from expanding your business, finding new customers and bringing in more profit can be extremely costly.
With time such an important resource, your priority is to avoid wastage. Using ERP or business management software systems can effectively maximise your efficiency and save you a whole lot of time.
Here are just some of the ways:
Your business systems should, where possible, automate all repetitive tasks to save you time, increase productivity and improve your bottom line. Things like your statements, invoices, payment runs, reporting and invoicing should all be automated so that you can spend more time focusing on more important aspects of your business
Many businesses still prepare their accounts in Excel which is slow and laborious. You can save a lot of time by preparing your accounts in an accounts system which automates many of the processes you may have previously spent days on.
Business software is an essential aid for management decision making. This can only be achieved when equipped with instant access to up-to-date, accurate information. A fully integrated business software & ERP system will not only help you to make sound business decisions faster (by offering access to real-time data) but can also push relevant information out to the right people at the right time, saving hours (and days in some cases) searching for it.
Managing your margins is crucial to your bottom line and fuel for your business. Your accounting software should provide you with instant, accurate margin management to empower your employees to quickly and easily achieve your company’s margin goals. Learn how to improve your margins in this useful article on'Losing Margin? Put your software to work for you'.
Spreadsheets can play a vital role in budgeting and other financial processes. However many business owners transfer spreadsheet data to their business software manually; which can be slow and inaccurate. To save time and reduce errors, use the import functionality available in most accounting packages to upload financial data from spreadsheets.
A valuable time saver, if available in your software, is to configure your system to routinely produce reports at scheduled intervals and have them automatically e-mailed to a pre-set list of recipients. This can aid timely reactions to a set of parameters and/or focus attention on areas that need consideration.
Accurate, real-time and up to date stock control is critical to your business. Your business software is key to managing this aspect of your business. By knowing accurately what stock you have, you should avoid time consuming processes such as issuing credit notes, dealing with customer queries and re-stocking.
Credit Control is part of many business software systems. Having quick access to any overdue accounts listing is crucial to enabling your accounts staff to be more efficient with their time. It enables them to identify who to contact to chase payment whilst also ensuring to record each interaction.
Instead of trawling through your suppliers invoices to see who needs to get paid, generate a payment run which highlights the accounts requiring payment, automatically posts a payment against their account and even generates a report to submit to your bank electronically. Simple!
Some business management software packages can be configured to allow users priority access to the functions they require on a daily basis. This facilitates streamlining processes within your business and provides end users with job related screens/menus. It also enforces your company’s policies and processes across all departments. Ultimately, it is designed to help increase productivity, ease of use of the software and allow exceptions to be quickly brought to the attention of relevant managers rather than having to trawl through information or permanently policing your system.
In an age where employees are expected to multitask (and accomplish more in less time) having an accounting and business software solution that makes important/repetitive tasks quicker and easier is a must.
Why not check out: If you're looking for a Sage alternative, this might help...