If you think accounting software is only for tracking expenses and generating financial reports, then you’re losing an opportunity to improve your bottom line. By taking advantage of the insights provided by your software, you’ll benefit from a more informed approach to both marketing and customer service. Accounting software can also help in the long term by improving productivity thereby taking meaningful action to increase profits. Here’s how.
Understand buyer behaviour
Your accounting software can also retain important information about your clients, such as their buying history and preferred payment methods. This can then help you tailor your marketing strategies to each type of client you serve. It is a much more effective way to market directly to clients who tend to hire you for a particular service than approaching your customers with a single email list regarding the same campaign.
Accounting software can also show you who your best customers are and what your most popular product is. With this information, you will be able to hit your sales goals by only promoting the products you know your customers really want. The real time data your accounting software provides can also translate to an improved overall experience for customers. You will be able to respond quickly to any questions they may have with accurate and useful information, or recommend them products to suit their needs.
Free up time to reach more customers
A major benefit of using an accounting software is the time you’ll save by automating certain processes like invoicing and payroll. Your software solution can also integrate with your other small business apps as well as your CRM, ERP or POS systems, thus furthering your businesses productivity. Therefore by automating these services, you’ll have time to connect more with customers and find new clients.
The extra time in your schedule can be used to
- improve your team’s sales skills by organising professional development opportunities
- update your business plan as a result of real time financial data and enhanced reporting
- based on your customers’ spending patterns determine the best marketing strategies for your business
- implement loyalty rewards for your return customers
- implement growth strategies designed to scale your business and
- cut costs, improve productivity and boost your profit margin by making more informed decisions.
How will you boost your bottom line?
Accounting software provides many benefits for small business owners, including customer insights and time saving capabilities. Now what will you do differently in order to improve your profitability and ensure a successful future for your business?