Sometimes the things that once served you well no longer provide value. In fact, in most cases, some things that once were a perfect fit can hinder your growth. The same is true in the accounting and business management software world. Your small business may stay a small business (generating a couple of million or less per year with a small staff). But the way your business grows over time can be in it’s processes and not size or monetary value. A growing business requires software that can be scalable to your needs as they change. So how does a small business change and succeed other than in revenue? We look at the ever-changing technology needs of your small business and share examples of how your business can grow beyond just the dollars.
A Growing Team
When you are one person working in any department, it’s easy to keep track of what is going on. In accounting, you enter the invoices, know which bills are due, or know which customers owe you money. In sales, you know how many quotes you have pending, how many orders are in a particular phase, and if that prospect is soon to be a customer. Your business becomes slightly more challenging to manage when you start adding people to your team.
You now have two people entering invoices for payment, three people making sales and acquiring new business. You maybe even have an assistant who’s there to help all departments. It now becomes harder to track who owes you what and your spreadsheets or entry-level accounting software just aren’t cutting it. The lack of software (excel is not an accounting software) or the absence of strong enough software (like entry-level Sage 50 or QuickBooks) will result in inaccurate date. Wrong information leads to orders being late, delinquent receivables and payables, and miscalculated revenue.
Adding new team members is a need for your growing business and making sure you have the right tools in place to accommodate your team is essential.
Modern Technology
Your business no longer needs to be managed directly from the office or storefront. As a small business owner, you are always on the go – and need to access important details from anywhere, anytime. You need to be able to quickly call up your client list from your smartphone or tablet while waiting in line at the bank or even while you’re at home. Perhaps you’re at a vendor’s warehouse and need to easily call up how much of a particular item you have in stock – without having to call Susie at the office and interrupt her work to answer your one quick question. Mobile access to your systems is just a part of the world we live in today. Anything less is going to bottleneck your day-to-day workflow and hinder your company’s growth.
Software built on contemporary technology also will offer you some flexibility when integrating with another solution you may require. Some businesses have very industry-specific requirements and need products that can enhance their accounting software to meet their needs. However, old technology either won’t have the ability to connect easily, likely written in antiquated or proprietary code. Having older technology like this means that to connect an add-on or enhancement software will cost more money and probably not be automated in any way, requiring additional time for double entries and increasing the chance of human errors.
Metrics Matter
How your small business is performing isn’t solely measured by how much money you have in the bank. If we measured our success by how much money was in the company account, every business would be successful up until payroll hits the bank! Understanding your business performance is dependent on how easy it is to access and read your data. Meaningful corporate insight isn’t just for the big corporation. Your small business needs to be able to see information at a click of a button or by being able to input a basic query. For example:
- What was your bestselling item – during a particular period?
- Who is your best customer?
- Who spent the most, pays on time, has been with you the longest?
- What is your longest ship-to time from when a customer places an order to when they receive it?
- How many inventory items remain after your last promotion, and should you kit them together for a final sale?
You’ll want answers to more questions without having to dig through spreadsheets of exported data and enter power queries in excel that resemble some form of algebra. After all, you’re a small business owner, not a mathematician. Business intelligence tools built right into accounting and business management software will give you the ability to find answers to these questions quickly and accurately. How you then act for your business with the newly acquired information will impact your company’s growth. Moreover, empower you by having metrics that matter – beyond the dollars.
Solutions That Work
Spire is an accounting and business management software that allows for small to medium-sized businesses to have better controls over their day-to-day operations and is scalable and contemporary. Spire has the tools to help grow your business by enabling you to turn on more functionality as you need it. Having software that better controls processes, modern technology, and business insights help small companies reach their true growth potential. Contact us to learn more about how Spire can help your small business.
