How To Drive Growth Through A Smarter Account Management System

Drive Growth Using Accounting Software

In the modern business scenario, account managers are expected to extend service and, at the same time, resolve issues to maximize consumption and return on investment. All these need to be managed while taking care of new products or services.

Most businesses do not realize that if they stick with the traditional account management strategy or approach for long, it might cause more harm than do any good without making any modification or change. For every organization across any segment of the industry, customers' existing base is a crucial source of revenue. To meet the various organizational growth objectives, sales managers must establish clearly defined and elaborated accounting and management software. It retains existing customers and equips the accounts team to develop, identify, and execute maximum growth opportunities within the existing account framework.

Research reveals that continuing with a traditional account approach might stunt growth and business opportunities. In the modern business scenario, account managers are expected to extend service and, at the same time, resolve issues to maximize consumption and return on investment.

All these need to be managed while taking care of new products or services. Account managers are also expected to drive growth by inter-linking a range of products and services into a single complex solution. The challenge is that the execution of these solutions becomes difficult at times and is also time-consuming. As a result, a distinct set of applications and skills is required for managing the show.

With the implementation of the GST system in India, there has been an increasing demand for accounting software in India for managing financial transactions. Such programs vary widely in scope. A few programs are designed so that they have become way evolved than simple book-keeping programs. At the same time, others can manage entire financial functions and transactions of large business set-ups.

There are quite a few attributes related to accounting software that has helped various businesses to run their operations smoothly. The most prominent among these are:

Accounting Software Attributes For Various Businesses

Accuracy

The use of software in the accounts segment can significantly help to improve the accuracy of data. It can further help to eliminate or reduce the manual error of accounting calculations. Any error at an early stage of the process can have a profound impact on the end balance.

Speed:

Accounting software allows businesses to process accounts with increased speed than processing them manually or even semi-automatically. It is possible since accounting software comes with a lot of features.

Cost:

As a result of increased speed and efficiency, the resulting benefits have substantially impacted cost. The use of accounting programs allows doing more within a limited time. It merely indicates that organizations can easily manage with a compact team.

With advancements in technology in online accounting software is fast becoming the preference of all business types, whether small, medium, or large. It is possible to log in anytime and from anywhere and carry out a range of activities. Such software offers useful features such as invoicing, reporting, pay-runs, and many more. Enterprises using such software can easily manage the various numbers quite effortlessly.

It allows monitoring the health of the business adequately. It becomes possible for managers to see what is coming and going out on a real-time basis. The easy-to-read charts display all up-date figures, thereby allowing managers to have a precise idea of what is on track and what is not.

The online invoicing allows paying and get paid much faster. It is possible to evaluate the outstanding more aggressively. The auto-reminder feature helps to ensure that there is no miss.

Top Factors While Choosing Accounting Software

There is a lot of accounting software available in the market today. So, how does one decide which one will best suit the business? Do not grab the one having a name head or seen before. Instead, there are a few factors to consider when choosing accounting software.

Factors to consider when choosing accounting software

General Functionality:

Must be compatible with the core functionality of the business so that at least the basics are accommodated.

Segment Specific Functionality:

Should confirm with the business-specific requirements so that profitability can be monitored appropriately.

Multi-Currency Functionality:

Although foreign currency functionality is not standard, still, it's good to have this feature. After all, no one knows when and how things may change.

Bank Compatibility:

If the software is integrated with the bank, it becomes easy to process the bank transactions and accordingly complete the reconciliations, thereby saving a lot of time.

Scalability:

A system that works best is the one that has the provision for growing as the business grows.

Security Options:

User security is vital if significant business growth is on the mind. With multiple people using standard software, it is crucial to have role-based security provisions.

Usability:

The software must make things easy to use.

Support Features:

Ongoing support is essential for training. Therefore, an initial hand-holding is necessary.

Reporting:

Standard reports are crucial for decision making along with provision for customized reports.

Price:

The price must be calculated based on the number of users and functionality. Cloud-based software is not very expensive these days.

The software can be accessed from anywhere, thereby sharing vital information with employees whenever needed, and it is also possible to collaborate with advisors. Users need to define or create the functions, and that's it. It allows the maintenance of all the records accurately.

The various transactions that take place every day can be quickly categorized as they flow in every day. Therefore, it becomes possible to keep track of the cash flow and have everything in place when filing the tax return.

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