Use your Accounting Software to Boost Profits
If you think accounting software is just for tracking expenses and generating financial reports you’re missing an opportunity. By taking advantage of insights provided by your software you can then improve your marketing and customer service. Make the most of the ways your software can improve productivity and you can take meaningful action to increase profits. Here’s how.
Understand buyer behaviour
In addition to storing real time financial data, your accounting software can also retain important information about your clients. Insights into your customer buying history and preferred payment methods, for instance, can help you tailor your marketing strategies to each type of client you serve. Use what you know about customers to set up a segmented mailing list. Marketing directly to the clients who tend to hire you for a particular service is a much more effective way to make sales. It is better than approaching your customers with a one-size-fits-all email campaign or in-store promotion.
Reporting capabilities built in to your accounting software can show you who are your best customers and which are your most popular products. With this key info, you can improve your marketing by only promoting the goods and services that you know your customers really want. The real time data your accounting software provides can also translate to an improved overall experience that will win over your customers. For instance, when a client gets in touch with a question you’ll be able to respond quickly with useful, accurate background info. With more in-depth knowledge of your customers you’ll then be able to cross-sell and up-sell more easily by suggesting additional products that might meet their needs.
Free up time to reach more customers
One of the great things about accounting software is how much time you’ll save by automating processes like invoicing and payroll. Ensure your software solution integrates with your other small business apps as well as your CRM, ERP or POS systems. This will make your business even more productive. By getting more efficient, you’ll have more time to touch base with customers and find new clients.
Consider making the most of that extra time in your schedule to
- organise professional development opportunities that improve your team’s sales skills
- update your business plan based on real time financial data and enhanced reporting
- determine the best online and offline marketing strategies for your business; base these on what you know about your customers’ spending patterns
- implement loyalty rewards for your return customers that you know will appeal to them; a surefire way to spread positive word of mouth
- implement growth strategies designed to scale your business and
- make more informed decisions on every aspect of your business to cut costs, improve productivity and boost your profit margin.
How will you use your accounting software to boost profits?
By now you are fully aware of the customer insights and time-saving capabilities your accounting software provides. What will you do differently to build a more profitable and successful business?