Making good decisions is crucial in any organisation. Get it wrong, and your business could be at risk. But in order to make the right call in your decision-making process, you’ll need accurate, accessible, real-time insights to inform your next steps. Let’s take a look at how accounting software like iplicit can help your business decision-making, and what functionality you can take advantage of to run your business more strategically.
1. Support with budgeting and forecasting
Are you allocating your budgets accurately? With the help of accounting software you can create budgets based on historical data, set financial goals and monitor actual performance against your budget. By comparing actual results with forecasts, you can assess the financial impact of the decisions you are making, and pivot to choose a different path if things don’t turn out as expected.
2. Spot trends with customised reporting, in the format you need
If you’re keeping track of your accounts, the data you need does exist. But how easy is it to pull out the figures and trends that will really tell you what’s going on within the business? With the right accounting software to help you, it’s simple. Easy-access dashboards can give you the lowdown on all the standard information you might need, and customisable reports mean that you can specify the exact data you want to see, and in what format. So your decision-making can always be backed up by hard data.
3. Taking a holistic view with seamless system integration
Poor decision making can happen when you don’t see the full picture. That’s where accounting systems that can integrate with your other company software can really help. You’ll always access one single version of the truth, which covers everything from your payroll to your CRM. So you’ll benefit from a seamless source of insight right across your operations, helping to inform the right decisions.
4. Free up time for strategy and planning
One of the main ways that accounting software can help your business is by saving you time on laborious, manual processes. By automating key accounting tasks, you can free up whole days of your company time and spend those resources on higher-level, strategic planning. With more time to plan your next steps, your decision making can be better-informed, well-thought-out and more proactive.
5. Manage stock and inventory more efficiently
If stock control is part of your remit, the decisions you make can have a big impact on the success of your business. Stock control and inventory management features within your accounting software can ensure that you anticipate and meet customer demand, optimise costs and manage your supply chain as efficiently as possible. By analysing stock levels, turnover rates and demand patterns, it’s easier to identify trends, assess the performance of products or product categories, and make informed decisions about product assortment, pricing and marketing strategies.