How to overcome hurdles for business growth

Pakistan has a vast business sector, with the Federation of Small Businesses reporting that SMEs accounted for 80.3% of private sector businesses at the beginning of 2016. This has been largely aided by a favorable environment, with Government schemes and specialist finance and accountancy providers amongst those helping the sector to blossom.
Nonetheless, some small businesses are still making some costly mistakes. Here we run through some of the main obstacles to small business growth, and explain how they can be overcome.

Using unclear or dated accounts

When done right, your accounts can prove invaluable, providing you with an overview of your business tax liabilities whilst helping to inform potential investment decisions. However, the problem is that many small businesses still aren’t familiar with an efficient, easy to understand set of accounts.
Some accountants prepare a company’s accounts in a manner that makes perfect sense to them, but none whatsoever to the small business owner. Any good accountant will explain your financial statements to help you understand them, but a better alternative is to have your accounts presented in a format that makes sense to you.
Fortunately, online Accounting Software provides a solution to both of these problems. Eccountant enables our clients to update their financial information in real time. Meanwhile, users can tailor their dashboard to ensure that their accounts are presented in a way that is easy for them to understand.

Onus on turnover, not profits

With it estimated that roughly four in ten small businesses don’t make it to year five, small business owners are under a lot of pressure to drive income into the company almost from the offset. However, in a bid to demonstrate an immediate return on investment, some can fall guilty of overlooking the overheads and expenditures that inevitably weigh down on company profits.
This may sound like a silly mistake, but it’s an easy enough trap to fall into. Any decent accountant will be quick to flag this up to their Accounting Software for small business clients, before recommending ways in which they can help mitigate the risk. However, ideally you’ll want to make sure that it doesn’t happen in the first place.
Again it boils down to having up-to-date, accurate information in front of you as and when you need it. With cloud accounting your financial information is correct as of your very last transaction, with your turnover, expenditure and most importantly profit clearly displayed.

Not creating forecasts

By creating regular forecasts, small businesses ensure that they always looking ahead and planning for the future. Having a calculated idea of your company’s income and expenses over the coming months, and whether you are likely to make a profit, allows you to plan spending decisions well in advance, in turn helping to accelerate the growth of your business.
This enables you to gauge whether your business is ready for a ‘what if’ scenario, providing the answers to the questions that you would otherwise be hard pressed to answer, such as:

• Can we afford to take on new staff over the coming months?
• Are we ready to offer our services on a broader scale?
• Can we afford to move into a new rented office?

Unfortunately, some small businesses don’t generate forecasts and are missing out on valuable foresight as a result. Gathering and collating the data to create forecasts may be viewed as a time-intensive task for some small business owners who already have plenty to deal with.

However, Online invoicing software such as Eccountant eliminate that time burden. With data readily available, we can help our customers create forecasts tailored to their wishes, helping them to plan for the future. For further guidance on how we can help ensure that your small business achieves its growth potential, get in touch now

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Importance of Customer Relations

Modern-day businesses spend a major chunk of their time and revenue aiming at sales and publications to entice new customers. However, as conventionally proven, the most successful businesses are the ones that prioritize the retention of existing customers.
Rough estimates suggest that companies tend to spend anywhere between six and twenty times as much money to sign up a new client in comparison to keeping an existing one. This, in turn, boils down to the fact that appropriate financial sense about one’s business is quite significant for preserving healthy customer relations.

CRM at Eccountant

At Eccountant, we highly regard the value that customers bring into our business. It is one of our firmly established beliefs that our customers are the ones bringing in revenue and innovative ideas for better sales service. Therefore, in order to fully understand the customer needs and enhance our service accordingly, Eccountant gives you it’s CRM for improved informational organization, enhanced communication, extraordinary customer service and improved analytical data and reporting.

Basic Functionality

Customer Relationship Management Software has been around for several years, aiding businesses to keep track of their interactions with clients and offering professional tips on improvingcustomer interactions.Apart from featuring all that, our CRM systems are highly renowned for their varied applications in managing business contracts, automating sales leads, providing essential employee-training and offering top-notch customer support.

Advanced Capability using Analytical Engines

Moreover, the CRMs installed at Eccountant are highly scalable and efficiently customizable according to the client’s requirements.Our built-in cloud connectivity ensures quicker updating of results of client meetings. Using predictive analytics, we gain statistical insights to the customer needs and use them to streamline business opportunities and elevate organizational performance. Lastly, our CRMs become even more worthwhile as they tend to easily integrate with other applications including scheduling softwares as well as Cloud Accounting Software.

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Cloud Accounting- Ways in Which it is Changing the Way We Work

Cloud Accounting is an accounting software hosted on impersonal, reserved servers. The software is used by businesses to acquire functions which are similar to those associated with the model of Software as a Service, i.e. the SaaS. Cloud Accounting Software is gaining increasing popularity; ex-Product Manager at Ingram Cloud and current Principal of IQMS writing for Forbes projects a compound annual growth rate of 19% for Cloud Computing around the world between 2015 and 2020. In 2016, Forbes also reported that that 74% of the Tech Chief Financial Officers were predicting greatest influence for Cloud Accounting on their businesses in the following year. So what is behind this overwhelmingly sprouting influence of Cloud Accounting software in Pakistan on firms and how has this impacted firms’workplace functions?

1- Ditch the Maintenance Costs

As firms expand, they face inevitable cost escalation due to purchase of more servers, new licenses and greater database fees to accommodate incoming clients. Installation of new equipments is also time-consuming.Through Cloud Accounting, businesses can “ditch” such costs by expanding operations without purchasing expensive equipments and licenses. While the cloud-based solution does take initial implementation time in order to, for example, integrate systems and configure software, overall the processis effectively much faster.It also costs much lesser to send data to the cloud, for processing and returning back to the user,and further business expansion hardly entails any additional costs.

2- Clients now prefer to access data on-the-go

Contrary to the traditional accounting methods, Cloud Accounting offers users immense flexibility in terms of data accessing. Accounting data can be accessed on any device, as long as the device is connected to an active internet connection: this is substantial advantage compared to the traditional methods which restricted access to just a few on-site computers. In addition to greater flexibility, Online Invoicing Software allows for the automatic updating of financial information, which in turn assures greater accuracy of the balance of accounts, and takes any human error out of the equation. In all obviousness, this has also affected the employment status of accountants at firms.

3- The staff can now have flexible working hours!

With the advent of Cloud Accounting, staff at firms enjoy greater flexibility by working from any location, any office of the firm, from their houses when they cannot make it to the office (when they are sick, babysitting etc.), or even from a hot desk between the firm’s offices. For Steven Tuckwell, Director of 1st Cloud Accountants (a company which recently changed to Cloud Accounting),this affords the luxury of working from hisfavourite place- the back-garden of his house, on a cozy evening, with a sip of coffee. Such comfort of time and space undoubtedly results in higher employee performance output.

4- Local Firms are now open to the International Market

Cloud Accounting has provided opportunity for local firms to go international- taking their operations beyond the national borders and their products to the international market.With this extended outreach, effective customer management has become possible as clients can now call any office of the firm for information. Greater firm networking allows one office to support another, performing all operations in real-time environment. Sage Drive, a service which allows clients to access their Sage50 data from any place where Sage50 is installed, is something which several firms on the cloud have been eager to invest in. While the clients run theirsales and purchase ledgers etc. on the front end, the firm tidies up their back-end accounting systems by connecting a YSH Drive straight into their system.

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What is BI?

Business intelligence is a technology-driven service that is used to analytically transform data into actionable information to assist corporate and strategic managers make informed business decisions.
Talking about complex sets of data that accumulate day in day out, BI tools compile all sorts of company data to condense it into meaningful reports, insightful charts and interactive dashboards.

How does BI work?

Business Intelligence is not about instructing people what to do or the consequences of certain potential actions. Rather, BI offers a way for people to examine data to understand trends and derive insights.It utilizes certain tools that streamline the efforts behind people making better decisions.
In this modern age, Online invoicing software is leveraged with massive chunks of big data and dedicated tools are required to transform them into meaningful intelligence. Business intelligence combines a broad set of data analysis applications including enterprise reporting, data visualization systems, textmining and advanced analytics.

Benefits of using BI

Although a company wide BI system is costly and time-consuming to establish, its benefits can be quite substantial if implemented correctly. Of late, efficient and productive BI systems have become a rare source of gaining competitive edge over your opponents. Some of the benefits exclusively derived from BI are:

• Improved operational efficiency
• Decisions based on facts and stats
• Up-to-the-minute reports that can drastically improve sales and negotiations
• Elimination of company waste in shape of products/services
• Provides a bird’s eye view of the corporate performance
• Accurate analysis based on faster reporting

BI at Eccountant

Business Intelligence systems ingrained at ERP software offer a comprehensive suite of smart visualization coupled with collaborative relations amongst the clients and the businesses. It helps deploy data apps across your organization and offers quick access to pivoting charts and analytical dashboards. Its architecture is focused on delivering data extrapolation not only across your organization but also to external teams. The intelligence software is visually oriented and comprises of great integration functionalities with pre-built widgets.

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Inventory Management

Inventory Management is the supervision, controlling and handling of a company’s non-capitalized assets and stock items. Inventory management supervises the flow of goods from manufacturers to warehouses and from these facilities to point of sale.
This primary component of supply chain management has a key functionality of keeping a detailed account of each and every new or returned product. The simple goal that it pursues is to keep the right inventory levels all the time and not have either surplus or deficient stock.
Although inventory ties up a lot of cash, its efficient and effective management is vital for businesses. Adequate stock management can lead to improved cash flows and drastically decreases wastage of stock items.

Inventory management comprises of delivery of goods and products to a warehouse or a point-of-sale. Dedicated inventory management softwares are deployed to overlook the transit of goods. Additionally, these systems can integrate with cloud-accounting programs to assess the value of the products. Some of the techniques adopted in inventory management are:

• Just-in-time: Delivery of products to the warehouse is based on analyzing customer behaviors such as buying patterns & seasonal demands.
• ABC Analysis: A methodology in which incoming raw materials and products are classified according to their inventory values and quantity.
• Stock Review: A conventional technique in which regular analysis of current stock take place in comparison to projected future customer trends.

At Eccountant, we offer you a proper inventory management system that empowers you with accuracy over your products, a systematically organized warehouse, lets you save time and money and replicates organizational productivity. With Eccountant, you get to know your exact reorder points which in turn leads to reduced queue time.
Some of the benefits of practicing inventory management are:

• A general 10% increase in sales.
• Increased information transparency as you’re quite aware of the items being received, picked, shipped, manufactured etc.
• Lower inventory holding costs and decrease in write-offs.
• Leads to accurate planning as you can make informed decisions based on inventory trends.
• A 10-25% decrease in stock-outs.
• Real-time inventory updates improve delivery performance.

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What is ERP?

Enterprise Resource Planning is routinely referred to as a business management software comprising of integrated applications. It includes the systems and software packages used by organizations to manage day-to-day business activities, such as Accounting Software, raw-material procurement, project management and manufacturing.

How does ERP work?

ERP ties together a plethora of processes across business functions in order to streamline information across the entire organization. The highlighted feature of all ERP systems is that it projects its performance via a centrally placed database that acts as a data repository. They compile organizational data from multiple sources and offer access to the same derived data in form of common constructs and user experiences.

Benefits for Businesses

Additionally, ERP System provide a significant degree of synchronized automation making life much easier for the employees as far as technology-handling is concerned. ERPs also feature dedicated dashboards for the employees to quickly analyze the key performance metrics of their business. Some of the business perks for organizations installing ERPs are:

• Intelligent systems offer automatic updates based on predictive analytics.
• Much lower operational costs due to streamlined business processes.
• Improved efficiency as the chaos around disconnected databases gets terminated.
• Reduction in risks in light of the ever-increasing data integrity regulations.
• Automation of core business operations.

Benefits for Clients

In this modern-age of IT-ridden industrial functions, Eccountant offers customized ERP solutions that can have an incredible impact on organizational advancement as they make management of a business a lot easier and ultimately lead to significant bottom-line savings, in the longer run. Some of the more specific benefits for customers gained through our ERPs are:

• Enhanced business insight from real-time information generated by data reports.
• Comprehensive portfolio with world-class tools and dedicated teams that can cater to the needs of any organization.
• Flexible ERP applications be it on public or private cloud storages.
• Top-notch security teams that protect your data by warding off all sorts of malicious approaches.

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