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Growth is inevitable, especially in the business world. Every business when started, aims at reaching a certain stage at some point. That stage is identified as growth. Whatever type of business you run, success depends on numbers. Revenue, expenses, overheads, inventory, sales figures, profit – all of these numbers are important. Small business owners often have to focus on day-to-day operations, making it hard to see the big picture. After all, if you don't keep a close eye on your business every day, it won't perform at its best.
Yet there are times when you need to step back for a clearer view. If you're thinking of applying for extra financing, or moving into a new market, you'll need more than just the daily figures.
In fact, the bigger financial picture can be helpful whenever your business is ready for the next stage of growth. That's when you might ask yourself, "What are the steps I need to take today in order to be successful tomorrow?" The answer to that is, “financial management software can help here.” In this guide we'll take a look at what it could do for your business.
For any organisation to have a solid impact in the market, it’s important that the cash flow is regular and undisrupted. Regular checks on working capital, current assets, liabilities, cash flow, debtor management, etc. ensure that your business continues to function at its best ability with optimum results at the end.
Financial management helps achieve most of a company’s objectives. Sound financial planning aids business owners get a holistic view of their company’s financial health. Financial management is nothing but planning, organizing, directing and controlling various financial activities such as procurement and utilization of funds of the enterprise. Basically, application of general management principles to financial resources of the enterprise is the crux of sound financial management.
Financial planning is one of the most basic requirements of a business. Proper management and allocation of the available funds will give you a clear picture of your business’ growth and sustainability. With numerous options available in the market that aim at automating the management of your books of accounts, it could be confusing as a buyer and as a business owner. Thus, here are some of the most useful features which a financial management software should have, to increase your business’ efficiency by 10x:
Managing a company’s accounts and finances is no joke. It requires astute knowledge and a highly analytical mind as it directly impacts the growth of a business. With automation becoming go-to methodology for almost every business owner, a financial management software should enable you to streamline and enhance all basic administrative financial processes from start to finish, such as accounts payable, accounts receivable, cash flow management, purchasing, payroll, and general ledgers.
Businesses who also operate internationally, often seek financial data as per the respective nation’s standards. Be it in terms of currency, compliance or language, etc., a financial management software must be able to mold itself as the business requirements. From the flexibility to give customised options to choose or predefine language to generate reports to filing returns as per the country’s law, the software should enable you to perform all country-specific actions, without having to opt for any external additional resources.
Since the accounting process is automated from end-to-end, with numerous reports to refer to, it becomes a rather simplified task to analyse your financial data. Businesses that use a financial management software to manage their books of accounts, have access to historical data as well with full accuracy, so that taking business decisions becomes much more seamless. This enhanced ability also enables business owners leverage this data to predict future financial activities such as trends and patterns in income, revenues, and expenses. Additionally, the system would also allow a business to understand and prepare for contingencies, such as market conditions, acquisitions, or the additional of new business units, can impact its financial status. This makes strategic planning more accurate and successful.
As a business grows, the level of complexity also increases. Addition of more employees, expansion of branches and departments, more movements of goods across various locations, and several other changes come with business growth. It becomes quite tedious for financial managers, to track the movement and any developments in the organisation without an automated system in place. A financial management software will thus help in streamlining these processes further, and track income across disparate departments and business units. It will also help monitor fund allocation and spends, across various divisions and locations much faster, easier, and more accurate. By streamlining consolidations, allocations, budgets, and other cash flow management tasks and activities across an entire enterprise, financial management software delivers a complete, unhindered, real-time view of cash flow status as well as all related transactions.
Every business operates differently. Depending on their process, they would decide on what kind of purchase and sales cycle they want to follow. In such scenarios, an ideal financial management software should allow business owners to configure features based on their business requirement, and not the other way around. For example, when you set up masters or record an invoice, the process of passing any transaction should be seamless. The software which you choose for your business should be customisable as per your needs so that you can make the most of it, to be more precise, your software should be “designed for you”. It’s very important to try and quantify the benefits you’re expecting to gain from your tool. The more specific you are, the more accurate you can be when researching prospective software solutions.
Accounting & Financial Reports is a major need to run your business successfully. TallyPrime provides reports like Transaction registers, Day Book, Trial Balance, Balance Sheet, Profit & Loss Account, Cash & Fund Flow, Ratio Analysis, Cash & Bank Book, and so on, with real-time data. Similarly, Receivables and Payables reports provide direct aid in outstanding management. You can also manage different cost centres for allocation of incomes and expenses, define budgets and track budget variance, and define scenarios to check the impact of planned expenses on your business.
Here are the most crucial features offered by TallyPrime for your small business to manage your company's finances in the best possible way:
With simplified navigation across 400 reports, TallyPrime gives you a 360° view of your business’ financial status, so that you can plan for your future accurately and grow unstoppably. Take a free trial of TallyPrime today and make us a part of your growth!
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