Grow Your Small Business With ERP Accounting Software
Whether you’re a small or medium-sized business, or a large enterprise, we understand you are constantly monitoring your business for opportunities to boost productivity, increase sales, manage costs, and all while maintaining a competitive edge.
Implementing–or switching to–an enterprise resource planning (ERP) accounting solution can give you all of this, and more. And the modular way in which modern ERP systems, such as Arrow’s own Tencia ERP Accounting software, are developed they are no longer meant only for large organisations. And great small business software will help your business grow by unlocking several competitive advantages.
Improve the Flow of Information
Small businesses rarely have multiple departments or branches in the same way that medium and large enterprises do, but they do still have employees filling various roles overseeing different aspects of the business. The person managing the finances of the business might also take care of the payroll, but is unlikely also managing sales. And if you’re processing a high volume of transactions, you wouldn’t want the person overseeing sales also managing inventory and dealing with suppliers. Yet all the roles in a small business depend on information from each other, and the right small business software will facilitate the flow of information to all the right employees.
And in real-time.
Control and Reduce Operating Costs
Spreadsheets or a basic accounting package might have served your business well when you just started, but they become less effective as you add more employees and services or products, and as the volume of transactions processed daily increases. One benefit of a robust ERP system is that it makes it easier to analyse multiple aspects of the business and then make more accurate forecasts. This can help you plan your inventory more effectively, not tying too much capital up in slow-moving stock but also not being out-of-stock of in-demand items. The aim would be to not lose customers frustrated by your constant lack of stock, while also being able to negotiate better terms and pricing from suppliers.
Having better insight into customer behaviour can help shape your pricing matrix and the discounts or special pricing you offer. And crucially, a good ERP system will include all the features necessary for small to medium-sized businesses, with the ability to add new modules as the business and its needs change. This eliminates the need for–and the cost of–multiple different software packages.
Good small business software will naturally reduce the time your finance team spends updating and managing debtors, creditors, your cashbook, and the General Ledger. From largely automating bank reconciliations, through to reflecting sales in real-time, and speeding up payroll processes. This can free them up instead to focus on analysing the financial position of the business with you and making recommendations that help grow the business.
However, you can also expect to see productivity improvements in other areas of the business too, with sales not only able to see what stock is on-hand at all times, allowing them to serve customers faster, they can also have invoicing that is semi-automated, with many fields auto-completed using saved and stored data.
Great customer service is key to constantly growing sales in your business. And while customer service is made up of many characteristics, the right software for your small business will:
- Help you build a long-term relationship with your customer by helping you keep track of all interactions with each customer, right down to what items they buy from you, and any special pricing they are entitled to.
- Make you reliable by helping you manage your inventory. Not being told you’re out of stock of items helps customers see you as being reliable at meeting their needs, and more likely to come to you first whenever they need something.
- Improve the ease with which customers do business with you. While somewhat linked with reliability, ease of business also depends on them being helped quickly and receiving products or services from you with no to little delay.
- Facilitate you being able to identify and adapt rapidly to any changes in the market, economy, or your customers’ needs.
Improve Long-Term Planning and Decision-Making
All planning and decision-making processes in your business depend on having accurate and up-to-date information. Using spreadsheets or multiple different software packages limit your access to reliable information, making it near impossible to make decisions quickly. And having to manually collate bits of information from multiple sources also increases the risk of mistakes being made. Mistakes that not only prove to be costly, but also difficult to pinpoint and correct.
Great ERP accounting packages for business of any size will not only integrate with and improve the flow of information and data across departments, it will also include various features and modules that improve your ability to analyse all aspects of your business using real-time data. Whether you are looking at short- or long-term sales forecasting, decisions that could affect your cash flow, or wanting to streamline certain processes to improve manufacturing or stock holding while also reducing costs.
Discover the core features and optional add-ons available with our Tencia small business accounting software. Or join us for a cost and obligation free online product demonstration and Q&A session.
Having locally developed accounting software and ERP solutions since 1989, you can trust Arrow to understand what a growing small business needs. Our accounting and business software solutions are created with Australian businesses in mind but also used by businesses in New Zealand and the United Kingdom. Speak to us about an affordable financial management solution that perfectly matches your needs.