As the financial year draws to a close it’s time to consider what your business might do better in the year ahead.
A lot rests on your shoulders when you run a business. You can spend so much time putting out fires that you don’t stop to do a little strategic planning. If your existing IT systems are holding your business back then it’s time to think about how you could do things differently in the upcoming financial year.
Upgrading to a new financial package is one of the frustrating growing pains of any business, but there comes a time when you need to bite the bullet. It’s important to consult with your financial advisor but eventually you reach a point where time-consuming shoebox accounting practices are holding you back, or that basic small business accounting package no longer meets your needs.
If it’s time to rethink your financial practices then it’s worth considering the leap to a cloud-based accounting package designed to expand and meet the needs of a growing business. The ability to manage your finances, issue invoices and accept payments from any device while on the move can do wonders for your cash flow. Overhauling your financial systems can also offer greater visibility into the business to manage expenses and track outstanding payments.
Most cloud-based services also offer the ability to add new modules over time, such as payroll or inventory management, so you can start small while easing future growing pains. Paying a monthly subscription for your financial package, rather than a lump sum, also helps smooth out your cash flow while giving you access to features previously only enjoyed by the big end of town.
If you’re ready to look to the cloud there are plenty of enterprise-grade systems out there to help small businesses punch above their weight – from customer relationship management and project management to enterprise resource planning and business intelligence.
Embracing the cloud might also be part of a broader mobility push. The ability to stay productive while you’re away from your desk doesn’t just improve productivity, it also lets you explore concepts like flexible work hours, hotdesking and telecommuting to help your business tackle the challenges of the modern age.
Embracing mobility can also fit into your disaster recovery strategy, helping you get back on your feet quickly should fire, flood or theft strike your office and the computers within. It can also help dispersed teams collaborate, whether they’re spread across different suburbs or different continents.
Regardless of what size your business is, and what size it aims to be, the beginning of the new financial year presents the perfect opportunity to think big.