The world of business moves fast — Changing valuations. Shifting priorities. Supplier delays. Things can change with the snap of a finger. For a small business owner, having real-time data available to make quick decisions can be a big difference maker.
When you can easily access real-time data about your finances, any time, anywhere, you have the power to shift quickly, handle your cash better, and find opportunities for growth that, otherwise, you might have missed.
How can you get your business in a better place? The first step is setting up your bookkeeping for decision-making, and then using the financial data to make an informed decision that grows your business.
The Art (and Science) of Business Bookkeeping Analysis
At The Quantify Group, we believe deeply in the power of automatic and real-time accounting methods and how they can impact the growth of your business.
Here are some ways you can start using real-time financial information to make empowered financial decisions:
- Keep a Close Eye on Profit Margins: With real-time bookkeeping insights, you can check how much money you’re making compared to how much you’re spending by the hour, day, week, month or year. This can help you figure out if you’re making enough profit or not and if there are things you can change to make more money.
- Examine Costs: One of the key benefits of real-time financial data is that it gives you up-to-the-minute information on your finances and spending habits. Real-time data can help you figure out where you can reduce costs or improve your cash flow management to keep more money in your bank account.
- Understand Your Revenue Streams: When you know which products or services are bringing in the most money, you can focus your efforts on the most profitable aspects of your business. When markets shift or your customer’s needs change, having real-time data ensures you can quickly pivot to get your revenue back on track.
- Do a Financial Checkup: By using real-time bookkeeping insights, you can conduct regular financial health checks for your business. From recording transactions to analyzing your balance sheet and cash flow statements, having a clear understanding of your financial standing ensures your income and expenses are accounted for.
- Set Real Goals: When you have real-time data, you can set real-time goals for your business. Whether strategically planning for expansion, investing in new technologies, entering new markets, or hiring additional staff — your goals can become a reality when you have a reliable and accurate bookkeeping system.
As they say, with great power comes great responsibility. And the power to make business decisions based on real-time data means you’ll have greater insight into your business than ever before.
Finding the Right Software for Your Business
Not sure where to start? There are countless cloud-based accounting systems available to business owners who are looking to harness the power of real-time financial data. QuickBooks Online, Xero, and FreshBooks are some of the most popular cloud-based accounting platforms since they include all the features a business would need, including invoicing, payroll, and financial reporting.
All of these bookkeeping software solutions keep your financial information up to date and streamline your accounting processes to save time for your team.
As you start looking for a bookkeeping software, you’ll want to consider how it will integrate with your other business systems like a Point of Sale (POS) system or inventory management system. When your software can integrate with other aspects of your business, you continue to reduce the time you spend on manual data entry and can decrease the chance of errors.
Discover the Benefits of Business Bookkeeping Analysis
Business bookkeeping analysis gives you a full look at your money situation. When you pull the cover back on your finances, you can spot trends, get ready for what’s coming, and jump on great chances.
Here are some of the benefits our clients notice when they start leveraging real-time bookkeeping for decision-making.
Crystal-Clear Visibility
You can instantly spot trends, track revenue, and benchmark your expenses with the latest data. This is where agile decision-making begins and you have the power to pivot your strategy at a moment’s notice.
One-Step-Ahead Cash Flow Management
Real-time bookkeeping allows you to take control of your business by forecasting different cash requirements that can help you improve your financial position, take calculated risks, and avoid any cash flow issues.
Small Changes That Add Up
With real-time insights, you can keep adjusting your budget and expenses to meet the specific changing needs of your business. When you have more precision and insights into your budget, you can make minor changes that can add up to having a big impact.
Decrease Your Risk
It’s always better to catch a problem early before it becomes a big issue. Real-time bookkeeping acts as an alarm that can tip you off if anything unusual or suspicious happens with your money. This helps you take quick action to protect your business from any harm.
Modernize Your Business with Real-Time Bookkeeping Insights
Are you ready to grow your business with real-time insights on your bookkeeping?? Our team at The Quantify Group can help you optimize your bookkeeping process to provide you with valuable data, analysis, and cost-saving opportunities by utilizing the power of business analysis.
Our outsourced accounting firm specializes in growing small-to-medium-sized businesses by helping them improve their current accounting team or step in as the team’s primary accounting department. If you need help with your accounting and bookkeeping processes, give us a call today to learn how our bookkeeping services can take your business to the next level.
