Debits and credits may not have changed a whole lot since the days of the pencil and lined journal but the surrounding peripherals that make up a business management system have grown dramatically over the years.
It has long been taken as a given that a business management system can handle the simple task of day book entries, receipt, payments, journals etc.
Companies these days need more from their accounting software in order to to compete in today’s uncertain economic world. They need instant access to the performance of every aspect of their business. It is no longer adequate to review a P&L once a month or quarter.
Today’s business management software is all about…
- Gaining visibility across your entire business network to improve collaboration and communication
- Monitoring, managing and improving financial and organisational performance
- Driving sales by facilitating customer engagement across all sales channels
- Working with real-time business intelligence
- Running your business on a single system catering for all your needs; from financials to CRM, trade counter to webshop
- Working on a centralised, secure database to ensure everyone is working with the most up to data information
- Automating and accelerating workforce processes
- Automatically calculating KPIs and getting them delivered to you by email or SMS e.g. informing management that a certain cash register has now gone over a predetermined cash balance or a particular stock item has now gone below its minimum stock level
Business management systems now actively get involved in assisting in the running of your business instead of just reporting to you on how you have run your business.
It is now safe to say that the surrounding peripherals that make up an accounting system are anything but peripheral!
Related content: Modern Technology moves Accounting Software into a new era
