Let’s talk about Profitability. After all, this is one of the most important factors that can indicate how your business is growing!
Profitability is usually defined as a business’s yielding profit or financial gain. You r business’s profitability is extremely important, yet can tend to be put on the back burner through the craziness of running a business – this is a huge No-No!
You’re going to want to make sure profitability continues to be on your radar and a priority throughout your year. Good news is, we’re here to share our expertise to gear your focus back on profitability, and keep your business growing and flowing throughout the year.
Technology can be used to optimize, automate, streamline, and integrate your bookkeeping – which can in-turn reduce your administrative burden and improve your financial data! With cleaner, up-to-date financial information, you can track your company's key performance indicators (KPI) and perfect your daily flow. It’s important to keep your business versed in the latest technology so you can continue to systematize and optimize your operation.
What does this mean? – Out with the old ways of tracking time, expenses, payments, invoicing, & applications, and in with the new-and-improved way to streamline your operation. You’ll become a sleek, strategic financial center in no time!
That being said, here are some helpful hints to get you in the right direction in getting your profitability to become a constant flow in your business.
-Online time tracking increases project profitability, saves time by eliminating data entry, improves accuracy, speeds up invoicing and collections, and runs reports faster
-Having a CRM system will increase your sales and improve client relationships as you better manage your clients needs
-Since the IRS requires receipts for all transactions over $75, you should use your accounting system or implement a new paperless tracking system to keep receipts digitally. There are cloud services, mobile apps, and receipt scanning software to digitally track your receipts.
-Digital expense report systems can allow employees to track and submit expenses while traveling, reduces administrative time, reduces chance of human error, promotes a greater ability to spot trends in spending, enforces compliance, and is easier to prevent expense fraud.
-Having digital project management software can be beneficial in may ways, including but not limited to: planning the course of action and improved communication with your team; Establishing project budget with more accurate estimates, Monitoring progress, timelines, and deadlines; Facilitating communication; Reducing project costs; Preventing duplication of effort; Managing capacity appropriately.
Your business and your success is counting on YOU you to keep your operation streamlined and updated. DM us today for more information or if you’d like to schedule a consultation!