Tag Archives: Software

CRM – keeping track of customers

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You may have clicked on this topic because you wanted to know what CRM stands for, or perhaps you know that a better relationship with your customer will help your business. Customers are key to any business; an existing customer is likelier to be loyal and doesn’t need to be convinced to buy as they are already customers. If they are having a good experience, they will tell their friends. Talking to and finding your customers can be expensive, which is exactly what this guide will discuss.

Customer relationship management (CRM) manages a business’s interaction with current and potential customers. It uses data analysis about customers’ history with your business to improve business relationships with customers, specifically focusing on customer retention (keeping them) and ultimately driving sales growth.

WHY do I need CRM?

As a business starts to grow, it is hard to keep track of sales opportunities and ensure anyone in the business can see exactly what is going on with each customer. It is good to know which customers have the greatest opportunity to close a sale and the value of that sale. A CRM solution is a cloud-based software package that helps you sell. Because it is cloud-based, it means that traditionally, only big businesses could afford to buy it; now, small businesses can access the same tools for less. Be sure to read our essential guide on Cloud Solutions.

The benefits of customer relationship management software:
  • Easy access to customer data: A customer relationship management system includes a searchable database that allows users to access client and prospect information, offering them the most up-to-date information on customers from anywhere.
  • Streamlined processes: You can coordinate sales, marketing, and customer support processes. E.g. did this marketing effort result in a sale?
  • Actionable insights on business performance and customer behaviour:  Through customisable dashboards, you can see reports that segment customers, track revenue, and manage marketing campaigns.
    Finding new customers costs far more than keeping the ones you already have.

WHAT are the typical features of customer relationship management software?

  • Contact management: Searchable database of customer and prospect information.
  • Track interactions: Document conversations with customers and prospects on different channels such as phone, email, live chat, or in-person. You might also be able to track the results of marketing campaigns and identify potential cross-selling opportunities.
  • Lead management: Track and manage business opportunities throughout the customer lifecycle.
  • Calendar/reminder system: Create reminders about calls or meetings and synchronise these with the user’s calendar. It can prompt you that it is time for a catch-up and remind you of useful information.
  • Offers: Create special offers for clients who seem to be drifting away or set up and manage events that might increase customer retention.
  • Document storage: Store, share, and manage documentation and paperwork.
  • Segmentation: Divide the customer base into groups based on attributes like age, gender, location, and preferences to create targeted sales and marketing campaigns.

HOW do I choose a customer relationship management software solution?

Types of customer relationship management tools: CRM falls into three areas. Sales automation solutions help users manage inventory, order processing, and sales reporting. Marketing automation solutions help users create and manage marketing campaigns. Customer service software helps track and manage customer queries. Users should assess their customer relationship management system needs and shortlist products that meet their specific needs.
You should evaluate various solutions based on the following:

  • Competitive pricing: Any advantage offered by the CRM software will be wiped out if it’s costing you more than it brings in. Use good quality accounting software to make a few forecasts about how much revenue you might gain. Then shop around.
  • Scalability: Can the software grow and your business grows? Some packages are better for smaller businesses, others for medium businesses.
  • Ease of use: CRM software must be intuitive, or you will never want to use it. Note how many clicks it takes to conduct a basic task and how easy or difficult it is to find the needed features.
  • Support: What support, if any, is included? What hours do they operate? Do they have blogs or best practice examples?
  • Security: With all your customer data in the cloud, you want excellent security. Be careful; you can be fined for customer data breaches in Australia.
  • Integration: How well will this solution integrate with other systems you may have, like accounting, email, calendar, etc.. Be sure to read our essential guides on accounting packages and office productivity.

HINT

A review of what different tools are available can be found here or by doing a Google search. Do your evaluation carefully. Some solutions may offer you too many features. Others have lots of add-on modules with extra functionality, which start adding to the price quickly. Most solutions will offer free trials for you to get a better feel; some even offer the basics for free.

SUMMARY – CRM data quality

Our last call out here is the CRM system is only as good as the data it has, so if it is not used or information is out of date, then it stops being a useful tool.

Accounting Software to run your business

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You started with a shoebox of receipts, now you have a storage box or maybe you are meticulous and have it all on a spreadsheet.  Either way it is time to start thinking about accounting software. This guide will look at why you need it and lead you through what you should consider in making your decision.

Accounting software, package or system describes a type of application software that records and processes accounting transactions within functional modules such as accounts payable, accounts receivable, journal, general ledger, payroll, and trial balance. It functions as an accounting information system.
source Wikipedia

Accounting software has changed a fair bit over the last few years with new competition driving new features and simplicity.  Probably the biggest change however is that it is all in the cloud. Put simply this means you rent access to the solution and do everything via the internet.  You no longer have software that you must buy and host internally on extra computer hardware that you must keep safe.  Instead you have a user-friendly solution that you can access from anywhere that integrates with your bank, POS system, etc.

WHY should you buy Accounting Software?

WHY should you buy Accounting Software?

Saves you time – track invoices, manage bills and expenses and pay staff in a few clicks
Tax time ready – calculate GST, PAYG and BAS reports
Built for Australian legislation reporting
Get paid faster – online invoices, pay now buttons and automatic payment reminders
Enter receipts on the move – use your smartphone to take a photo of the receipt from Bunnings. Great for travellers and tradies.
An external accountant or bookkeeper can have instant access at the same time you do
Reporting lets you quickly get a good idea of how your business is going now
Accounting software becomes increasingly beneficial as the business gets more complicated

HOW to make a decision on which Accounting Package

So now we understand that this software solution is so much more than getting a bill in the system, it is about automating the whole process.  Let us look at the features you should consider when selecting which vendor:

  • Different accounting package vendors offer different features and even within the same company they offer different levels which means you only get what you need.  For example, if you have no employees you do not need the payroll functionality. Consider what package you will need?
  • Pay Staff – Do you want payroll integration? Does the system calculate all payroll requirements including PAYG, annual leave, long service leave etc.? From July 2019 small employers with 19 or less staff must report payroll info to the ATO through Single Touch Payroll. https://www.ato.gov.au/Business/Single-Touch-Payroll/ (Be sure to read our essential guide on Payroll)
  • Ease of use – As an untrained small business owner how easy is it to learn to use the package and be assisted through the software to understand what the requirements are of controlling your finances?
  • Invoicing – Send customised, trackable invoices.  Can clients pay right from the invoice?  Can automatic payment reminders be sent?
  • Tax and GST –  Can you easily and automatically track what you owe, and see all your position at a glance?
  • Does the software support Standard Business Reporting (SBR) allowing you to lodge your GST BAS requirements? (Be sure to read our essential guide on GST)
  • Application integration – Can the package be connected to other software solutions you are using?
  • Time tracking and billing – If you charge by the hour are there features that will simplify gathering this data? For example, a smartphone App.
  • Reports and budgets – What level of detail do you need and can you compare against a plan or budget?
  • Track jobs – Does the system track stock, work in progress, orders, jobs, and other task management requirements?
  • Bills and expenses – How easy is it to upload your bills and easily categorise expenses?
  • Point of Sale (POS) integration – Is there a seamless connection to track sales and inventory movements?
  • Inventory – If you hold inventory/stock will this package help you forecast and manage it? Can you barcode scan items in and out if you want to?
  • Bank Reconciliation – Will the system be able to handle multiple bank accounts?
  • Manage customers & suppliers – Can you easily see which customers owe you money, and which you need to follow up on?
  • Take payments – Does the software allow EFTPOS or credit card processing?
  • Cash flow management – Can you see your money in and money out at a glance, and understand quickly what your cash position is?
  • Online accounting – Is there a smartphone or tablet app that lest you enter data or receipts as well as run your business from anywhere?
  • Multi-currency – Does the system need to handle foreign currency?
  • Account sharing – Can you invite accountants, bookkeepers, and partners so they can help you manage your business?
  • Security – What security and backup procedures do they offer to help you protect your data?
  • Customer Relationship Management (CRM) – Does the system keep detailed records on customers including what they buy, how often they buy, and when they buy?
  • Service – What support and training are available, what hours and does that support understand Australian regulations?

HINTS

For more information on what accounting tools are available and the specific features, they offer visit

Free trials are available to help you compare and chances are your financial expert will have an opinion on which one to use.

The accounting software packages you should consider in no particular order include Xero, MYOB, Quicken, Reckon, QuickBooks and Sage.

SUMMARY – Right Accounting Software

Having the right accounting package will save you vast amounts of time and effort and will help keep your business compliant with government regulations. 

Although these modern tools are brilliant in helping you control your business finances they will never replace having access to a financial expert.  We strongly recommend you have access to an accountant or bookkeeper to help guide you.

If you do not have external financial support today you can visit this site to help you find the right person