DEFINITION of ‘Profit’ : A financial benefit that is realized when the amount of revenue gained from a business activity exceeds the expenses, costs and taxes needed to sustain the activity.

As a business owner, you are more than familiar with this definition and what it means to your business. The mystery comes in when you need to figure the strategy you need to improve profits.

Mapping your P & L’s

Where does your business income go? Day to day activities cost money in the form of salaries,  overhead and other costs like staff expenses, shipping or production costs. Every cent your business accounts for supports these expenses and costs, and the residual profit, well , that grows your business.

Your accounting software is a great platform to track this income and expense path, but did you know that your ERP software program can note only improve your profits, but streamline your business processes to ensure more stable costs in the future?

Customer Relationship Management Systems

A business that is growing is one that is aware of and engaged with, the experiences of and relationships  with its customers. Most accounting software platforms includes customer relationship management program that allows you to track each clients’ transactions from the initial order thru to the final billing and beyond. Your sales team will have all the information they need to ensure the strongest client relationships over time.

Integration of Platforms and Software Systems

Seamless integration between your existing systems is critical to obtaining your profit-and-business-growing goals. The best accounting software programs offer a plug and play integration with your existing systems. To improve your profit potential that much more, your ERP program should also offer the ability to enhance your existing processes with additional tools like inventory programs, payroll add-ons and powerful reporting for all aspects of your transaction path.

The profitability of your company is it’s lifeblood, but it’s more than about controlling costs. Understanding your day to day business processes, their ins and outs as well as how to improve their efficiency is critical to the future of your company. Accounting software exists as a central tool for that express purpose.