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Which are the Best Accounting Software to Choose From

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One of the many reasons a business fails to succeed in the absence of a robust bookkeeping or accounting system. After all, no one wants to run out of cash.

With a myriad of options in the market, you can either set up an accounting system manually (consider: accounting books); or electronically (consider: Google/excel spreadsheets); or use an accounting software. And unless you wish to get seasoned in book-keeping practices, accounting software is the most practical choice for a busy entrepreneur or a small-mid sized business.

Here are some considerations:

Since every business has its own unique need, the following aspects will help determine your choice –

  • Do you require the software to calculate all payroll requirements (PAYG, annual leave, long service leave etc.)
  • Does it combine other task management requirements such as inventory, work in progress, orders, jobs etc.
  • Can it handle more than two bank accounts
  • Cash flow in a foreign currency?
  • If you have multiple departments, separate financial records for each business
  • Can it collaborate or interface with other payment gateways such as online payments
  • Does the system include customer records or CRM

 

Software Options that you can Consider

The market is swarmed with customizable accounting software packages designed to meet diverse bookkeeping requirements of the businesses. Some of these software systems are free to use. Out of the multiple options, the best accounting systems for a small business are:

2. Quick Books:

It is the software designed for growing business enterprises. It offers a consolidated customer and supplier database. You can get your company’s snapshot on the dashboard. The unique feature of this program is its ability to track your business mileage by claiming deductions. It can calculate the quarterly taxes and troubleshoot problems using its self-help feature. Use it to generate online reports and keep a track of your finances with its cloud-based remote access capabilities.

2. MYOB:

This online accounting software helps in managing your business finances efficiently. You can connect it to a wide range of mobile app solutions tailored to your business. A PayDirect online feature allows faster payments and MYOB Essentials helps in managing ATO compliance requirements. You can prepare instant reports on BAS, GST, and PAYG. Also, you can link documents easily to the bills.

3. Reckon One:

For easy accounting and powerful functionality, you can choose Reckon One. It is specialized accounting software for small businesses. The salient feature of this software is its flexibility. You can add its modules as per the requirements of your business. It is the only software program that can be put on hold. It is a cloud-based program that hosts the entire data within Australia. Additionally, it has the most stunning dashboard allowing you to choose the widgets you need.

4. Sage:

This cloud accounting program helps in making better business decisions with its advanced reporting and analysis tools. You can automate the manual processes and avoid human errors. It is easy to manage the cash flow and organize all your finances in one place. There are three scalable editions suited to the size of your business. You can opt for add-on modules for payroll management and credit card processing.

5. Xero:

The interface of this software is similar to that of QuickBooks Online. However, it has more enriching features embedded into it. It has Mac integration feature that can be natively connected to Mac UI. You can set up this software with most of the major banks in the USA. Apart from this, it has features like expense claims, invoicing, payroll management, reporting, data security, multi-currency tracking, and much more. You can also run this software on your mobile using its multi-platform app.

6. Cashflow Manager:

It is a specialized small business accounting program available in different versions. It has an easy column methodology. With its cloud version, you don’t need to do the regular backups of accounting data. You can record unlimited transactions. The software is safely hosted in Australia. It offers seamless telephone and email support with a free subscription to Cashflow Manager Care.

7. Nominal:

With its user-friendly interface, Nominal contains a lot of functionalities for freelancers and small businesses. Some unique features of this program include time billing, an easy time-sheet for recording time spent on a project and easy integration with PayPal accounting using PayPal API. There are automated features for invoicing, payments, fees, and transfers. Also, track inventory and make necessary adjustments when required. The program is completely tax-compliant.

8. Saasu:

With innovation and simplicity at its core, Saasu is a dark horse in this race. It offers features like a live dashboard and personalized invoice creation. You can make online payments through the program using PayPal or a credit card. Its Cashflow Forecaster gives you insights about future cash flow. Invoices can be created in multiple currencies, and help track all correspondences using the customer database and address book.

These are the best software options for small business accounting.

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How to Decide on a Payment Gateway System

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Whether as a new online entrepreneur or a seasoned business who operates through multiple channels, being able to accept payments from your customers is a must.

When it comes to payment gateways – there is a lot to consider. Not only do you have to consider the technical and logistical aspects of setting up a payment gateway, the ease by which your customers can pay you also directly impacts your bottom line.

What to Consider in a Payment Gateway

 While looking for a reliable, cost-effective payment solutions, consider these factors.

 1. Compatibility

 Your chosen payment gateway system should be compatible with perhaps your Magento e-commerce platform or the various extension or plugins that are unique to your site. Besides, you may also need to link your payments gateway to your CRM or other financial data management software that you use. Make sure that the gateway will integrate easily.

2. Fraud and Security Features

Payment gateways such as CyberSource are specialists in fraud detection. Other hosted payment page may charge you more for an extra layer of security. If your site plans on handling large volumes of traffic then it will help to proactively identify suspicious activity before it gets any further in the payment process.

3. Built-in Invoicing Capabilities

 To streamline and reduce reliance on other platforms it is good to install a payment gateway that includes built-in invoicing capabilities.

4. Payment Preferences

Understanding the preferences of your target audience will give you an insight on how to tailor your payment offering. Invest time in the same.

5. Keep a Back-up

It is highly advisable to offer a popular gateway, PayPal as a useful back-up in case your primary gateway malfunctions.

With  numerous Payment Gateways in Australia you can look up Australian Bank Comparisons & Australian Payment Gateway Reviews to help you determine which Payment Gateway in Australia suits your requirements.

Some Popular and Major Gateways are:

PayPal

A long-trusted default payment gateway – Paypal is popular mainly because it is easy to integrate with most open source e-commerce platforms such as Magento, Drupal and WordPress across multiple plugins.

eWay

eWay is yet another Australian based payment service which launched in the year 2000. Having been around for over a decade they have remained competitive in the market by allowing its users to use the product with no monthly or annual fees.

SecurePay

An Australian founded company, SecurePay was established in 1999 and found great success in increasing their customer base dramatically.  It was later acquired by the Australia Post in 2010.

Braintree

Braintree allows exciting features for companies looking to expand globally. A subsidiary of Paypal, it accepts payments in more than 130 currencies, with minimal fees. They also offer a premium mobile experience, accepting cards, PayPal and Apple Pay, and have flexible features including the ability to split payments between you and your sub-merchants. Their ‘Sandbox’ feature is also a great place for businesses to experiment with various options.

 

Other players include Fat ZebraMerchant WarriorIP PaymentsSCNet and others. It can be sometimes hard to decide what’s best for your business and the above metrics help differentiate between then to make the decision process easier.

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Leverage the power of personalization for better CRM results

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No matter what the size of your brand, one of the best ways to differentiate is to deliver a memorable customer experience. When you personalize your interactions with your clients, you let them know that they are important to you.

These personalized experiences are the key to building long-term relationships that you seek with your customers.

Why Embrace Personalization?

Personalization is all about knowing your customer, and going a step further by remembering them. With the help of Customer Relationship Management (CRM) systems, companies can now track their customers’ buying patterns, preferences and much more.

This helps in creating a personalized experience that will make every customer feel valued and appreciated by the brand. Personalization can be achieved through various categories – sales, marketing and customer service; all of which are important to create an outstanding experience.

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Better Business & Relationships – Most marketers (nearly 96%) agree that the power of personalization has helped them boost their relationships with customers. Nearly 88% marketers have seen a visible lift in their business as a result of their personalized campaigns.

Machine Learning Advantages – Today, every 1 in 3 marketers is using machine-learning personalization to offer experiences at an individual level. With the help of algorithms and predictions in your CRM systems, you can create new recommendations for customers and increase engagement levels.

Multi-Channel Promotions – You can employ personalization across multiple marketing channels for a memorable and lasting effect. These can include your email campaigns, company website, mobile ads, web apps or mobile apps and even your targeted marketing campaigns.

Tips to Maximize the Impact of Personalization

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• Marketers should start keeping the end result in mind. When you know what kind of experience you want to deliver, you can work backwards to create it for every customer.
• Use your CRM solutions smartly to understand which customers are bringing in maximum revenue and focus on tailoring exclusive deals and offers for them

• Track and segment your customers into smaller groups based on similar preferences and buying patterns and create content specifically designed to appeal to these individual groups.

• Put yourself in your customers’ shoes to understand how they would like to receive communication from your brand

• A lot of e-commerce websites often suggest products based on your previous browsing or purchase history, giving you a sense of ‘welcome back’ on the website. You can try to re-create this experience with the help of CRM systems as well.

Personalization is a great relationship builder in marketing that will always make your prestigious customers feel welcomed, considered, and highly valued as customers.

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4 CRM Strategies That Help in Customer Retention

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Today, businesses are largely impacted by their empowered customers who have access to unlimited information through the internet and various other media.

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This digital revolution has brought about a power shift from the hands of business leaders to customers, giving them the freedom of choice in a highly competitive market.

In order to maintain a healthy relationship with customers and develop a customer-centric framework, CRM offers great benefits and added value to business houses.

With a primary objective to increase customer retention, CRM also aims at acquiring new customers at a lower cost, and smoothly building the journey from a new customer to a loyal and long-term client.

We bring you the top 4 CRM strategies that will assist in customer retention for your company:

4 CRM Strategies

When you have data about your customers’ experiences with your brand, right from the point of awareness, engagement, purchase process to the post-purchase involvement, you can easily assess the strengths and weaknesses of your marketing efforts.

Once you know the exact journey of your customer with your brand, you can strategize ways to re-engage with those customers who engagements levels have been comparatively lower.

2. Develop Customized Offers to Target Customers 

Once you are able to track the purchase pattern of your customer, you can create tailor-made offers to engage them for further purchases and loyalty. CRM data helps in gathering the purchase history of every customer and assists you in smartly identifying the ways in which you can convert customer interest into a direct purchase.

3. Create Loyalty Programs 4 CRM Strategies That Help in Customer Retention

Your CRM software can help you determine which customers are bringing in the most revenue and thus, you can make special loyalty programs for these valued customers. By offering rewards and incentives, you can ensure that they stay your most profitable customers with time.

4. Assess Performances

Feedback is a crucial aspect of any successful marketing campaign and there’s no better place to get feedback than your customers. You can utilise your CRM dashboards to review the services and pinpoint the areas that need improvement.

You can also use the CRM metrics to determine which service problems are being resolved in a single call while which ones are requiring more time. This insight can also be used to reward your staff members and motivate them to further solve customer problems faster and more efficiently.

Businesses are always looking for ways to improve their customer service and CRM offers the bridge that connects business information from all departments into a single database that is easy to access. You can monitor and improve all activities around customer retention and engagement for better business opportunities.

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Top 5 Factors to Consider While Selecting the Right CRM

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Businesses looking to transform their customer data into insights that can further lead to revenue generation, and greater ROI – should be ready need to invest in the right Customer Relationship Management (CRM) solution.

A CRM software not only helps in improving customer service, or satisfaction levels, or loyalty but also increase profits for the company.

While CRM deployment can drastically impact a business, choosing the right solution involves considering the following points:

1. Price

Budget is one of the key components of any IT investment decisions. However, when choosing your CRM, don’t just consider the upfront cost, but also the long-term maintenance cost along with the benefits your CRM will deliver. Consider what is included in the price you’re paying and more importantly, what’s not. Preferably, it is better to look for a solution that is cost-effective and integrates with your existing IT infrastructure.

2. Well-defined Business Objectives

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Having clearly defined business goals is crucial before you go hunting for a CRM software. You should involve all departments of your team to understand how they are currently managing data and take inputs on what can help them enhance their performances.

3. On-demand or On-site?

Both methods of CRM deployment offer their own sets of pros and cons. Many companies prefer a cloud-based solution as it gives them easy access to a faster and powerful software without having to invest too much in infrastructure. On the other hand, some companies with large IT departments and existing computing infrastructure prefer to purchase the software and hardware for their CRM.

4. Scalability

Since your CRM will help your business grow, it is vital to consider if the software also has the capability to grow as your business progresses. Scalability is a crucial aspect of your decision, especially if you are a rapidly growing business.

5. Vendor Reputation

No matter what kind of deployment you choose, your vendor’s reputation must be properly scrutinized before you finalize your CRM. Check out their reviews and client testimonials and also speak to existing customers about their experiences. It will also help if the vendor has prior experience of working in your business vertical.

Once you properly review your expectations, objectives, and budgets for the CRM solution, you will be able to optimize the improvements and savings in your business as your software will live up to its benefits and promises.
View More on CRM Consulting

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Which is the Best CRM to Choose for Your Business

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Business owners are constantly looking for ways to improve efficiency and free up their team’s time for more productive tasks.

Which Is the Best CRM?

In such cases, choosing a Customer Relationship Management (CRM) is a logical choice to fuel business growth. However, once you decide to opt for a CRM, you will encounter many choices, making it a challenging decision to pick the right system for your business.

The key is to choose one that protects your customer database and is also easy for your team to adopt and use. We bring you the core features and benefits of leading CRM systems to help you make the right decision:

Zoho CRM

Zoho CRM offers a free version for small businesses with an employee strength of less than 10. This is a great way to test drive the software and decide whether it’s worth investing in the paid version.

Some of the unique features of the software include workflow automation, lead gathering, smart analytics, contact management and a wide range of tools that help you convert prospects into customers. It also allows you to integrate all data with mobile and Google Apps, making it a great solution to attract more customers and close additional sales.

Salesforce

Salesforce CRM is an all-in-one cloud-based solution for all types of businesses. It enables organizations to find new customers, keep existing ones, close sales deals and grow businesses.

Some of the key features include sales forecasting, workflow automation, lead generation, generating and analysing reports, mobile access, lead generation and opportunity management.

It offers real-time data that eliminates hours of research to find leads and helps in evaluating opportunities.

It can also be integrated with outlook and helps motivate and manage your salespeople so that they can reach their goals. You can also integrate other business functions like HR, IT, finances, marketing and customer service in the platform.

MS Dynamics

Microsoft Dynamics is a highly flexible and powerful CRM tool that meets the needs of various business processes, industry verticals, and complex business challenges. It helps in improving sales forecasting, scheduling, and purchasing while also enabling better pipeline management.

The software helps you create product families, catalogues and mobile dashboards that bring productivity and efficiency in your sales. You can also integrate the system with outlook and Microsoft office so that your employees can easily pull information from Office applications into the Dynamics CRM. The other key benefits include easy data access, customized workspaces, excellent mobile support and great data migration and security.

BPM

This is a process-drive CRM system that enables your team to perform coordinated actions in sales, marketing and service by integrating customer data with process management tools.

It offers scalable features and helps you enjoy both, BPM and CRM functions within a single solution. The key features include knowledge and project management, synchronization, integration and import, lead management, collaboration tools, Omni-channel communication, mobile sales and much more. It offers better flexibility with agile deployment, delivers an engaging interface that’s easy to use and integrates smoothly with open configuration.

Once you understand your business needs along with the budgets and expectations from your CRM system, you will be able to find the perfect software to boost sales and maintain great customer relations.

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Why CRM is Beneficial for Xero, MYOB and Reckon Users

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Customer Relationship Management (CRM) is a system that enables businesses to improve relationships with existing customers, find new prospects and reconnect with former customers.

By integrating a CRM software in daily operations, businesses can collect, organise and manage customer information smartly and efficiently.

However, implementing the right CRM strategy can help both, small business ventures and large-scale enterprises deliver better customer satisfaction.

Benefits of CRM When Integrated with Your Accounting Software

 While CRM systems are useful on their own, it can become even more worthwhile when you integrate it with your other applications.

  • For businesses that use Xero, MYOB or Reckon for their accounting needs, integrating CRM systems will help check details of all financial interactions with every client.
  • The data can then be analysed to check which sales are generating the highest revenues and profits.
  • Also, when you can see all your customer orders on one platform, you can suggest suitable products and services that they might like to purchase from you.

By adding the efficiency of a CRM software to your automated accounting solutions, you can ensure an integrated communication between all departments like sales, marketing, and accounting and enhance their productivity levels simultaneously.

Reduce Outstanding Receivables

You can eliminate redundant entries as all your invoice data will be entered just once in the cloud and can be accessed from anywhere.

In case of incorrect or double invoices, customer payments get delayed till the errors are sorted out. You can automate alerts and notifications to your customers and sales team before the payment is due and keep your collection process moving smoothly.

Optimized Communication

 With an integrated CRM solution, your departments can minimize the time spent on the phone as they can access all required data on the cloud without having to call members from different teams for information. This will help them focus on more valuable tasks at the workplace.

Save Time on Data Entry & Troubleshooting

Eliminate data errors and duplicate data entry by integrating your back-office representatives into the system. Also, the finance team will be more equipped to handle discrepancies by viewing all transactions and communications with the customer, not just the ones related to accounting.

Improved Vendor Management

 The purchasing department can manage and track all the steps of the purchase process in one place, instead of multiple folders and spreadsheets. By maintaining a comprehensive record of all the communication, you can ensure prompt handling of purchase requests and avoid vendor misunderstandings.

Streamline Customer Credit Approvals

 Normally, the credit approval process can take up to three days to complete but with the help of an automated system, you can accomplish it by the click of a button.

With the integrated calendar in the software, you can also keep track of important dates and remind your customers about the deadlines. By saving time and efforts in the process, you can collect revenue three days earlier and thus, significantly impact the cash flow of your business.

Integrating CRM software solutions with your finance and accounting operations will definitely boost your sales, help your business grow and free up time and mind space for your people – the most valuable asset in your organisations.

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5 best practices to get the best out of your crm systems

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For most companies, choosing the right Customer Relationship Management, or CRM software seems to be the most challenging feat. However, once it is bought and started-up in an organization, most companies are unaware how to fully exploit it to their advantage. In order to maximise your CRM’s potential to streamline operations and boost revenues, make a strategy that includes these 5 best practices.

Training Matters

When you plan your CRM installation, make sure to include enough time and budget for an in-depth training to your team. Rather than just offering a couple of hours of training or handing out information pamphlets, influence your team with the right aspects of the tool. With extensive training, your team will build a familiarity with the system, develop user confidence and understand and comprehend its benefits in their routine work.

Integration is the Key

CRM doesn’t work as well in isolation as it does when it is integrated with your other systems. In order to be a major team player in your organization, it must be plugged in with the other in-house systems, including cloud, accounting systems, website and offline operations.

Don’t Overcomplicate

Start with fewer functions, tabs, and keys in your CRM tool to get maximum results. Always choose to add new features and functions that build on your established workflow for higher productivity from the tool. CRM is more an evolutionary process than a revolutionary one and therefore, always start by keeping it simple.

Focus on the Core Areas

For your sales team to use the CRM effectively, it is important to give them a focused direction rather than telling them that everything is important. In the case of your CRM, only choose the most vital tools that will actually benefit your sellers. Remember that your CRM should make your sales team more productive and any other distraction from this end goal will be a waste of bits and bytes.

Data is Everything

Have fixed protocols on how data will be entered in the system to ensure consistent data entry. Your CRM will only be as effective as the data it houses and thus, every team member must be educated about the right ways to enter, manage and edit data. If you want CRM to become the game-changer in your company, these 5 strategies will help implement your CRM with success and ultimately result in positive sales outcomes.

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Decoding Everything Digital

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Welcome to our Blog section!

Hola!…we’re super excited to get started with this blog as we’re always in the process of crafting something new.

And guess what!

We want you to be with us in it too 

As a modern-day digital and web agency, we break down the ever-changing digital space to develop an original strategy that complements your vision and goals.

We are digital marketers who are always perfecting our individual talents, and we love to collaborate. With you. With each other. With our clients. In everything we do. As that’s what we believe in.

We know that the best collaboration happens when we share knowledge, ideas, shake a leg (also drink coffee in the same room), and at the same time, work towards the same goal.

We angle out every possibility, follow every rabbit hole, and navigate through every problem until we find the best solution. And we do it together – until IT’s solved.

IT Solution Solved.

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