Over the last year or so, running a profitable business has been difficult for many sectors, some more than others. The importance of maintaining financial control and a positive cash flow has perhaps never been more vital to business survival. It goes without saying that to boost the health and performance of your business, you have to keep a close eye on profit, which means clear visibility of the money going in and out of the business. Yet more traditional monthly reporting and manual budgeting over longer periods of time can be damaging for your business because it won’t identify overspend at the point it happens (only later down the line – by which time it is too late to resolve).
It’s important to keep on top of financial control and cash flow in real time to help you make more informed decisions about your business and to understand exactly where you are spending your money. Purchasing goods happens on a daily basis for some businesses, which makes it difficult to keep track of finances. Keeping on top of cash flow and profitability is only possible with live balanced data.
Using a business trading platforms like zupaBiz, will help to build a more transparent view of your outgoing spend vs your incoming revenue. This is achieved by capturing live trading activity and integrating those transactions with your internal financial systems to balance the data. Advances in technology have made it possible to focus on what is happening within your business, so that you can take action to resolve any issues.
Financial configuration and retaining control of cash flow, is more achievable with a mirrored full chart of accounts, so that any transactions are logged automatically and balanced in the general ledger. By integrating this information into your financial system, you can rest safe in the knowledge that when it comes to financial reporting, there are no anomalies.
Essentially, the right technology will allow you to bring budget control to the front line. With businesses facing greater pressures than ever to operate with increased agility, ensuring that all of your purchasing and income is monitored accurately and against budget is something every business and finance team needs right now.