The boom of the e-commerce industry made many businesses realize how powerful the internet can be. For the past decade, many enterprises slowly started the shift from a traditional setting to a digital setup. And recently, the pandemic accelerated this movement to cope with the restrictions and changing consumer behavior.
Moving the enterprise online is very helpful in keeping the business competitive and relevant. More importantly, it is an effective strategy to continue bringing in revenue amidst current economic and financial challenges today.
However, moving the sales operations online can be challenging. It requires thorough planning, strategizing, and implementation to get the expected results. Every type of business also requires different approaches and takes into consideration their markets, industry, capital, and capacity.
Fortunately, business owners now have access to various technological capabilities that can smoothen the entire process. For example, e-commerce platforms now enable even small businesses to easily sell products and services over the internet. Additionally, other tools like cloud accounting and customer relationship management software (CRM) offer functionalities that can assist entrepreneurs in their plans to move online.
Accounting software, in particular, is a comprehensive instrument in driving the business to productivity and good financial performance. With every task that small business owners have to handle, business accounting software will assist them in completing critical tasks with accuracy and speed. Together, e-commerce and cloud accounting applications empower businesses to step up their potential when they create their online platform.
Here are some of the ways these solutions can help businesses.
Functionalities of E-commerce Software
E-commerce empowers businesses to create a website to sell products, manage inventory, accept and process payments, and handle fulfillment. A few of the biggest advantages of this program are its cloud capabilities and third-party app support. Entrepreneurs can integrate accounting, customer management, and inventory software for complete operational control.
Many e-commerce software targets small businesses to help them easily add and remove products on their online platform. It is also designed to help business owners manage stock keeping units (SKU) and update them automatically as orders come in and products are shipped out.
One way to lose a customer is to take too long to process the sale and dispatch of the product, which is why tools to increase efficiency are necessary to grow. Cloud-based e-commerce software has also streamlined the checkout forms that make it as easy for customers to complete their purchases.
Many e-commerce solutions have built-in search engine optimization and social media tools that boost the small business’ capacity to compete with other online enterprises. This feature ensures that the business is not only active when there are sales transactions but is also proactive in attracting potential customers.
Functionalities of Cloud Accounting Software
With the level of market competitiveness in different industries, companies moving online need all the support they need to make relevant decisions. One way businesses can gain valuable insight as to their performance and financial health is by using accounting software. Modern accounting solutions automate accounting activities; therefore, using them gives entrepreneurs more time and substantial information to adjust their strategies.
An accounting software’s invoicing function allows the business to send out invoices digitally. Once the sale and invoice are processed, the transaction will automatically reflect in the company books. The software also allows e-commerce companies to receive online payments and recognize such settlements in the records.
Unlike paper-based and spreadsheet-based bookkeeping, using accounting software eliminates unnecessary steps in the record-keeping process. For example, the business can connect its electronic bank statements to the system and complete reconciliation with just a few clicks. Gone are the manual input of the bank transactions and matching with the company’s records. Instead, the software immediately perceives discrepancies with a prompt of the next action the user can do.
It is important that the company records and reports adhere to the accounting standards. Not only does it make the company compliant with the reporting requirements, but it also makes the financial information more relevant and useful.
Using accounting software ensures that the financial statements are following the recommended standards. Moreover, as many accounting tools are targeted at small businesses, entrepreneurs can use them even with minimal understanding of the accounting process. Some developers also offer accounting assistance for those who need additional support.
Modern tools can also make financial information more meaningful through graphs, charts, pivot tables, and lookup functions. Users can generate these reports using the reporting functions and even customize the format of the report. This is useful for small enterprise owners who are new to running a business or have minimal understanding of financial reports.
The cloud functionality of small business accounting software allows connectivity between accountants, bookkeepers, employees, and owners even if they are from the opposite sides of the world. Real-time access to the company records facilitates the immediate updating of information without data redundancies. This feature also allows users to leave comments or initiate discussions among themselves.
Support the Business’ Digital Transition With Simple Tech Solutions
Moving the business online is a strategy that many companies have been implementing since the boom of the internet. Today, having an online platform translates into more exposure, wider reach, and higher potential for growth.
With the digital tools available to small businesses, entrepreneurs no longer need to stress so much about their digital transition. They only need to find the right solutions that fit their needs without making things complicated.
KIPPIN – from the phrase “Keeping it simple” – aims to make people’s lives easier by providing simple solutions to everyday tasks. We provide online bookkeeping, accounting, invoicing, payroll, and tax services. We also align our clients to top financial experts on our platform to handle your financial management needs.