Nobody likes to think about problems their business could face. But your accounts software makes it easier to identify small issues before they become big ones.
Cash flow can be problematic, particularly if you're faced with late payments or have tight margins. Your accounts software may provide a dashboard showing payment times and bills that will soon be due, so you can take action to avert a cash flow crisis.
You can usually use reports within the software to identify longer-term trends, such as declining orders from an important customer, or reduced demand for a key product. If you think you need something more detailed you can ask your accountant to generate a detailed report.
Analyse your sales patterns
You might be surprised at what you don't know about your sales. For instance, do you know who's consistently your best salesperson, at what time of the month most sales occur, or who is your most profitable customer.
Accounts software gives you powerful reports and dashboards to analyse sales data, helping you understand when things are busy or quiet, so you can develop strategies to smooth demand and sell more of what you want, when you want.
You may even be able to identify when repeat purchases tend to occur, what products are bought together, and what offer or discount terms deliver the best results. It's all information that can help you boost your sales. This can be supported by your accountant to ensure it is accurate.