In today’s business, time is money.
The financial management systems at the heart of your business must enable you to make data-driven decisions quickly and easily, make month end a breeze for you and provide you with instant access to profit information and accurate inventory valuations.
This is where real-time accounting comes in and provides you with your new competitive edge…
To conclude, these are the key points you need to remember about how real-time accounting can help you and your business:
Be proactive, not reactive
Whether it’s a sale, purchase, inventory adjustment or otherwise, real-time accounting gives you instant access to up-to-date income statements, balance sheets, sales reports and more. With this detail, you can be proactive rather than reactive to your business needs.
Steer your business in the right direction
At the click of a button (day or night), real-time accounting enables you to check your business performance and profitability. You can compare the results to previous periods and check the profitability of different sales channels, and ultimately, use data to steer your business in the right direction.
Make month end a breeze
There’s no waiting for your accounts to be compiled at month end as real-time accounting has it all there, 24 hours a day. This means no more lengthy waits for your accountant to pull together an up-to-date figure that is out of date before you’ve walked out of the door.
Access accurate inventory valuations
Without the need to manually process open or closing inventory journals, real-time accounting gives you instant access to accurate inventory valuations. You’ll know how much you have left outstanding on goods received but not invoiced, or how much you’ve paid out but have yet to receive the goods for.
Reflect real-time margins and profits
With every sale, purchase and inventory correction, your inventory valuations will be up-to-the-minute, providing you with an instant assessment of margins and profit on your orders. Use this information to reduce overheads, increase prices or slash them to outsmart your competition.
React, reorganize & restructure quickly
Having accurate up-to-date information via real-time accounting will help you to identify areas of pain, as well as areas that can improve. You can quickly react, reorganize and restructure, aiding your future expansion plans, while boosting profitability and growth in your business.
You’ve now heard our point of view, but what do Brightpearl customers say?
“Compared to the accounting system we had before, Brightpearl has absolutely been a huge step forward. You can audit everything, and anything that happens across the business, all in one place.” – David Keith, CTO, Growers House
“Accuracy is a huge advantage for us, by having all our retail information stored centrally, there is less room for error. The real-time accounting is a big bonus, it means no more paper ledgers or spreadsheets which is great news. We no longer have to repeat manual activities saving us time from monotonous tasks. We can see an overview of the business by just logging into Brightpearl, allowing us to evaluate the business much more efficiently.” – Jonathan Partridge, Director, David Shuttle
“The responsive system helps us manage our inventory, purchase orders, customer data and a key strength for us – our accounting. Being able to see a live profit and loss statement of the business on a daily basis is amazing, it’s very useful for making business decisions.” – Clifton Vaughan, Director & Co-Founder, Natural Baby Shower
Conclusion
Real-time accounting gives you peace of mind and confidence that anytime, day or night, you’ll have a true up-to-date reflection of your business. Being agile and acting on intelligence like this will keep you one step ahead of your competition, allowing you to not only survive in retail, but prosper and grow.
To find out more about Brightpearl’s real-time accounting, take a look at our detailed financial management product page, or get in touch with us to organize a personalized demo!
