Brief Introduction
In the fast-paced world of modern business, accounting software has become a must-have tool for growing businesses in managing financial data efficiently and accurately. While most people are relatively familiar with the basic features of accounting software, to truly harness its power, you need to know how to use it effectively.
A powerful accounting platform can streamline financial management, automate repetitive and time-consuming tasks, and provide valuable insights into your business’s financial health. Here’s what you need to do, to power up your business finance.
1. Select the Right Software
It sounds obvious, but the first step to maximising your accounting software’s potential is choosing the right one for your business. So don’t worry, Thrive accounting software has you covered. From the outset, we take into consideration important factors like your business size, your industry, and your specific needs, so that our team of experts can work closely with your team to ensure alignment and create the best solution for you.
2. Leverage Automation
- Sales Conversion Cycle: Effortlessly manage the entire sales cycle, from generating quotes to issuing invoices. Our software can automatically convert quotes into orders, orders into deliveries, and deliveries into invoices. The same streamlined process applies to your purchasing workflow.
- Customer Statement Runs: Simplify your accounts receivable process by creating customer statement runs. With just a few clicks, you can mass-email statements to all your customers, ensuring transparency and efficiency in your financial communication.
- Bank Receipts and Payments: When entering bank receipts and payments, our software offers an auto-allocation feature that intelligently assigns these transactions to the respective customer or supplier accounts. This functionality enhances the accuracy of your financial records without requiring extensive manual data entry.
This all-in-one accounting solution allows business owners – like you – to manage their entire business more efficiently, from one location. Thrive eliminates the need for endless spreadsheets, and more importantly, brings consistency and order to your business finances.
3. Generate Reports
Make use of your software’s reporting capabilities to create essential financial reports. With Thrive, you can rest easy, knowing that all your reporting needs will be taken care of. Thrive’s enhanced reporting functionality gives complete transparency across your business. From general accounting to sales and invoicing and from purchasing to stock management, we’ve got you covered. Regularly conducting and reviewing reports will provide insights into your business’s financial performance, and inform business decisions going forward.
4. Invest in Training
Investing in training for yourself and your team is essential. The Thrive difference really lies within our support function. Having direct access to our expert team for onboarding, general support and ongoing training is what sets Thrive apart. Having a direct line with our team ensures that you make the most of Thrive’s functionality and its capability for your business.
5. Utilise Integration
Integrations streamline data flow between systems, reducing the need for manual data entry and ensuring data consistency. One of the many benefits of Thrive Accounting Software is its seamless integration with third-party applications and e-commerce platforms such as Shopify, Power BI, Van Sales and Order Taking, to name but a few. Our software was designed and built specifically to reduce the hassle and the time involved when integrating third-party applications while ensuring optimum functionality that works for customers.
6. User Permissions
Setting up user permissions is crucial to restricting access to sensitive financial data. Thrive software maintains the highest level of security with the added functionality of being able to set parameters for different data types. Having the ability to assign and track relevant permissions gives you more autonomy and peace of mind when working with confidential information.
Download our Updated Guide for 2024
Looking for the simplest steps to take control of accounts? Check out our updated and expanded guide for 2024 – with invaluable tips for finally getting on top of your accounting such as VAT control, real-time reporting and more!
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Ready to Experience the Thrive Difference?
To wrap up, accounting software can be a very powerful ally in managing your business’s finances efficiently. By selecting the right software, maintaining data security, embracing automation, and generating regular reporting, you can unlock the full potential of your accounting software and make informed decisions that drives your business’s success. See first-hand how Thrive’s power functionality and exceptional support can transform your business’s accounting efficiency. Our experts are always on hand to take you through a demo. Get in touch today!
