It’s time for a digital transformation
More and more business functions are going digital, especially in accounting and payroll departments. Cloud solutions not only offer the same capabilities, they let small business owners streamline operations.
Salesforce conducted a study on customer loyalty that follows the long-term trend of consumers having the desire to shop small and local, but a new factor arose during 2020. More people want to interact digitally when make purchasing decisions, especially since the Covid-19 pandemic limited in-person options. Adobe Analytics found US online sales increase 55% year over year in July 2020 making it more important than ever for business owners to focus on growth and not end up being a casualty of the ever-evolving business environment. In fact, 31% of small businesses say that without digital tools, they would have had to close all or part of their operation during Covid-19 and more than one-third will rely more on digital tools going forward.
Knowing when to take on tasks in-house or outsource is key for forward-looking businesses to not only survive, but thrive. Future-proofing is now a priority across industries as companies decide whether to reopen fully, or choose to cut operating costs and remain remote. Planning ahead, there are a few important things to keep in mind:
Digital tools: Choosing the correct tech stack matters, and discovering what that is looks different for every company. Our company custom-tailors a scalable solution for each of our clients so they get exactly what they need from a single-source with transparent reporting.
Accurate, actionable analytics: Robust reporting is simplified when using the right technology. Understanding the data means decision-making is faster and more informed. It goes beyond technology though. When outsourcing accounting and payroll functions it’s important to have regular check-ins that dig a little deeper into the numbers. A dedicated team and virtual CFO let owners focus on running their business without feeling like they have to be an expert in every back-office function.
Security: Cyber breaches are at an all-time high; prioritizing data security is logical, but many businesses simply don’t. Vetting vendors to partner with can be a daunting and time consuming task; then there’s the aspect of managing those relationships.