Housing management systems offer lots of functionality, but the finance side is often overlooked. Updating your finance system will undoubtedly improve your ability to manage customer enquiries, property assets and maintenance, however, it can be hard to know what to look for in finance software.
If you’re questioning whether your charity’s finance software is still fit for purpose, it’s a good idea to start in two places. Firstly, establish when it was that you bought your current finance system. Secondly, consider how much your company and the world around you has changed since.
A partner relationship and channel should ultimately benefit both parties. Any business that sells through channel understands the importance of revenue stream, and every partner that enters a business partnership with a vendor wants to expand their own business and attract more satisfied customers. Unfortunately, not all business partnerships achieve the goals established by each party at the outset, as there is often a lack of knowledge and understanding of how a successful business partnership should work.
Professional services organisations traditionally struggle with cash flow and working capital management. While payroll represents a substantial and unavoidable cost, cash inflows are uncertain; with inefficient and outdated billing processes exacerbating the struggle to get cash in the door and paid fairly for the work carried out. Although this issue isn’t wholly unavoidable, by utilising a finance system with an automated invoicing function, many organisations can overcome these issues and minimise working capital by streamlining invoicing processes.
There are plenty of finance systems out there which are great for small businesses. They are simple, easy to use, and are often available for free or for bargain-basement prices. But, as organisations grow, requirements change. We take a closer look at the seven signs you’ve outgrown your finance system so that you can identify the warning signals early on.