Business costs have a large impact on your bottom line. Many companies are not aware of their exact costs. Simplified accounting systems provide financial information after the fact. Often a financial statement that shows your bottom line is not available until 30 days or more after the end of the month or the year. Changes in your financial position do not show up until after they have occurred and it is too late to stop costs and eroding margins from eating away at your profits.
In order to control and reduce your costs, you need to know exactly what they are. A business solution that provides immediate, accurate and complete executive information on your costs and profits is critical. Here are some examples of how you can have better visibility to your costs and take control to reduce them.
• A more robust business solution can provide you with an alert of a critical condition that will affect your financial position at the time that it occurs. This allows you to correct the problems as they occur.
• Real time financial information that displays in an executive dashboard or portal allows executives to monitor your financial standings. This allows you to take immediate action and make changes before a problem affects your profits.
• Automatic approvals and order holds can be set up to stop sales that fall below an acceptable margin before they occur.
• Products or raw materials can be set up for approval when a cost has risen beyond an acceptable percentage.
Getting control of your costs is a major source of new profitability today and for the future.