No matter what industry you are in, financial management will be a huge part of your day, and the same is true for the beverage industry. The right finance and KPI reporting software can be the difference between thriving and just surviving.
In this blog, we will discuss how to make the most of your financial management software and use it to grow your drinks business.
Find the right software
Not all finance and KPI reporting software is made equal. Different providers will use different platforms to support their software. So the first step in choosing the right software is ensuring that it integrates with any existing systems your company uses. For example, if you use Office 365, finding software that is also powered by Microsoft is ideal.
If you can, choose industry-specific financial management software, as it will have the relevant tools and features for your company, such as multi-currency functionality for wine importing and duty management features. Shop around and get a demo from different providers to find the one that is best suited to your needs.
Invest in proper training for your team
Once you have found finance and KPI software for your business, it is crucial that you and your team know the ins and outs of how it works so that you can use the features to the best of your ability.
Many providers will offer training and additional resources you can use to consolidate your understanding of the software and to maximise its usage. Make sure to invest in this if it is available, as it will help you and your team understand the full scope and functionality of the software, helping you to get the most out of it.
Use the software to track all of your expenditures
The more you put into your financial management software, the more you will get out of it. Make sure to track everything.
From your inventory to salaries, sales and marketing to delivery costs, ensure you are tracking everything to build a crystal-clear picture of your cash flow and help you identify areas where you can cut costs or invest more. This will also help you when it comes to deciding on budgets for the next financial year.
Decide on your KPIs and keep track of them
Your whole team must be in agreement as to which KPIs (key performance indicators) you should be tracking. Take the time to sit with your team and figure them out together to ensure more informed business decisions.
Examples include goals for revenue, profit margin, and customer retention. Once you define these, you can determine the gap and how you are going to get there. Your software should allow you to track your business’ KPIs, helping you to keep on top of your targets and accurately measure your progress.
Reporting on your KPIs and financial performance consistently will enable you to make sure you are improving in each area.
Investing in top KPI software and reporting regularly means drinks businesses can identify trends and make informed decisions surrounding the stock, promotional offers, and marketing efforts. Moreover, monitoring your finances can give you an insight into your financial health, which is essential for budgeting, forecasting, and strategic investments. If you have investors, financial reporting is crucial for staying accountable and maintaining their trust.
Financial and KPI management and reporting should be a non-negotiable, essential part of your daily drinks business activities. It provides you with key insights into your performance and guidance on which areas you need to improve. To make the most of your finance and KPI reporting software, you must find the right software, invest in the proper training, and regularly update it with as much information as possible!
Learn more about Bevica’s finance and KPI features, or contact our team, who will be happy to give you more information.