Being responsible for all financial affairs makes a Chief Financial Officer (CFO) one of the most important employees in an organisation. In this modern day and age, the role of a CFO is continually changing and adapting too, and more so than ever before, CFOs play an integral part in the success of small and medium-sized businesses.

 Now that technology makes data more accessible, finance teams should be using this technology to their advantage. Having real-time data available at the touch of a button makes it easier for businesses to make strategic decisions for future growth and the information provided by CFOs is a key currency for businesses. Investing in new technology and embracing this modern way of working can help next-generation CFOs to drive a business forward.

Tracking Project Costs

Tracking and managing project costs is well-known for being difficult, and it’s something that businesses of all sizes struggle with. This is particularly true if businesses still use spreadsheets to track costs and they don’t have a more streamlined way of doing things. Of course, the more projects you’re dealing with, the harder it will be to keep up with costs too. Using spreadsheets has become an outdated way of working that makes things much harder for accounting teams working on business projects, especially during this time of economic uncertainty.

Thousands of businesses still use paper documents and the amount of paper being wasted by businesses alone is having a detrimental effect on the environment. Although paper documents are the most traditional option, in this digital day and age, there are better solutions available. All organisations should be considering replacing paper documents with digital documents, especially as more pressure is being placed on them to become more sustainable, and there are several advantages to implementing digital alternatives.

Our very own Steve Boyes and Amy Hughes discuss the challenges currently facing distributors, how upgrading Sage 50 to Sage 200 can help to overcome these, and how Envisage (a Sage 200 Partner) can assist.

It isn’t uncommon for organisations to have external approval systems in place with spreadsheets or forms covering everyday functions such as holidays, timesheets, expenses and sales orders. These functions often aren’t integrated with core ERP systems either and this can cause several problems. Not only does the lack of integration mean these functions require manual checking and manual sign-off, but it also prevents transparency and audit trails. Of course, the duplication of effort is a waste of time and resources too.

Regardless of the industry you serve, as a wholesale distributor, having control of your supply chain is essential. Not only do you need to ensure that the right product is delivered on time to the right customer, but you need to be able to provide any required information about the supply chain from point of manufacture through to point of delivery. For this reason, having end-to-end traceability is more important than ever before and distribution businesses of all sizes are placing a bigger emphasis on ensuring they have visibility throughout their whole supply chain.

Sage software can be extremely useful for your finance team and many businesses within the distribution industry use Sage software solutions to manage their accounts, payroll, cash flow and payments. However, many growing distribution businesses continue to use Sage 50cloud when it may no longer be the best option available for finance departments.

For any business dealing in physical goods, a delivery docket is an essential piece of documentation as it describes not only what is being delivered but how much of each item is in the delivery also.

Typically, in a retail store, each delivery docket has a long journey. One document will travel from the distribution centre or manufacturer into the delivery truck, through to the store where it’s accepted in by the team, then it is passed to the accounts department to post onto the accounting system and finally multiple dockets are taken by courier to more filing cabinets in head office and eventually to an archive storage location.

Sage 50cloud is a tried and tested product, and whilst it has been a popular option amongst small businesses for over two decades now, upgrading to Sage 200 may be the logical next step for your business. When you run a distribution business that is growing rapidly, it’s likely that your needs will change in relation to your finance and business software, and Sage 50cloud may no longer be able to accommodate these needs. Thankfully, upgrading to Sage 200 couldn’t be easier. With a range of options to suit your business, it can offer you the enhanced flexibility and functionality your growing business requires.

It isn’t uncommon for convenience store owners to have small back office teams. Even if they have a handful of stores in different locations and large transaction volumes, they might not necessarily have a dedicated in-house accounting team, for example. In fact, many store owners will have multiple responsibilities, including ensuring their accounts are always correct.