A delay in tracking your business revenues can be challenging once you file your taxes. Such an obstacle includes less time in identifying financial issues, a more extended sales closing period, and the inability to achieve more future sales. Therefore, you should track your daily revenues with the right tools to actively prevent more financial issues in the future.
Business-to-business software-as-a-service (B2B SaaS) allows easier tracking of digital marketing campaigns and automation of revenue calculation. Moreover, you can have a more productive business revenue tracking experience by following sales and marketing tips to improve money management.
While almost half of sales and marketing professionals determine their issues, you should learn to align your sales and marketing teams. Whether you regularly calculate your business revenues or not, it’s vital to strategize in data reporting and analysis effectively. So, in this article, you’ll learn four strategies to effectively monitor your business revenues in 2022.
1. Open Multiple Financial Accounts
Creating better business practices is crucial as you make organizational goals in 2022. For example, you must focus on professionally managing your finances from the beginning by opening multiple bank accounts for your organization. These accounts may include checking, payroll, credit card, savings, accounts payable, accounts receivable, vehicles, and petty cash. This strategy will save you time and avoid potential headaches, thereby ensuring sales growth.
Here are five ways a business bank account helps build a more robust organizational foundation:
- Distinguishing personal from business accounts
- Effectively monitoring business payments
- Maintaining a professional reputation for your business partners and customers
- Producing crystal clear records during audit claims
- Setting up good business credit for easier business loan transactions
2. Organize Receipts Ahead of Tax Period
Every time you close a deal or pay business payables, you provide or take a receipt. However, it’s challenging to retain business receipts. The most taxing factors include the inability to recognize ways to monitor receipts and unintentionally mixing personal and professional receipts.
You can organize your business receipts by following these methods:
- Paper Receipts
Keeping paper receipts is hard. Yet, it’s possible to store this type of receipts consistently by putting them in a paper filing system. You can control the clutter with discipline and following several paper-receipt-keeping strategies.
Here are some tips you can follow to organize your business paper receipts effectively:
- Hide inside the closet
- Stack inside a jar
- Collect inside separate envelopes
- Automated Storage
A more effective and easier way to organize your business receipts is using file automation. For example, if you want to discard the clutter of storing your paper receipts inside a box, you can keep your sale verification by scanning store receipts in your computer. Please take note that the Internal Revenue Service (IRS), a federal agency overseeing tax collection, requires entrepreneurs to keep their receipts for a minimum of three years.
3. Use Cloud Accounting Software
Accounting is a critical part of any industry. While storing your business receipts can help you identify your expenses, massive businesses will find it challenging to track more enormous sales records efficiently. Thus, you’ll need to employ accounting software to simplify the monitoring process of your business revenues.
An accounting software stores all vital business data that provides a vivid picture of the organization’s financial health. This software manages the bookkeeping process, and includes cost and revenue monitoring to leverage sales margins.
Here are five ways an accounting software is suitable for your business:
- Creating a convenient user experience
- Generating business reports
- Increasing financial productivity
- Providing a goods and services tax (GST) feature
- Bringing additional data speed and accuracy
Finding a reliable accounting software brand is crucial. Therefore, ensure that the accounting software you’ll use matches your business needs and data size to increase organizational cash flow. Moreover, you must choose the one that embodies positive remarks about its features.
4. Monitor Sales Representative Productivity
Sales performance management (SPM) unifies every marketing detail you need to bring out the highest potential of your sales team by building a structure. This strategy provides ways to analyze sales data, improve marketing performance, and target opportunities to close deals. Thus, you must monitor the performance of your sales team to expand business sales revenues. To successfully employ SPM, you must consider transparency, settlement timeline, perceptive quotas, goal alignment, and understandable data analytics.
It’s possible to increase your organizational sales productivity by effectively tracking business revenues in 2022. However, it’d be challenging to organize business revenues without the right tools. So, you have to enhance your revenue system by opening bank accounts, managing receipts, employing accounting software, and monitoring sales performance.