KEEP UP TO DATE WITH THE LATEST MANAGEMENT TOOLS

Every person who has turned their dream of running their own business into a reality is an entrepreneur. Most started small, trusted their business acumen, hired competent staff and most likely took advantage of the best financial management tools available at the time. Sound financial management is essential to business success and now, in our time of constantly evolving technology, there are all types of tools available to assist entrepreneurs and their staff.

Computerisation has revolutionised every aspect of our economic activity. Tasks that were once labour intensive, repetitive and slow to produce results are now completed in an instant, and the results of business and operational decisions are available for analysis almost immediately. The magic ingredient that allows this to happen is computer software and there is a program for every aspect of business activity.

Choosing which software is the best for financial management will depend on several factors including the size of the business and the types of products or services they provide, but as a general guide, there are three that many successful businesses use to process information and provide operational guidance to assist decision-making.

The first is Harmony PSA. This is suitable for companies with complex billing models and provides a consolidated system that supports the entire business cycle from lead generation to contract renewal. It is specifically suited to software and service businesses with all business functions automated on a single platform.

MYOB Advanced is the second choice. The original MYOB has been available for some years now and was a favourite of small business. MYOB Advanced is tailored for bigger businesses and includes accounting, inventory management, workflows, manufacturing, payroll and other functions. This software provides management with integrated data in real time for better decision-making, providing the opportunity for faster growth.

For the final pick, idu-Concept emerges as the ideal budgeting, forecasting and reporting system for mid to large-sized businesses. This versatile software is suitable for manufacturing, education, financial services and other sector businesses. The system also tracks spending and manages assets and equipment as well as other functions. It is also available as an outright purchase for installation on a company server for those organisations that prefer local control of their information.

Successful business owners should look at their operational software from time to time to make sure that what they are using is giving them the best value for money. What they should also be looking at is setting up their own SMSFs (self-managed superannuation funds).

Superannuation is one of the most effective and low-tax ways to plan for retirement, and most business owners have their own SMSFs instead of using retail or industry funds. Those who are too busy to look after the complex administration and reporting requirements of running an SMSF engage other companies such as SMSF Assure to look after these details for them, just like they hand over operational tasks to their own staff. Both approaches work well and give the busy entrepreneurs some leisure time to themselves.

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