Most wholesalers think they have great systems in place at their warehouses.
And while many do, there are also many wholesalers whose operations could benefit from a little bit of help.
One area that comes to mind is bookkeeping.
Take it from us: bookkeeping is a important, with a capital I. And in our experience, many businesses (such as wholesalers) run into trouble when their bookkeeping simply isn’t up to scratch.
We don’t blame you. As a wholesaler, the list of things you need to keep track of:
- Bulk purchases
- Online wholesaling…
The list goes on! That’s a lot of information to track.
At Maximum Business Solutions, we’re big fans of cloud-based solutions - we love them, and we’re completely convinced that cloud bookkeeping is the way of the future.
Interested? Read on to learn how cloud bookkeeping can help your wholesale business thrive in an increasingly difficult market.
Real-time financial reporting
In our experience, many cases of good businesses running into financial trouble can be traced back to poor financial reporting.
Financial reporting is the lifeblood of any business - not only does it dictate your ability to expand and cover your costs, but it also informs every decision you make as a business owner.
Wholesalers have to keep track of a lot of different figures:
- Stock purchases
- Bulk orders
- Online sales
- Freight expenses
Fortunately, the bookkeeping software of today does much more than balance sheets and monthly reports.
Automatic updates ensure you’re always provided an accurate and real-time snapshot of your business’ inventory, revenue and sales.
Collaboration made easy
If you’ve ever used iCloud, Google Docs or Dropbox, you’ll know what we’re talking about when we say that cloud services make accessing your important files a breeze.
It’s hard to imagine a time before it was possible to access and download your files from any device!
Cloud bookkeeping lets you do the same thing, but with your business’ financial information.
Additionally, it makes collaborating with other members of your team easy. Take it from us, collaborating on your accounts with conventional accounting software can be a pain:
- You can only access to your accounting software from a handful of computers in the office
- Going over the numbers with your bookie involves organising a face-to-face meeting
- And if you can’t arrange one, a whole chain of phone calls and emails awaits
Talk about a headache!
In contrast, cloud bookkeeping software is a breeze. Using cloud-based services like Xero and MYOB, you, your bookie and any member of your warehouse team can see your numbers in real-time from any device.
You can even use it even while on the go, allowing you to still attend to other aspects of your business.
Is it costly?
Compared to a lot of traditional bookkeeping software, cloud-based services can be significantly more affordable.
Businesses pay for cloud bookkeeping services on a subscription model - no upfront capital expense required.
Furthermore, you can customise the services you will be receiving. If you only need the basics, you only pay for the basics - this offers you much greater flexibility and keeps cloud bookkeeping affordable.
Xero: the hero!
As one of the premier cloud-based solutions available, Xero is perfect for businesses of all shapes and sizes. And for wholesalers, it can be a lifesaver.
Although a relative newcomer (in fact, it pioneered cloud bookkeeping), Xero has made a splash in the cloud-bookkeeping market.
When you launch Xero, you’re greeted by a live, easy-to-read dashboard that displays all the essential information. Xero also integrates with your third parties so that industries with niche software - such as wholesalers - can easily fit Xero into their existing systems.
As a Melbourne-based Xero partner, Maximum Business Solutions is proud to be equipping Melbourne wholesalers and their staff with the knowledge and skills to use this powerful piece of cutting-edge software.
One of the most trusted accounting programs in Australia, MYOB has leapt on the cloud bandwagon too.
Like Xero, MYOB offers a subscription-based service that provides more than 50 different services to your wholesaling company: payroll, point of sale, taxes, CRM and so much more.
Maximum Business Solutions is pleased to offer MYOB integration and training to wholesale businesses all over Melbourne!
Is it safe?
You can’t go wrong with either of these fantastic platforms.
Both are user-friendly, come with responsive mobile apps and can even be accessed through web browsers.
It’s only natural for users to worry about the security of their important financial information. The idea of entrusting your finances to someone who’s never set foot in your warehouse can be unnerving.
Both platforms take their security very seriously. Your confidential financial data should remain that - confidential. That’s why both platforms offer multiple layers of security to keep this info protected such as:
- Multi-factor authentication
- Login and edit monitoring
- Strong firewalls
- The latest industry-standard encryption
- On-site security measures for their servers (24/7 security, biometric scanners, etc.)
Furthermore, cloud bookkeeping services like Xero and MYOB make regular off-site backups of your data. With cloud bookkeeping, you won’t need to worry about losing your important financial information ever again!
Learn how cloud bookkeeping can help your wholesaling business!
Let Maximum Business Solutions lead the way!
On the surface, wholesaling can seem like a whole different ball game from retailing.
Yet despite the obvious differences, being a successful wholesaling business requires the same fundamental skills as a successful retailer: the ability to negotiate B2B deals, keep on top of your inventory… and of course, establish good bookkeeping practices!
If you find yourself struggling with the financial side of your wholesaling business, taking your finances to the cloud might be the way forward.
If you would like to learn more about cloud-based bookkeeping and how it could benefit you as a wholesaler, Maximum Business Solutions can help out.