Technology has taken a major role in our lives. Whether you like it or not and whether you believe it or not, technology is tracking your every move. You may do it intentionally. The most common tracking device for you personally is the activity tracker which is linked to medical aid benefits as an incentive to look after your health.
Another tracking device is the car tracker. It can tell when the car has been started, the speed it is travelling and its location.
All this technology is available and yet business owners are failing to track their business sales and income accurately.
Here are a few example questions:
1. Where do you get most of your turnover from (Rand value)?
2. Where are you getting the most clients / customers from?
3. What kind of advertising brings in the most clients?
I can ask more questions but you get the point. I would like to focus on what brings the money into your company. Most of this topic is basically what tracking system are you using for clients, both new and old, when they are issued an invoice. This does sound more complex than it actually is.
It does not make any difference how you track your income but rather that you track it! There are 2 factors that are critical to accurately tracking this.
1. You record where your clients came from or how they heard of you. This could be from a referral or a TV advertisement, for example.
2. You record this so that should they return, you will be notified.
Accounting packages often have a feature that allows you to track what business your sales reps are bringing in. You can use this for tracking your clients.
What is the point of tracking this?
It is a way of deciphering your return on investment in the promotion of your business. This enables you to say with certainty “that was worth the money spent”.
B.C. Accounting Services can help your business set up systems to track the vital statistics of your business.
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