Management accounts play a critical role within any organisation. As their actions will often impact the decisions of owners and similar top-tier stakeholders, it is important that they embrace the latest tools at their disposal. Bookkeeping, data processing, taxation, and establishing budgets are other areas of expertise. However, it is becoming increasingly difficult to address such scenarios due to the fact that some companies lack a centralised approach. This is detrimental for two reasons. First and foremost, in-house processes and decision-making strategies can be placed in jeopardy. Secondly, relationships could also suffer as an end result. Why are modern e-commerce solutions playing an increasingly pivotal role and what features define a worthwhile platform to implement within an organisation?
Addressing the Needs of the Final Customer
B2C e-commerce solutions are meant to address the needs of the customer in question. Whether referring to a multinational conglomerate or a regional start-up business nestled within a small town 60 miles outside of Birmingham, the principle is just the same. The rise of the digital age has now enabled this term to be frequently used when describing the transactions which take place between a virtual customer and a business.
One issue which needs to be overcome is that some accountants tend to muddle the differences between B2B and B2C solutions. While there is no doubt that each of these techniques share a number of traits in common, they are also known for exhibiting some profound differences. Some of the metrics which should be attributed solely to B2C transactions include:
- The ability to address impulse purchases.
- A focus on building a relationship through a one-off sale.
- Dealing with smaller sales and invoicing figures.
- Being able to address a higher volume of outbound sales and marketing campaigns.
To put it another way, B2C transactions and e-commerce techniques are all about the numbers. We can also take this observation a step further to observe that successful B2C sales will often evolve into more lucrative (and profitable) long-term relationships. In fact, some of the largest business-to-business deals will begin with a single interaction. Trust must be built over time and this is why the role of a management accountant is important.
As accountants are obligated to deal with a host of in-house activities and concerns, it is prudent that they adopt the most professional and well-rounded e-commerce platforms on the market. They will otherwise waste time as well as effort; perhaps negatively impacting operations as a while. So, what are some of the hallmarks associated with a worthwhile software package?
Accountant-Friendly Tools and Techniques
Accountants are flexible by their very nature. Approaches that could have worked well yesterday may represent moot points today or tomorrow. The same holds true for any type of B2C software package. It should be malleable to the point that upgrades (and even downgrades) are able to take place without resulting in a massive amount of downtime. Additionally, the software must be easy to work with so that it can be implemented across multiple departments without having to worry about a lengthy orientation period.
Many packages will also offer amenities such as drop shipping services. As issues such as international exchange rates and logistics will be placed in the hands of a third-party distributor, management accountants can return their focus to other operational concerns such as "big picture" projects. These platforms must be able to provide a significant amount of verified suppliers as well as additional features such as:
- The ability to instantaneously import and list products.
- One-click order and shipping confirmations.
- Automated pricing algorithms.
- Real-time tracking capabilities.
- Customised front-end interfaces.
Another point to mention is that the best software providers will offer support for multiple accounts. This is important in terms of accountancy, as certain responsibilities can be delegated to other employees if required. However, all important data and tools are still found within a centralised and streamlined user interface (UI).
To be absolutely clear, we are not claiming that modern B2C software bundles will solve every problem that management accountants will likely deal with on a daily basis. We are rather emphasising the fact that these systems are able to provide the actionable insight and clarity required to make important decisions at the appropriate times. Accountants can therefore enjoy a greater degree of freedom while remaining confident in the fact that all essential data and sales figures are available with a single click.
2019 should represent an excellent opportunity for many digital businesses to take their core operations to the next level. It helps to have the appropriate e-commerce and shipping software packages installed well in advance in order to be prepared for what the next fiscal year has in store. Thankfully, accountants are now more prepared than ever before.