ABM Advisor: The ABM Blog.
Category - Business and Accounting Software

  • Sep 29 2016


    How software can help track your business assets

    Small businesses have a unique issue that accompanies them. By definition they are unlikely to have a large number of staff, with the Australian Securities and Investments Commission classifying a small business as having less than 50 staff members.Staff work a little harder, financial decisions are more important and, crucially, your assets are vital to your success. Unfortunately, despite having a reduced number of employees, small businesses often may not have a system in place to monitor their day-to-day basics.Having more locations and reaching more people is undeniably one of the goals for many businesses.Keeping track of your business assets both large and smallA large company that has a few hundred staff will have processes to monitor every asset within the business, from valuables such as computers to minute aspects including paper clips.While a smaller business may not feel the need to account for every individual component, the need for reliable software will grow rapidly as your company does.The obvious advantage of implementing asset management software into your business is having a reliable and accessible database. People are working remotely more than ever, as our laptop and smartphone technology enables fast and on-the-go communication, and many of our businesses are following suit.It's not entirely uncommon for business to consist of small pop-up shops or stores, diversifying their customer base by expanding physical locations. Having more locations and reaching more people is undeniably one of the goals for many businesses, but ensuring an accurate inventory of your assets and their health is crucial to this.As your business grows, you'll no doubt have more to keep track off. By implementing a system during the growth of your business, there will be less risk of having to implement new processes later, but the real benefit is from ensuring accurate monitoring of your assets in the present. Keeping track of your business assets is easy. Approachable software puts success in your handsAdvanced Business Manager software is presented as a core accounting system, with an optional asset management module to offer comprehensive tracking for your business.Here you can monitor all the assets of your business, including their maintenance, the annual depreciation or leasing schedule. A simple user interface allows you to manage your asset inventory from a central screen, with purchases, disposals and more within a single box.To learn more about our software, and to discover some of the other optional modules we can provide for your company, book a demo with Advanced Business Manager today.

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  • Sep 30 2016


    3 reasons why software sees a big future for small business

    If you're starting a small business, one of the first hurdles you may encounter is taking the leap from a simple accounting system to something more complex. As your company grows, so do your responsibilities - causing you to reassess how you allocate your time and business resources.The current economic marketplace is uncertain as well; with so much competition from both brick and mortar stores and the ever-growing e-commerce sector, ensuring that your business performs during startup and into a place of maturity will require assistance.While there are many people you can hire to help with a number of tasks, implementing business accounting software into your organisation can save time without having to hire additional staff. Let's look at three ways this can help a company during the initial stage.

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  • Aug 22 2016


    Construction boom highlights a need for tech-based project management

    Technological advancements have made digital disruption a commonplace term across industries - and the construction sector is no exception.According to the McKinsey Quarterly, construction projects across the globe are in dire need of a more digitally-focused approach. Yet, so far, the construction industry has been slow to adapt digital approaches to various functions.In fact, McKinsey found that in some markets productivity for construction companies has seen a decline for the first time since 1990.Moreover, large construction projects are not only taking more time than planned but are costing considerably more than projected. According to the report, these projects can be up to 80 per cent over budget, with completion rates taking 20 per cent longer than projected.There are a lot of factors that play into the construction industry's slow adoption, including roll outs across multiple sites, sectors and regions. However, the time has come for construction leaders to truly adopt tech solutions that can help address these project management issues.

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  • Aug 12 2016


    Managing risk in the food industry

    While there is no way for a company to truly predict every disaster it will face - having risk management policies in place can help soften the blow of business disruptions and sometimes prevent the problems altogether.In the food industry, risk management is of particular importance as missteps can result in more than just productivity problems. When food businesses slack on their policies, consumer health can be put at jeopardy as the mismanagement of food products can cause major illness outbreaks.Risks are something businesses are exposed to on a daily basis. Whether it is an internal failure or an external event, there is a seemingly endless list of things that can threaten business productivity at any given moment. Some of these risks are even serious enough to jeopardise an organisations' survival.According to CPA Australia's Risk Management Guide for Small to Medium Businesses, solid risk management policies can result in a variety of advantages including:A decrease in insurance premiumsA diminished chance of being targeted by legal actionA decrease in cash/stock lossesA reduction in business down timeSo, how do businesses go about better addressing their risk management protocols? The first step involves identifying the potential risks not only for your industry as a whole but for your particular business.  Planning for potential risks early on can better protect your business in the long run. What risks should you be aware of?In a contributing article for Food Processing Magazine, Vice President of the Food Industry Division at SullivanCurtisMonroe Craig Kwitoski laid out some risks that specifically pertain to the food industry. According to Kwitoski, comprehensive risk management of these areas can not only salvage a business' livelihood but improve profitability in the long-term.Supply chain risk: Compared to other industries, the food sector is particularly reliant on its suppliers. However, there is a long list of things that can interrupt supply delivery. Whether it be an internal problem with the supplier or a natural disaster, shipments of products can easily be tied up, explained Kwitoski.When a major supplier is out of commission, food businesses can suffer major losses both financially and in terms of productivity. Leaders can take a variety of approaches to addressing this industry risk, from securing coverage with business interruption insurance to varying suppliers to avoid too much dependence on a single source. The important thing is to address this potential problem before it presents itself as a major roadblock.Without the proper plans, food businesses can suffer major financial losses.Food health safety risks: One of the biggest risks associated with the food industry is health. Products need to be stored at certain temperatures, expiration dates need to be monitored, cross-contamination needs to addressed and the list goes on. This area is of particular concern when you consider the number of food poisoning cases in Australia annually.According to the Food Safety Information Council, there are 4.1 million cases reported per year, 31,290 of which result in hospitalisation and 86 of which result in death. Leaders in the food industry can address this particular risk by implementing better internal procedures for monitoring inventory. Advanced Business Manager's inventory functions can help management keep better track of expiration dates, stock levels and internal organisation.Cyber risk: In an increasingly digital world, risks related to data breaches and stolen information are of considerable concern. Consider this: A joint study by the Ponemon Institute and Experian found that 60 per cent of companies had experienced more than one data breach in a two-year span. Yet, according to Kwitoski, only one in 10 organisations have cyber-liability coverage.Food industry leaders need to protect their businesses against the potential risks associated with a tech-driven world.

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  • Aug 8 2016

    3 tips for boosting business productivity

    There are few business leaders who wouldn't cite boosting productivity levels as one of their main organisational goals. Productivity is what propels profitability. Yet, the formula to maximise efficiency is no easy code to crack.

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  • Aug 8 2016


    3 tips for boosting business productivity

    There are few business leaders who wouldn't cite boosting productivity levels as one of their main organisational goals. Productivity is what propels profitability. Yet, the formula to maximise efficiency is no easy code to crack.

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  • Jul 13 2016


    Addressing common cash-flow management problems

    You may have the best idea on the planet, a million investors knocking on your door and a team of skilled professionals standing behind you but if you can't nail down your cash-flow management, your business will ultimately fail.

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  • May 25 2016


    How effective time management can optimise your business

    The importance of time management is widely recognised by those who wish to streamline the processes and functions of their staff and business. Paying bills on time, managing employees, scheduling jobs and ensuring clients are invoiced can be a frustrating process without the correct system in place.According to management consulting firm McKinsey & Company, business owners who wish to achieve this goal need to address the issue at an institutional level, and stop approaching time management as an individual problem. While it can be a struggle to maintain a personal time management schedule, Advanced Business Manager's Time Management System (TMS) can take the stress out of time-keeping and help you focus on the aspects of your business that matter. Below are just a few of the ways that business management software can help make your company more efficient. Keep track of your staffA breakdown of communication can be a source of frustration in businesses, especially when there are only a few employees. With TMS, you can record and monitor whether staff are at work or on break, with employees able to set the amount of time until they return.Knowing whether your employees are available or not can save time on communication, and having an organised schedule will save you the embarrassment of double-booking appointments.Smart business software can be implemented regardless of company size.Manage your jobs and processesWith TMS' Job Management interface, you're able to list and report detailed information about each individual job. With an effective tracking system, you can record data such as labour costs and charges, disbursements and invoices, and show payments received for the job. Clients can be billed accurately and on time - with the logging of labour information you can ensure to never incorrectly calculate an invoice. Being able to set due dates, update the status of a job and generate reports on the total number of fees outstanding and received could increase the productivity of your business. Branching out with your businessStaff settings with TMS allow those with authorisation to set up individual rosters, access jobs and create specific security permissions for each employee. While small businesses can benefit from effective time management, there is no limit to the scope of use for TMS. Whether you have a single headquarters or a multi-branch company with a wide range of offices, smart business software can be implemented regardless of company size. Managing the time and processes of your business can be a daunting prospect without the correct system in place. Advanced Business Manager's TMS provides a smart and effective solution to your time management concerns. Reach out to us today, and book a free demo to find out how business intelligence software can increase the performance of your employees and business. An effective time management system can increase company productivity.

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  • May 23 2016


    How an integrated e-commerce solution can boost your online revenue

    The world of online shopping can open up huge revenue increases for businesses. Statistics show that in 2016, global e-commerce sales are forecast to reach nearly US $2 trillion, with the US alone being home to 205 million online shoppers last year.

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  • Apr 13 2016


    Why increased capacity is good for business

    There are a number of reasons why a business may not be operating at 100 per cent capacity utilisation: lower demand, inefficacy and an increase in capacity that does not match an increase in demand, to name a few. Some of these potential issues are ultimately out of the control of the business, yet their effects can be mitigated with careful planning at the right kind of smart business intelligence software. It is important for any sized business, if they are serious about growth, to look into the various ways they can expand their production and efficiency. Why increase capacity?It is important for any sized business, if they are serious about growth, to look into the various ways they can expand their production and efficiency. In the Australia Chamber of Commerce and Industry Small Business Survey for the December Quarter of 2015, stats showed that Australian businesses overall were expanding on their acquisition of structures and equipment, thus expanding on their capacity. This is a positive sign as we all know a business must expand capacity to grow, and reflects a confident market place.By increasing and expanding on vital components growth, such as production or manufacturing software, a business is showing innovation and postive risk taking - both signs of future growth. Therefore, increasing the maximum possible output for any small business is essential to survival in today's tough economy, and will usually require the purchasing and implementation of new technologies and software.But in some specific industries, such as manufacturing, capacity growth has begun to stall. As Professor Roy Green from UTS Business School reported in his May 5, 2015 feature in The Conversation, there are more than 80,000 manufacturing businesses in Australia - and most are small to medium business with under 100 employees. Being successful in the manufacturing industry requires innovation and investment in capacity. These companies have experienced a fall of $5.6 billion in manufacturing investment between 2005/06 and 2013/14. The latest statistics for the September quarter 2015 from the Australian Department of Industry, Innovation, and Science show this trend is continuing, with a documented decline in manufacturing gross domestic product from 6.4 per cent to 6.3 per cent.The information at hand suggests the issue is a complex one, made up of global economic circumstances and at-home attitudes to capacity and expansion. The manufacturing industry, if it wishes to stay competitive in a global market, must implement new technology, and fast.Business intelligence software is a sound investmentA small manufacturing firm would benefit from the introduction of Advanced Business Management software to improve efficiency, leaving room for expansion in other areas of the business. Designed to be the next generation of accounting software, it is a foundational business-wide IT solution, geared towards the future of small business management.

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