Business Accounting Software Can Help Boost Your Profit Margin Like Never Before. Learn How!

According to Statista reports, nearly 64.4% of the business owners use accounting software to boost their profit margins. With an ever-increasing number of businesses harnessing the power of accounting software for various purposes, the global business accounting software industry has been predicted to grow rapidly by $1.64 billion between 2020 and 2024.

Dozens of factors, both internal and external, can impact a business’s net profit margin, out of which some of them may be completely out of your control. But that doesn’t imply that business owners should sit back and do nothing about it. There are many ways to make a difference; one of the most effective ways to increase net profit margin is by implementing a business accounting software like Spire. This will help you automate the accounting processes, optimize inventory levels, reduce shortages, improve operational efficiency and do so much more.

Some of the most common challenges that businesses who don’t use an accounting software face, are outdated management accounts, unused business reports, lack of real-time information on the profit margin, unrealistic decision-making, uncertainty on business financial conditions, and record-tracking problems.

In this article, we will be taking a look at how implementing a business accounting software, like Spire, can help you boost your profit margins.

6 Ways Business Accounting Software Can
Help Businesses Boost Your Profit Margins

Here’s a quick overview of what’s to come:

  • Understanding the Costs
  • Analyzing the Profit Margins
  • Controlling User Access and Capabilities
  • Monitoring Business’ Financial Health
  • Real-Time Reporting
  • Automating Special Offers & Promotions

Understanding the Costs

Businesses spend hundreds of thousands of dollars on inventory, marketing, equipment and other day to day expenses. Everything they spend their money on is counted as a cost. The biggest problem businesses face is not being familiar with managing these costs in their accounting software. Do they use weighted cost, average cost, FIFO, LIFO, or something else entirely?

It is essential for your business to have a system in place for calculating costs in real-time. By using a business management software like Spire, where your inventory and costing is real-time, you can see where your costing is at with a touch of a button.

Analyzing the Profit Margin

How can business owners expect to boost their profit margins without being familiar with their actual gross profit margin?

This is where business accounting software comes into play. By implementing accounting software, businesses can determine the gross profit margin on each and every one of their products and services at any given time. They can also analyze their gross margins over various product categories, business divisions, customer categories, etc.

This helps businesses identify which inventory items are bringing in a loss in profit, and which products bring in the highest profit for their business.

Controlling User Access and Capabilities

Businesses with multiple sales personnel face a hard time monitoring every single sale they make for a given time period. Different people in the sales department play different roles with different levels of responsibilities. Hence, it is important to control what products or services they are selling and the discounts they are handing out. Most businesses can’t afford a new joinee handing out a 50% discount on a specific product or service. Hence, it is essential to control the percentage or amount of discount different people in your sales department can hand out depending on their responsibilities. 

For instance, businesses can allow senior sales operatives to hand out higher discount rates than the ones that can be offered by the junior ones. This can be done by controlling user access and capabilities by setting up user-based permissions giving authorization on pricing in a business accounting software like Spire.   

Monitor Business Financial Health

Monitoring the health of your business should always be at the top of your priority list. What if too much money is being spent on various expenses without having a good cash influx? Lack of monitoring is the biggest reason why business owners struggle to increase their profit margins.

With business accounting software running efficiently, you will be subject to detailed accounting at the touch of a button, helping you monitor your business’ financial health and learn whether your company is failing or succeeding.

Real-Time Reporting

Most business owners are forced to analyse outdated financial reports, because they received it either late or when they were burdened and struggled with their other business activities. That’s not how it should be. Instead, you should have access to all the reports they need at all times. By implementing Spire, you don’t have to wait until the end of a month to run your financial reports. These can be run at any time of any day, and you will have the real-time information available to you.

Not having access to these reports on time ultimately leads to you not being able to make accurate business decisions due to lack of information.

Highlighting Remarkable Offers & Promotions

People love discounts and remarkable offers and promotions. That’s the reason people end up buying most of their stuff during promotions and sales. For businesses who love running offers and promotions, they should note that even a little administration delay can have a major impact.

Your systems need to reflect your offers and pricing accurately and automatically. With the help of business accounting software like Spire, you can automatically control pricing and offers by adding in the offer start and end date, helping them make sure that there is no room for errors.


Business accounting software has been driving the way forward, helping businesses, especially the small and medium-scale ones, control their costs, increase their profits, and carry out various accounting-related activities with ease and accuracy.

Spire has been one of the most remarkable business accounting software programs of it’s time. Right from automating accounting processes to efficient sales management, Spire can turn out to be a game-changer for businesses just like yours.

So, what are you waiting for?

Upgrade your business TODAY!