Accounting for the Downturn
May 21, 2009
The down economy has many small companies—particularly in the residential construction realm—worried about whether they can stay afloat. Recent economic indicators are pointing toward a renewed sense of optimism in the first half of 2009, yet companies are still looking to improve business processes. With that in mind, they may wish to look to new technology and strategies for accounting.
To help, one technology provider unveils a new line of accounting products with a focus on helping benchmark performance, while another vendor is offering up five tips to help small businesses in the down economy.
Sage North America, www.sagenorthamerica.com, Irvine, Calif., recently released Peachtree by Sage 2010. According to the company, the line of products has new major releases for construction.
The most recent version of Peachtree by Sage Premium Accounting for Construction has new features for inventory management and a new customer management center, which gives builders the ability to keep an eye on client information. The company says much of the development with the product was focused around helping small businesses make informed decisions.
For example, Peachtree 2010 has a new Business Analytics module—powered by iLumen, www.ilumen.com, Atlanta, Ga., a provider of solutions for financial and accounting companies—which will allow companies benchmark performance against others in the construction industry as well as against other small businesses.
“In a time when many small firms lack the resources to perform their own market research, this tool will prove invaluable in helping them to gain the understanding they need to compete more effectively in a rapidly changing market,” says Connie Certusi, general manager, small business accounting solutions, Sage North America.
Another new release, Peachtree by Sage—Quantum 2010, is more comprehensive, including features for workflows and customization with a capacity for up to 40 users. The package also includes a business care plan and customer support.
While being able to use technology to benchmark performance against other companies is valuable for small businesses, another technology provider recently offered tips to help small businesses in the down economy.
Intuit, www.intuit.com, Mountain View, Calif., provider of QuickBooks, offers up five tips for small businesses: Follow the money from the stimulus package; use technology to make payments and electronic invoicing easier; hire talent from the ‘big’ organizations to help the company grow; invest now while prices are low; and develop bonus plans to reward results and discourage loss.
Residential construction firms may want to look to develop the resources now to help compete in the changing market conditions. This can help benchmark performance against others in the construction industry and against other small businesses, as well as take steps to improve business in the down economy.