Can your accounting team stagnate your D2C business' growth?
As a D2C founder, the joy and satisfaction you derive from an idea turning into reality is immense. After the launch of your product, the consumers segment of the D2C gets the same care and effort you put into your initial idea. But, an important aspect of the Direct part of your D2C is ignored. Can you guess what it is?
Your accounting team deserves care and attention like every other part of your business. They are the ones who check and organise your numbers, take care of taxes and prepare reports. In the initial days, your accounting team can find it easy to prepare statements as the transactions trickle in.
Then it happens- the huge tsunami of transactions hitting your business switches your accounting team to survival mode- verifying invoices, and tracking payments and receivables.
Add tax compliance to this mix, your accounting team is busy as a bee trying to make your D2C business stay afloat.
Who are the other set of people keeping your business afloat?
The other reason your business stays afloat is your investors. They believed in the potential of your idea and decided to fund. it, So, naturally, they are concerned about your growth as well. It is silently expected that you would report your business’ financial health to them, which you believe your accounting team will help you with.
Accounting teams are hit by the huge tsunami of transactions which keep them on their toes
But, isn’t your accounting team busy tackling transactions? Adding forecasting would overflow their cup, which already has tasks filled to the brim. What do you do now?
The most tempting alternative is to outsource planning and forecasting. But, would the outsourced team be able to present the accurate financial health of your business, which they are not familiar with?
This can be a problem which slowly eats into your business as your investors will gradually lose the trust you have earned so hard. If outsourcing is not the solution, then what is?
By managing your payments and receivables, verifying invoices and taking care of tax compliance on multiple sales channels, accounting automation switches your accounting team from survival mode to value-addition mode.
In addition to this, the intelligent automation solution can provide real-time and actionable insights in a single dashboard, which your accounting team can use to forecast the future of your business thereby, retaining the smile on your investor’s face and trust in their hearts.
Want to switch your accounting team from survival to value-addition mode? Get in touch with us at firstname.lastname@example.org to see how we can empower your D2C business!