If your marketing and accounting teams are not working together your company might be in trouble. You might think just because these are two separate departments, or you outsource this particular workload to two separate companies that they should not be connected or work together. Well, this definitely should not be the case. Especially if you consider that your marketing team is in charge of sales and of coming up with innovative strategies for driving profit, while on the other hand your accounting team is there to sort out through all the financial aspects of your business and provide you with monthly, quarterly and yearly reports so that you can adjust the way you do business accordingly. So, let’s see how these two departments can collaborate so as to ensure that your company gets the best possible results.
Visibility and transparency of results
You need to see what actual results your company’s marketing efforts are producing. So, if you want to find out if a certain marketing campaign has been successful, you actually ask your accounting department, as they can inform you if there was a visible increase in sales and cash flow. And not only that, but a reliable accounting team or a reputable company like Xero accounting from Singapore can provide you with the best software solutions to make presenting these results efficient and very transparent. This is why it is important to have both a quality marketing team that can come up with the marketing campaigns that are not just visually interesting but also very effective when it comes to increasing customer response and increased sales, and at the same time to have an accounting team or company you can rely on to provide you with timely and accurate information regarding the financial changes your business has been experiencing.
Accurate price assessment
This is another aspect on which your marketing and accounting teams need to work closely. Your accounting team can provide you with the minimally acceptable price for your product or service, one that will allow you to make a profit while still covering all production costs. Now, this is the price that your marketing team can now use to attract new customers, by presenting it as the most affordable option for that particular product or service. And you can also rely on your marketing team to provide you the feedback from your customers regarding their satisfaction with what they are getting in return for the amount they are paying. So, by combining these two departments you can come up with the optimal pricing program while securing customer satisfaction in the process.
Precise market forecasting
Having the ability to provide precise forecasting for what should be done next when it comes to marketing efforts is essential for future campaign success. But in order to do that, your marketing team needs to be able to see how successful the previous marketing efforts have been and adjust accordingly. And the information about this comes from your accounting department. They are the ones who can send the report depicting the success of previous as well as the availability of funds for the next one. That way your marketing team can adjust the new campaign and at the same time have a clear idea of what is the budget they have at their disposal. The worst-case scenario is running a marketing campaign and running out of funds half-way through, and this is why you need to have these two departments collaborate as closely as possible.
Hopefully, you have now a clear idea of why it is important that your accounting and marketing teams work together. And these three are just some of the ways they can do so. You can also consider product design or budget readjustment as possible projects on which these two groups should closely collaborate in order to provide your business with the best possible results.