Proper communication and teamwork are the cornerstones of an efficient working environment.

Studies show that 73% of employees perform better when collaborating with their colleagues, and business leaders observe 30% higher productivity in collaborative work environments. This harmony can help an organization maintain a competitive advantage in a fast-paced business landscape. One way to do this is by seamlessly integrating tasks and communication with tools like the customer relationship management platform Nimble, which leverages automation features that drive company growth. These include automated lead engagement across departments and email templates enabling teams to launch campaigns effectively.

However, simply training your sales team on software like Nimble isn’t the only way to boost results. Unlocking maximum sales performance by fostering synergy between the sales and accounting departments is crucial. After all, proper communication between these two departments is vital in setting targets, making decisions, and hitting sales targets more effectively. Below, we look at why unlocking synergy between sales and accounting can help boost company growth:

Accounting helps with sales math

Our previous article  mentions how quantitative values are integral to building sales strategies. One way to help the sales team build effective revenue-generating strategies for the company is to coordinate with the accounting team to determine how much profit is needed and how much can be pulled from sales. After getting the values from the accounting team, the sales team can adjust their strategies and align their goals to meet the required sales revenue.

For instance, if a company needs to sell $100,000 monthly, and the sales team can only close around 50% of their monthly sales, the sales team will require at least $200,000 in good active deals. The accounting team can help the sales department understand the company’s projected revenue to help the latter adjust their approaches to meet required monthly sales, therefore achieving monthly goals that drive company growth.

More effective forecasting of sales

Sales strategies are guided by revenue forecasts, which are enhanced by insights from the accounting team to ensure accurate predictions. However, forecasting revenue can get complicated, especially if a company is handling contracts with multiple clients. To manage this, accounting teams handling long-term or subscription contracts with clients can leverage the recurring billing solution software SOFTRAX for automated handling of pricing and invoice frequencies. This enables the company to tie its billing to customer contracts and meet the proper revenue recognition guidelines set by the generally accepted accounting principles. Without this insight, the sales team may forecast sales figures without knowing that they may be affected by renewals or contract changes, which can affect predictions and results.

Once billing and revenue are accurately accounted for, Nimble CRM can ensure seamless collaboration between sales and accounting in delivering sales predictions through custom dashboards that provide key performance indicators, like revenue forecasts, that give companies a comprehensive view of their performance. If you want to learn how to maximize these features, check out our website for personalized Nimble CRM training.

Gaining insights on profitable customers and products

The sales team can also coordinate with the accounting department to access valuable data and insights into which product offerings and customers provide the most profits to the company. Financial statements from the accounting team can help people from sales identify high-margin products and consumers who consistently generate sales. Both departments can also leverage data from statistical software suite SAS to obtain valuable customer insight. The SAS Customer Intelligence 360 gathers consumer behavioral data for customer analytics solutions. These insights allow the sales team to tailor their marketing campaigns to target specific customer segments, enhancing profitability.

Companies can also use the Nimble Prospector Tool, which enables them to create targeted lists of prospective customers within seconds. The Nimble CRM’s social integration feature also provides enriched data that can update contact records automatically to help organizations manage leads more effectively. Book a free 30-minute Zoom consultation by following this link.

Providing a better understanding of financial health

According to an article from Forbes, companies prioritizing financial health can better navigate challenges and maximize opportunities to achieve long-term success. A close collaboration between the sales and accounting departments can give business leaders valuable understanding and insights into the enterprise’s financial health. Since the accounting team handles expenses, financial statements, and profits, working with the sales department can help the latter gain a better overview of the company’s profit margins, cash flow, and overall financial stability. This, in turn, can help people from sales to make guided strategies, informed pricing, and discounts. Overall, the synergy between sales and accounting can provide helpful information in assessing financial well-being and making decisions that ensure profitability and competitiveness, such as setting prices based on the cost of goods sold.

It’s no secret that a collaborative working environment can yield higher productivity and returns, boosting company growth. From efficient sales forecasts and strategies to valuable profit insights, a close interaction between the sales and marketing departments can help business leaders gain information that can help steer the ship toward success. If you wish to learn more about the Nimble CRM and how it can benefit your organization, check out our website for training and consultations on how to maximize it.