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How can you automate financial reporting with sales tools and technologies?

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Financial reporting is a crucial process for any sales organization, as it provides insights into revenue, profitability, and performance. However, manual financial reporting can be time-consuming, error-prone, and inconsistent. That's why automating financial reporting with sales tools and technologies can help you save time, improve accuracy, and align your sales and finance teams. In this article, we'll show you how to do it in four steps.

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Eddie Davis

Technology Entrepreneur | Sales Funnel Builder & Teacher

1 Choose the right sales tools and technologies

The first step to automate financial reporting is to choose the right sales tools and technologies that can integrate with your existing systems and data sources. For example, you might need a CRM system that can capture and track your sales activities, a billing system that can generate and send invoices, a payment system that can process and record payments, and a reporting system that can create and display dashboards and reports. You should also look for sales tools and technologies that can automate workflows, such as sending reminders, alerts, and notifications, and that can provide security, compliance, and scalability features.

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Eddie Davis

Technology Entrepreneur | Sales Funnel Builder & Teacher
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Your CRM should be configured to show you what top-of-funnel source acquired each new prospect and then which of those clients actually purchased. If you're using outbound sales, you'll have a person who "owns" the prospect, and their salary and variable comp are a cost of acquisition. If you're using digital methods, you can sync your CRM directly to the major ads engines: Google, Facebook/Meta, LinkedIn, and see which of those was the original source (or at least how the prospect first got cookied on one of your surfaces).

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2 Set up your data sources and connections

The next step to automate financial reporting is to set up your data sources and connections, so that your sales tools and technologies can access and exchange the relevant information. For example, you might need to connect your CRM system to your billing system, so that you can automatically create invoices based on your sales orders, or your payment system to your reporting system, so that you can automatically update your revenue reports based on your payments received. You should also ensure that your data sources and connections are reliable, consistent, and accurate, and that you have a backup and recovery plan in case of any issues.

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Eddie Davis

Technology Entrepreneur | Sales Funnel Builder & Teacher
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Many CRMs include quoting and invoicing out of the box. You'll just need to integrate with a payment processor if you want to use "e-invoices." If you sell online (real products or digital products), you can sync the major e-commerce platforms directly to your CRM: Shopify, WooCommerce, etc. and as soon as a purchase is made, a client is created in your CRM with an associated "Deal" for the amount of purchase. Those deals are captured in aggregate in an "E-Commerce" pipeline that also shows you abandoned checkouts and similar lost business.

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3 Define your financial reporting metrics and criteria

The third step to automate financial reporting is to define your financial reporting metrics and criteria, so that you can measure and monitor your sales performance and results. For example, you might need to define metrics such as revenue, gross margin, net profit, customer acquisition cost, customer lifetime value, and return on investment, and criteria such as time period, segment, channel, product, and region. You should also align your financial reporting metrics and criteria with your sales and finance goals and strategies, and communicate them clearly to your stakeholders.

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4 Create and customize your financial reports and dashboards

The final step to automate financial reporting is to create and customize your financial reports and dashboards, so that you can visualize and analyze your sales data and insights. For example, you might need to create reports such as income statement, balance sheet, cash flow statement, sales forecast, and sales pipeline, and dashboards such as revenue dashboard, profitability dashboard, performance dashboard, and KPI dashboard. You should also customize your financial reports and dashboards according to your preferences, needs, and audience, and use features such as filters, charts, graphs, and tables to enhance your presentation and understanding.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you automate financial reporting with sales tools and technologies?

1

2

3

4

5

1 Choose the right sales tools and technologies

2 Set up your data sources and connections

3 Define your financial reporting metrics and criteria

4 Create and customize your financial reports and dashboards

5 Here’s what else to consider

Sales Operations

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How can you automate financial reporting with sales tools and technologies?

1

2

3

4

5

1 Choose the right sales tools and technologies

2 Set up your data sources and connections

3 Define your financial reporting metrics and criteria

4 Create and customize your financial reports and dashboards

5 Here’s what else to consider

Sales Operations

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