The more comprehensive your accounting system is, the better. That means that any business relying on solutions that don't integrate should ditch those offerings and find more flexible solutions sooner than later. Read more >
Learn how to choose the right accounting solution
Over the last ten years, we’ve worked with a lot of organizations as a trusted middle-market accounting software reseller for Sage Intacct. On a daily basis, we work with CFOs and their teams. We to get to know their businesses and see the ins and outs of the organizational magic that happens behind the scenes.
Whether you are a CFO that’s thinking about switching their accounting software from an on-premise model to cloud or need a more robust platform, we’re sharing what we’ve learned.
Making a New Year’s resolution is a positive way to make changes in your life, whether it is going to the gym, losing 10 pounds, or finally writing your novel. However, it is rare for the average individual to keep his/her New Year’s resolution. In fact, 80% of resolutions are dissolved by February. Is this a result of unrealistic expectations or adopting the wrong kind of resolutions? Whether they are personal or professional, maybe we should change our mindset and cut ourselves some slack and think of resolutions as best practices. Set three simple professional best practices for 2018:
- Have a willingness to invest in your business
- Focus on your financial reporting and create (or improve) your dashboards
- Implement more efficient processes
Following best practices can dramatically improve your business. Remember, these are not resolutions and change doesn’t happen overnight. Read more >
[VIDEO] Start off 2018 with a Purpose
Not all accounting software is created equal. For example, some are designed for small businesses, some are designed for specific industry segments, and some are designed for growing organization. Therefore, while it may seem obvious, what is good for a small business, where the owner or bookkeeper does the accounting, likely will not be good for a high-growth tech start-up that may eventually have more complex accounting requirements. Or what is good for a single-shop retailer will likely not be a good fit for a project-based services company. And yet, people often don’t consider this when developing their list of potential vendors. And this is just the first mistake.
So how do you know which accounting software will be best for your business? If you are like many CFOs and business owners, you probably have not gone through a structured selection process to choose your accounting software, but instead started using what seemed like it was a good fit. Our experience is when that happens, companies eventually run into challenges with the software they choose.
The good news is that despite every organization having a unique set of requirements, the same set of principles can be applied to conducting a thorough and efficient evaluation.
Buyers of accounting software could benefit from following a few fundamental best practices for determining when to start your search and how to select a solution that will support long-term plans. The benefits are quantifiable.
By preparing for your search, you save time in the selection process and can compare solutions more easily to one another.
You end up choosing a solution that comes as close as possible to your requirements. Which in turn ends up saving you money in the long-run because you won’t have to replace it at your renewal date.
You won’t need to replace your chosen solution as your business grows because you will have planned for the future.
Your company will perform better – you will have the information needed to both course correct and invest.
It increases employee satisfaction when your solution fits the needs of your organization, making it easier for your employees to do their jobs.
Ineffective and outdated accounting solutions are a problem that many businesses face, and one which has serious consequences. When businesses rely on sub-optimal accounting software - or, worse, basic spreadsheets - then they run a huge risk of missing out on investment opportunities, violating accounting best practices and more. Here are four signs that suggest that now is the time for a new, better accounting software solution.
- You're spending too much time on accounting issues
- You can't access all the insight you want
- You're sill on-premise
- You can't integrate
- Think about the BIG picture
- Prioritize requirements
- Map out key use cases
- Consider the company, not just the product
- Get independent reviews
No matter what industry a business might be competing in, optimal accounting performances will have a profound and positive impact on the ways in which the rest of operations function. What's more, small and medium-sized businesses need to be especially engaged in accounting process improvements, as younger firms will tend to live and die by their abilities to keep track of financial, human resources and other core information.
Accounting isn't just an irritating chore - at least, it shouldn't be. It should also serve as an opportunity for business leaders to gain powerful and useful insight into their organizations. With high-quality accounting, business leaders can develop short- and long-term strategies based on hard data, rather than speculation and intuition. This insight can play a role in everything from marketing tactics to pricing to hiring and beyond.
With that information in hand, business leaders will have a significant advantage over any industry rivals that don't have this level of insight into their own operations. So if you feel like you're relying on guesswork when making financial decisions, you should definitely consider upgrading your accounting software as soon as possible.
It’s your year finally to focus on your financial reporting. Financial reporting is essential in communicating the successes and challenges of your business. Not having a clear or up-to-date picture of your financial status can lead to missed growth opportunities, poor management decisions, irritated investors and board of directors, and so much more. The consequences can be long-lasting and perhaps irreconcilable. Don’t become a front page horror story, take control and find a system that allows you to pull up-to-date financial records and create dashboards your board of directors will love. According to Forbes, “business owners often have the ability to collect a lot more cash each year, but many don’t realize it because they don’t look at their financial statements. If they did, they might see several weeks’ worth of sales sitting on the balance sheet in accounts receivable – the unintended result, perhaps, of a shift in the company’s credit policies over time or a recent slowdown in collectability.” Having a better handle on your financial reporting can lead to overall performance and possible revenue improvement.