guest written by darren cran [blog]
Getting a business off the ground often means skimping on avoidable expenses, but there comes a time when it makes sense to invest in a few important upgrades.
Moving from a basic accounting system to a more sophisticated piece of software is just such a progression: cloud accounting may cost more, but the benefits and insights it brings are essential if you plan to grow your business.
1. Segment your reporting
How do big, international companies deal with their finances? They use high-level ERP systems with the capability to segment their reporting, so that it’s possible to drill down and discover any trends, however small, and act on that data. It’s this business intelligence that can give you an advantage, offering important clues about what’s happening within your market and allowing you to make strategic decisions that are informed by real numbers.
While this type of segmenting is out of reach with the most basic accounting systems, you don’t have to spend premium prices to get the same kinds of insights. Mid-market, cloud-based accounting systems also have powerful reporting capabilities, but on a lower budget. With an affordable monthly subscription, you can have access to valuable business intelligence that’s tailored to your needs.
flinder real-time reporting leverages the segmentation power of AccountsIQ
2. Integrate and automate
IT systems don’t always talk to each other the way you’d like them to. And perhaps you’re resigned to the fact that your booking system works one way and your accounting software another – which means two rounds of data entry instead of just one, and having to wait for both systems to be updated before you can access up-to-the-minute information you can trust.
But it doesn’t have to be this way. By taking the time to switch to a cloud-based accounting system that can connect with the rest of your IT landscape, you’ll revolutionise the way your business works. By integrating all of your disparate systems into one, you’ll automate many of the time-consuming chores that you’re spending valuable resources on right now. And you’ll also reduce the chance of human error, because all that data entry will only need to happen the once.
AccountsIQ has powerful segregation of duties embedded within it
Consolidating accounts is often a headache for your accounting team. Whether you’re trying to do group accounting with data from different subsidiaries, or simply consolidating transactions that have taken place in different currencies, it’s a time-consuming business. And because there can be a delay between month-end and the availability of your latest accounts, it’s not always possible to see an instant snapshot of your company finances.
With accounting software that specialises in consolidation, however, your month- and year-end accounts can be created at the touch of a button, in a format to suit you. There’s no need to juggle multiple spreadsheets or wait for the latest figures to become available. By using a system that can consolidate your accounts so easily, you could save up to a week’s worth of staff resources every month – freeing you and your employees up to focus on moving the business forward.
Darren Cran is Managing Director of AccountsIQ in the UK. AccountsIQ is a cloud-based accounting solution that offers seamless reporting, integration and consolidation. Fully flexible, with the ability to meet the changing needs of a growing business, it offers bespoke solutions that are designed to meet your needs, both now and into the future.
AccountsIQ now supports over 25,000 users in over 40 countries. This year, AccountsIQ celebrates ranking 21st in Deloitte’s Technology Fast 50 high growth index and also won a ranking in Deloitte’s Technology Fast 500 EMEA. @AccountsIQ