Financial accounting software, on the other hand, has the power to alleviate pains and enable small- to medium-sized businesses (SMBs) to cost-effectively streamline processes, automate operations and gain better visibility into performance across their entire operations.
Here are six ways that a financial accounting solution is able to take your business to the next level.
- Advanced reporting capabilities: To get ahead, SMBs need the best reporting tools in order to know where the business stands, to know where their customers are, and to make faster, more informed decisions. Sure, Excel has enabled you to manipulate the data to make reports for stakeholders, managers and the board of directors, but are you really certain those are accurate? If it’s taking too long to obtain, make sense of or distribute the data, you need a robust reporting feature on a more powerful system. Microsoft Dynamics GP offers more than 700 standard reports, while QuickBooks offers 112 standard reports.
- Increased security: As companies grow, they need to be able to restrict access to the organization’s financial, customer, inventory, payroll and reporting information. They require proper backups, limited access and safekeeping from external intrusions. If you’re managing financials using spreadsheets, security is a problem, especially if these documents are being saved in a static environment. If anything was to happen to the machine they’re stored on and there’s no backup, you’re in serious trouble.
- Have access to better information, faster: Thanks to a myriad of reports, business intelligence tools and dashboards, every member of the company is able to have the power to make better decisions. From a management perspective, data can be captured and measured, allowing leaders to make adjustments for the future. Furthermore, managers have the ability to monitor progress in real time. This visibility is a very powerful way to upgrade your bookkeeping efforts.
- Remote data access: Managing your financials anywhere and at any time is critical to compete in today’s business landscape. Financial accounting software systems based on the cloud make this possible. Remember, organizations are increasingly using remote workers, and employees are looking for remote work. Millennials frequently decide whether to work for companies based on if they’re allowed to telecommute or not.
- You can afford it: With cloud ERP software, you get the benefit of the subscription model, which means a powerful solution is available out-of-the-box without having to shell out hundreds of thousands of dollars for servers, implementation or technical support. Subscription models come with a predictable, recurring monthly bill and include the most recent versions of the software. These are all huge wins for bookkeeping.
- Quality audit trails: Having an intact audit trail all the way up to the transaction level is vital to be able to make decisions. Plus, managers and executives are able to track any changes to documents. Should an error, mistake or malicious event happen, audit trails enable companies to recover older versions of documents to save precious work.
SMBs need to cut the cord from QuickBooks and Excel if they’re going to take their business bookkeeping to the next level. They require powerful tools that create advantages over the competition. Financial accounting software is the key to all of this with better reporting, security and audit trails.
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