When a company is just starting out, a spreadsheet or desktop accounting application will meet their needs. The challenge comes when organizations are ready to take things to the next level.
Desktop solutions often have constraints —a limitation on the number of users or each company is maintained as an island in their own database. Workarounds no longer work. “In the next few years it is inevitable that you’re going to replace your on-premise system for something cloud-based,” Gene Marks advises SMBs in an article in Forbes.
But purchasing an enterprise system that you’re hoping to “grow into” may not be the answer. You’ll likely pay for features and capacity that you’re not using. When you’re keeping a tight rein on spending, that can harm your business.
Key Features of Accounting Systems for Growing Companies
Growing companies need an open-ended platform and an easy-to-understand that enables customization from a single platform. As you look to upgrade your accounting system to support your expanding business, the following are some must-have features:
- The ability to manage multiple companies efficiently. A multi-company architecture provides the ability to allocate costs across companies and accounts in a single transaction. Commit the entry and all the companies as well as the due to/from accounts will be up to date.
- One integrated platform. Gone are the “islands” of information. This provides the ability to log in to a single platform and find all your information in one place, from sales and marketing to accounting, job cost to time and billing. With the proper security, information is transparent and easy to access.
- Easy-to-customize dashboards. The ability to access external data such as tracking shipments and leverage built-in BI tools delivers a graphical snapshot of the current state of your business. Real-time insights into financials and operations, enable better informed business decisions.
- Audit trail. When the auditors need information, you need to be able to provide it quickly and with assurance that nothing has been deleted or altered. A good accounting system will provide complete data transparency with a full audit trail on every transaction.
For more information on Gravity’s cloud-based accounting solution for growing companies visit http://www.gogravity.com/accounting-for-growing-businesses/?ref=cfonativead