Choosing an Accounting System is not an easy decision. When you are first starting out, your financial reporting needs are more basic. As anyone in business will tell you, numbers are key. If you are in accounting and financial tracking systems are out-of-date your entire business can suffer because of it. Modern business management software is aligned with other and all business applications so that accounting and financial tracking, reporting and input is simple.
Need for Flexibility
Another big sign that it is time to upgrade is that the solution you are using is too basic for your business needs. As your business grows, you will realize that there is a certain level of flexibility that you will need in order to run your business more effectively. Most basic Accounting solutions will not offer this capability. This is when you know what you will need to upgrade to a more flexible platform. Modern day cloud platforms, such as a CFO, offer this flexibility.
Real-time systems
An increasing number of businesses, particularly start-ups, are choosing to use cloud based accounting software such as MYOB, XERO or SASU essentials to process your day to day transactions, manage your cash flow and also keep track of purchases and payments. These essentials are suitable for:
>> Small businesses with simple accounting needs
>> People new to accounting or accounting software
>> Businesses that have outgrown keeping manual records.
Role of Cloud Accounting in Business:
Today’s sophisticated financial management systems can increase the efficiency and accuracy of accounting, and automate and streamline business processes, thereby reducing time and labor costs while increasing productivity. While such systems deliver a host of benefits, there are five key ways a cloud-based model is addressing needs` inherent to the transforming CFO role, while delivering value and positive ROI to the entire organization.These are:
>> Automation of manual business processes.
>> Elimination of duplicate entries to prevent errors and increase data accuracy.
>> Secure user access and controls with streamlined approvals process
>> Highest standards in system and infrastructure security with data backup at a secure, failsafe location
>> 24/7 access for control and collaboration
>> Cloud-hosted solutions open the doors to sophisticated tools that many, if not most, businesses could not have accessed in the past. No longer merely a back-office enabler, cloud-based financial management solutions create real value for the entire organization.
Whether in Sydney, Tokyo or anywhere else in the world, a successful chief financial officer would be able to organise your accounting and reporting to bring it upto date and prepare financial statements or monthly management accounts.