It’s been a few years now and your startup business is really starting to grow. Orders are coming in and several contracts with clients are taking off. So what’s holding you back?
For many medium-sized companies, one of the biggest inhibitors to success isn’t finding the right employees, leadership, distributors or substantial cash flow. For the most part, you already have those important assets. What you lack is the right technology to manage the financial workings of the company.
QuickBooks and Excel have worked fine for a while, but in order to take your startup business to the next level, you need powerful financial accounting software. Here are eight ways that having the right software for your company can help your business take off.
- Mature financial accounting helps to reduce mistakes created by human error: Using QuickBooks or spreadsheets to run your growing business is a bad idea, especially when it comes to tracking information about customers. The problem with spreadsheets is the manual data entry they require. Juggling multiple sets of QuickBooks for several parts of the company (or companies) also can lead to serious mistakes.
- Powerful software provides insight about customers, payables and receivables: These tools are functionally mature and have built-in best practices, which provide greater insights about the company. What do you need to do today to prepare for next quarter or next year? The software is able to help you answer such questions.
- Financial accounting tools help with self-auditing: These tools create auditing transactions and a paper trail. Even for businesses that make only a couple of million dollars each year, auditing is highly important. Using spreadsheets to manage your financial information will create challenges for this effort.
- Powerful software is agile and scalable: Accounting software is able to grow with you in both transaction volume and functionality. It gives a company a long runway for growth. Spreadsheet systems will often cripple the ability for a business to go to the next level.
- Accounting tools provide better access to a SQL Server Database: Leveraging a Microsoft SQL server is widely accepted because it provides access to your data anytime, anywhere. Spreadsheets, on the other hand, can become corrupted and must be manually consolidated.
- Mature financial software is able to add new features and modules that are specific for SMBs and are easy-to-upgrade: When you’re trying to grow fast, you don’t want to become bogged down in upgrades or be unable to do business because you’re too busy trying to get your system to work.
- Accounting tools have the lowest total cost of ownership (TCO): That’s because these services include the cost of upgrades, maintenance and support. There is no need for additional IT personnel.
- Some accounting tools are available with an online subscription model: Cloud-based tools are more manageable and require less capital because you’re less likely to have to write a huge check for something unexpected. Plus, when you have a manageable solution you’re able to budget against, you can avoid putting stress on cash flow or the ability to run the business.
Give your company the wings to reach the next level and stop relying on primitive accounting tools. Having the right financial accounting software is the key to successful growth.