Many CEOs do not place enough emphasis on the link between their core business and the accounting function within their companies. Accounting impacts every department and can help or hinder the ability of a company to expand.
Your chart of accounts is the backbone of your company's accounting processes. A well organized chart of accounts can enable management to make informed strategic decisions as your company grows.
Accounting is integral to effective strategic planning, but what can you do if it takes all month to close the books? Technology enables us to spend more time as trusted advisors and truly elevate the accounting department within our organizations.
Accounting is a big part of keeping your company on the right track. Without accurately tracking income and expenses, managing invoices, and monitoring cash balances, it can be quite hard to properly budget and manage revenue in a productive way
A manual approach to invoicing may be easiest in the beginning, but over time, maintaining spreadsheets, reconciling amounts by hand, and making physical payments will require an unreasonable time commitment.
Effectively accounting for projects in a scalable way, requires a deliberate, methodical approach to setting up the underlying systems. It does not, necessarily, require a project accounting system.
What's the point of using accounting software, whether cloud or desktop, if you need to export the data every time your want to present a consolidated balance sheet & income statement?
The upgrade from your small business accounting software will be a substantial investment. Mid-market general ledger accounting systems are significantly costlier than Quickbooks and Xero, which is in addition to the time and resources associated with implementing new accounting processes.