How can mid-market software benefit accounting practices?

Brought to you by AccountsIQ

Is your accounting system working for you? Basic accounting software will often suffice when catering for small businesses with simple requirements, but many SMEs develop more complex accounting needs as they grow. Premium ERP systems may be out of reach, but accessible and affordable, mid-market cloud-based accounting systems can provide a solution that fits.

Complex functionality at the right price

Modern cloud accounting software offers many of the benefits of advanced enterprise resource planning systems, allowing medium-sized companies to access much of the same functionality, for a low monthly subscription fee.

So, what can it do? An affordable option that’s easy to implement, mid-market cloud accounting software can enable accountants to:

  • Save time and increase profits, by automating routine admin tasks
  • Create and access complex reports in real time
  • Work remotely, at home or on the move
  • Collaborate with clients by sharing files through the system
  • Easily work with multiple currencies
  • Consolidate accounts across groups and subsidiaries, for companies with multiple entities
  • Increase efficiency by integrating the finance function with other cloud-based software, such as CRM databases.

A flexible solution that adapts to your changing requirements

Unlike the rigid constraints of an entry-level desktop accounting system, mid-market cloud-based accounting software is flexible and can be adapted over time, to meet the needs of a company as it grows. If a SME plans to expand into new countries in the coming years or create new subsidiary companies, the right cloud accounting software will accommodate this without a problem.

As well as adapting to companies’ changing financial needs, a cloud-based accounting system can also actively aid growth, by helping attract new clients and by making operations more efficient.

  • Improve client relationships by working more closely with them in the Cloud
  • Increase your client base: with a cloud-based system, you’re unrestricted by location
  • Drive efficiency by automating reports, integrating IT systems and streamlining operations across the company.

Real-life applications: French Duncan and PwC

Cloud-based accounting software can benefit medium-sized companies in all sectors.

  • When chartered accountants French Duncan decided to move to the Cloud to cater for their clients in the hospitality sector, their requirements included complex operations such as multi-company consolidation and multi-currency accounting.
  • Similarly, professional services firm PwC required a scalable, outsourced accounting solution for its high-growth SME clients.

Both companies chose AccountsIQ, a cloud accounting system designed to provide a high level of functionality that can continue to serve businesses as they grow.

Conclusion

Although high-level ERP systems with powerful functionality are desirable, they may not be a realistic option for mid-level companies with a limited budget.

Complex accounting needs to be more accessible and affordable, and in today’s world, that means looking to the Cloud. With a range of functionality that allows businesses to build relationships, improve efficiency and save money, cloud accounting software is the ideal solution for accountants working with SMEs of all sizes, especially those with plans to expand.

AccountsIQ provides this middle ground by offering affordable cloud-based software for accountants. AccountsIQ is award-winning software having won Enterprise Accounting Software of the Year 2018 at the Accounting Excellence Awards.