What should growing businesses consider when choosing accounting software?
4th Jan 2019
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Do you have plans to grow your business? If that is the case, you will need a flexible and scalable finance system. You’ll need software that can grow with you as you add entities, expand overseas or to meet new financial regulations.
So what are the characteristics that you should be looking for in an accounting solution?
Essential features for your finance system
The needs of your business can change a lot in a couple of years, and some accounting systems may not be able to match up with what you’ll need from your accounting software. Sticking to one system that can adapt to your business needs at its different stages of growth is much easier than needing to switch when your requirements change. For this reason, ambitious enterprises should look for finance systems that have:
Scalability: A system that can grow with the business and that can also operate in multiple jurisdictions and with multi-currency transactions if you’re planning on expanding overseas. If you want to add subsidiaries, your accounting software will need to be able to handle consolidation easily.
Sophistication: You might only need software that can handle simple accounting operations at the start. However, when your business expands, you will need a finance system with the ability to undertake more complex accounting or reporting. By starting with an online accounting solution with basic functionality only, or using on premise software, you could quickly run into problems when your business starts to develop and grow.
Broad functionality: Choose a system that helps your employees collaborate with functionality like purchase order and invoice approval and expense capture via a mobile app.