What should growing businesses consider when choosing accounting software?
13th Mar 2020
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If your business is growing, or your practice has clients with growing requirements, 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 characteristics should you 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.
Key considerations once you’ve made your decision to upgrade your software.
Can we help you?
Watch our latest webinar demo or contact us to discover how we can help your growing business save time and streamline your accounting function with the help of automated consolidation and bespoke reports tailored to your needs. Get in touch for an inital chat about your needs. Tel +44 (0)203 598 7350 email [email protected]
AccountsIQ's award-winning cloud accounting software simplifies how finance functions capture, process and report the results of multiple location businesses.
Built for the cloud, AccountsIQ is ideal for dynamic businesses that are growing locally or internationally, via subsidiaries, acquisition or through a franchising model, enabling anytime-anywhere processing, while allowing easy central control and consolidated reporting of results. Its unique consolidation engine, along with its ability to integrate with other applications, makes it easy to scale.
Today, over 4,000 companies in 85 countries enjoy 24-7 access to top level Financial Management functionality, providing smarter working practices, including integrated approval workflow app, expenses app and API integration with front end systems, while delivering simple and accurate consolidated results and a superior level of business insight.
AccountsIQ won Enterprise Accounting Software of the Year for the second year running at the recent UK Accounting Excellence Awards and has been ranked in the top half of the Deloitte’s Technology Fast 50 high growth index for the past 4 years.