What should growing businesses consider when choosing their accounting software?
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.
Features that will make it easier for staff
- The tell-tale signs it’s time to upgrade
- Key considerations once you’ve made your decision to upgrade your software.
Case study - New Statesman Media Group
New Statesman Media Group are a great example of a company experiencing all the common challenges that come with growth. As a result of implementing AccountsIQ, New Statesman Media now have better controls in place and better visibility over their group finances. Learn more in our case study.
Our cloud-based accounting software is award-winning, having won UK Mid-Market and Enterprise Accounting Software of the Year in 2019 and 2018, as well as being a finalist in 2020.
Demo Webinar – Accelerate your Productivity and Growth
AccountsIQ is changing the game in cloud accounting. If you’ve outgrown other cloud systems or need to futureproof growth, join our experts in a live webinar, where they’ll walk you through the key features and show how you can achieve financial clarity, collaborate with the wider business and accelerate your growth.
When: Thur 3rd June, 11am (BST)