Tag Archive for cloud accounting

5 Warning Signs Your Company Has Outgrown QuickBooks

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If you’re a small business, you’re most likely running QuickBooks. In fact, millions of businesses use QuickBooks as their very first accounting system. Why?

When companies are starting out, they can’t afford to make huge investments in finance systems. They spend $100 dollars or so and they are all set. They don’t have to invest in training and can be up and running in a matter of days.

For a lot of businesses, QuickBooks is the last accounting system they will ever have to buy because their needs don’t change.

What if Your Business is Growing?

But if your business is growing and evolving, your finance system needs to adapt. Your reporting requirements evolve. More and more people depend on critical reports and financials and need them quicker.

Most businesses respond to these increased expectations by compensating with manual entries, workarounds and the biggest crutch of all…spreadsheets.

As they continue to evolve, they add more workarounds, and more manual, duplicate data entry and more band aids. Now they are so in the weeds trying to get basic financials issued each month that they lose sight of how difficult their life has become each month.

The Key Warning Signs You Have Outgrown QuickBooks

Based on my experience with hundreds of companies, I would like to share with you 5 Warning Signs That Your Company Has Outgrown QuickBooks. We’ll cover the first two warning signs in this post and discuss the last three in our next post.

Warning Sign #1 – Monthly Reporting Nightmares
QuickBooks designed its reporting capabilities for very small businesses. In order to get more complex, meaningful financial reports, all of the data must be exported to Excel, summarized, formatted and printed manually each month.

Change a single amount and you need to repeat the entire process again.

How much time are you wasting taking all of these extra steps each month? What more productive and valuable activities could you be working on instead?

Warning Sign #2 – Disconnected Critical Systems
Let’s face it, as your company grows, your systems become more complex.

You need more systems to manage the operational aspects of your business: customers, time and billing, sales, orders, production, payroll, scheduling, delivery and fulfillment.

QuickBooks was designed to stand alone, creating disconnected silos of information that are very difficult to manage as you grow.

If you are only entering your sales data once a month from your billing system, it’s hard to have any visibility into operations during the month.

Want to Learn More?

If you would like to learn more, we have compiled a free e-Book for you. Simply click here to download.

Please see the original post on the Cloud Accounting Blog >>

7 Reasons You Should Consider Outsourcing Your Finance and Accounting

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Successful businesses, no matter how small or large, are able to focus, like a laser beam, on what’s important: innovation, customer service, growth, company culture and winning against their competition.

Finance and accounting, while critical to business operations, is often urgent, but not important. Yet so many executives like you allow themselves to get distracted from these critical success factors by responding to inquiries, tracking down missing checks, making sure the books get closed accurately and reconciling accounts.

If you are looking for better ways to focus on growing your business you should consider outsourcing your finance and accounting operations. Here are seven key benefits of outsourcing accounting and finance.

  1. Be more efficient– For one week, keep track of how you spend your day. (You can easily accomplish this with a free tool called toggl. http://toggl.com ) How much time do you spend each week on finance and accounting? If it is more than 1 – 2 hours a week…it’s too much. You should be spending your time improving operations, better serving customers and growing your business. Removing the daily distractions of accounting will help you do this.
  2. Reduce costs – Outsourcing your accounting eliminates all of the costly taxes and fringe benefits associated with full and part time employees. You pay one fixed monthly fee for everything. Research has shown that outsourcing accounting can save up to 40% in monthly costs, when you consider the salary plus taxes, supervision, vacation and health insurance.
  3. Eliminate fraud –Most small businesses have one accounting person that does everything….sends out the bills, collects and deposit checks and reconciled the bank account. When these duties are not separated, you increase your risk of fraud. A recent Association of Certified Fraud Examiner’s study showed that the most common victims of fraud are privately owned small businesses with less than 100 employees with an average fraud amount of $147,000. Outsourced accounting provides you with the checks and balances, as well as the oversight that you need to prevent fraud.
  4. Highly qualified and experienced staff – By having a team of accountants and CPAs work together to take care of your books, you can take advantage of their significant accounting, tax and compliance expertise which is all included in the monthly cost. By outsourcing you will automatically stay ahead of and comply with the myriad changes in income and sales tax and reporting laws.
  5. Ability to scale – By outsourcing finance and accounting, scaling your business becomes easier. Rather than distract yourself by hiring additional finance staff, outsourcing grows automatically with your business. You can focus on hiring the best people to sell your products and service your customers…which goes right to the bottom line.
  6. Improve cash flow – Outsourcing provides you with access to cloud based tools and technologies that will help you get paid faster and manage payments more effectively. At the simple click of a mouse, you can see an up to minute analysis of your cash.
  7. Better Manage Your Business –What type of information are you receiving today from your finance system? Most importantly, how timely is it? When you get last month’s financial on the 20th of the following month, how do you support decisions in the beginning of the month? Outsourcing provides you with real time information on all aspects of your business, not just financials, with the click of a mouse.
Can your company benefit from outsourcing your finance and accounting? Take our 1 minute assessment! Get your assessment now >>

7 Free Informative Webinars for CFOs and Finance Professionals – March 2016

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Every month, Intacct sponsors a series of informative webinars covering critical issues for CFOs and finance professionals.

Here is a list of their webinars for February / March 2016. Click the Learn More button for additional information or you can register directly by clicking the Register button.


The Tech-Savvy CFO: From Visibility to Insight

Thursday, February 25th at 11 AM PT / 2 PM ET

Everyone is turning to you for answers… So, where do you turn for the technology to give you those answers?

Learn More

Register


Project Accounting and Financials for Your Services Business

Wednesday, March 2nd at 11 AM PT / 2 PM ET

For services and project-based companies, capturing 100% of client billable time and expenses, developing accurate budgets and forecasts, and improving cash flow management is always challenging. How can you meet these challenges?

Learn More

Register


Cloud Financials Done Right: Avoiding the Pitfalls of Implementation

Wednesday, March 9th at 11 AM PT / 2 PM ET

Your financial management and accounting applications are one of the most critical components of your business infrastructure. Switching to a new accounting system can seem overwhelming, but it doesn’t need to be.

Learn More

Register


A Board’s Eye View into SaaS Metrics

Thursday, March 10th at 11 AM PT / 2 PM ET

For SaaS companies, fast growth requires fast decisions made with the right information. How can you quickly get the critical information you need?

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Register


Revenue Recognition Made Easy for Your Project-based Business

Wednesday, March 16th at 11 AM PT / 2 PM ET

Are you spending too much time tracking down project data and manually recognizing revenue?

Learn More 

Register


Not Your Mother’s Chart of Accounts—Leveraging Cloud Technology for Nonprofit Accounting

Thursday, March 17th at 11 AM PT / 2 PM ET

Your chart of accounts is the foundation of your finance system, but does it support your current and future reporting needs?

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Register


Finance and Project Analytics for Services Businesses in 2016

Tuesday, March 29th at 11 AM PT / 2 PM ET

With real-time financial and operational analytic, services businesses—technology, consulting, business, construction, and other services—can effectively manage revenues, costs, and overall performance. Where can you find this information?

Learn More

Register


View the original post on the Cloud Accounting Blog here >>

 

3 Informative Webinars for CFOs and Finance Professionals – February 2016

Cloud Accounting Blog Logo Every month, Intacct sponsors a series of informative webinars covering critical issues for CFOs and finance professionals.

Here is a list of their webinars for February 2016. Click the Learn More button for additional information or you can register directly by clicking the Register button.

We’ll publish the listing for March at the end of this month.


 

Finance and Project Analytics for Services Businesses in 2016

Thursday, Feb. 18 – 11:00 am PT / 2:00 pm ET

With real-time financial and operational visibility and analytics, services businesses—technology, consulting, business, construction, and other services—can effectively manage revenues, costs, and overall performance. Combining financial, operational, and project information ensures profitability and helps you drive toward financial success.

Learn More

Register


 

Survival Guide for Nonprofit Finance Teams in 2016

Friday, Feb. 19 – 11:00 am PT / 2:00 pm ET

The demands on nonprofit finance teams have continued to increase. You must create greater levels of transparency and visibility, enhance the governance of the organization, and strengthen decision-making and strategic focus—all while improving productivity. Wondering how you can survive in this challenging environment?

Learn More

Register


 

The Subscription Lifecycle Made Easy

Wednesday, Feb. 24 – 11:00 am PT / 2:00 pm ET

Forward thinking organizations are capitalizing on the unique business opportunities available through subscription-based offerings. As they undergo the transition to a subscription business model, the volume and complexity of their accounting and order management processes increases exponentially. Using manual processes and disconnected systems to address this increase can cause serious business impact.

Learn More

Register


View the original post on the Cloud Accounting Blog here >>