If you’re in the market for new accounting software, you’ll quickly find that there are a lot of options to choose from. However, not all solutions provide the same degree of integration and functionality. A simple desktop program might be adequate for the smallest of organizations, but a growth-orientated business needs a solution that will keep up with constantly growing corporate demands.
With the right accounting solution on your side, it will be much easier to monitor your business’s financial health, as well as use data to garner valuable insights into areas in which you can improve. There are programs that do little more than help you keep track of bills and manage invoices, and there are those that offer limitless scalability while delivering valuable insights into opportunities for growth.
To help you get started on the right track, let’s take a closer look at four features that every accounting solution should have:
#1. Visual Analytics
Although every digital activity generates data, the challenge lies in finding a way to make sense of it all. Rather than just having a spreadsheet full of numbers, you need a visual dashboard that provides you with an at-a-glance, real-time view of your organization’s financial performance.
The best accounting software will present all these numbers and figures in the form of intuitive charts showcasing key performance indicators and other important statistical information. This information will help you notice trends in your business and make more strategic decisions that can improve your bottom line.
#2. Business Applications Integration
Behind the scenes, technology isn’t getting any less complicated. The vast number of different applications, operating systems, devices, and computing infrastructures have made interoperability one of the biggest challenges in technology. If your systems can’t work well together, you’ll end up with an inefficient infrastructure in which data needs to be entered across multiple systems, which is both time-consuming and error-prone.
One of the most important characteristics of any accounting software is that it works seamlessly with your existing systems. At the very least, you’ll want a solution that’s fully compatible with industry-standard CSV templates. For even greater flexibility, you may also want to choose a system that works with document management systems like Papersave and customer relationship software like Dynamics 365.
#3. Cloud Deployment
Today’s workforce increasingly expects a degree of mobility and flexibility, and more people are getting used to working from home or on the move. But workforce mobility is hard to achieve if you’re still fully reliant on desktop software and other in-house computing resources.
Accounting departments are already faced with grueling overtime hours during times of increased demand, such as month-end closures. To ease the burden on your staff and improve efficiency, your accounting software should be fully cloud-enabled and compatible with a multi-tenant hosting environment. That way, everyone on your team will have access to the same information from any internet-connected device. Furthermore, your software will always be current, and you’ll have built-in disaster-recovery without having to rely on any in-house resources at all.
#4. Multi-dimensional Accounting
If you’re dealing with an ever-growing chart of accounts, you’ll need multidimensional accounting features to make sense of it all. Multidimensional accounting essentially allows you to slice and dice your massive database so you can make more focused analyses. For instance, if you want to filter transactions based on departments, services, customers, and product lines, multidimensional accounting will allow you to produce a report on these metrics with just a few clicks of the mouse. This way, you’ll quickly figure out where you’re making money and where you’re losing it, too.
What’s more, instead of setting up expense accounts for each of your departments, you can set up a single, company-wide expense account and then use the multi-dimensional accounting feature to tag individual departments in your reports. By doing this, you’ll be able to track things like spending and revenue for each department with just a simple search feature and gain more granular insights into your business.
WhiteOwl helps businesses do more with technology by providing the tools they need to streamline processes and align technology with their goals. We offer enterprise-class accounting systems like Sage Intacct, which contains all the essential features listed above. Speak with one of our representatives today to find out more.