Monthly Archives

2 Articles

Two Key Pointers for Facilitating Error-free Cloud Accounting

Moving to the World of Cloud has become an undeniable requisite for and should be taken into prior consideration for stimulating business growth. Many companies have either shifted or willing to shift to the Cloud for its agility, convenience and cost-efficiency. However, the entire transformation process is undoubtedly tedious and requires thorough attention and knowledge.

Though cloud implementation initially focussed on the areas of sales force automation or application development, however, organizations have started exploring the same for refining their core business systems like financial management, supply-chain management or transportation management.

Irrespective of the type of application, you should be cautious enough to avoid the most common slip-ups during the activities of financial planning. Following here we have listed out some of the major mistakes made while implementing and utilizing an online accounting software for small business, which will ensure sound functioning and fulfillment of business objectives.

Not considering the Dashboards and TCO

Often businesses fail to measure the Total Cost of Ownership (TCO) of the online accounting software. Considering the same, many vendors offer dashboards for providing users with a clear, unambiguous view of the cost. This, in turn, helps businesses in monitoring use of the software more easily and restrict the same if the extent of operations exceeds thresholds. Furthermore, many vendors offer usage-based accounting for monitoring the real cost and worth of software being migrated to the cloud.

In order to benefit from the low compute cost without making the ongoing expenses for storage, companies can be able to take advantage of planning their data migration and enterprise application properly. They should deploy a unified platform for storage, data migration and management for boosting migration flexibility, thereby improving its total cost structure, which, in turn, prevents the capacity constraints.

Getting stuck with vendor lock-in

While using the cloud-based products and services, you might be interested to make a transition from one cloud vendor to another. However, doing that in the proper way might not seem to be that much easy because of significant constraints like incompatibility in between various proprietary cloud-based technologies and lack of predefined path. Thus, you must go through the contact terms and conditions for avoiding bad vendor lock-ins and make clarifications regarding the tools and facilities.

Final Word

Apart from the aforesaid, it is important to give pivotal importance to the compatibility issues as well in compliance with the modern cloud-integrated environment. Furthermore, you must consider the issues related to reverse backup and disaster recovery and for this, implementing the use of an integrated online accounting software for small business which, features a high-end structure to cover this issue. Thus, on a concluding note, though installing an online accounting software is important for growth, however, knowing the right techniques for using it is where the real quest lies to leverage your business successfully indeed.

An Explicit Checklist on Choosing the Right Accounting Software

Technology is progressing fast and so is the way of doing business. With the launch of futuristic, feature-rich tools and applications every now and then, every facet of the business is being refined for making it more productive and efficient. Likewise, using an online accounting software has become inevitable for businesses to simplify the entire process and stimulate seamless operational flow. However, choosing the right accounting application is certainly where the real quest lies.

While choosing the right accounting software, you will be able to observe that all the solutions do not deliver the same level of scalability and functionality. A growth-oriented organization will try to use an efficient and flexible software that can help in managing the increasing organizational complexities, number of users and volume of data.

Having said that, following here are some of the inherent and imperative features to consider before choosing the right online accounting application for medium business.

Multi-dimensional Reporting

This advanced feature is helpful for simplifying and streamlining the chart of accounts by helping you to give an estimate of the account numbers required by you for providing enhanced reporting capabilities.

Multi-dimensional reporting facilitates the creation of customized reports from which you can extract vital information and attain valuable insights such as expenses per department based on location, revenue per item and more. This, in turn, will aid in presenting insightful data in front of higher management including executives, managers, board members without having much reliance on the IT department.

Cloud-integrated, Multi-tenant Environment

Accessibility to your company’s accounting activities from any random web-connected device signifies that you will be able to enjoy full-fledged control over the financials at anywhere during any time. You should select a solution which provides real-time, automated upgrades for giving consistent refinements, thereby reducing the chances of unproductive downtime. With the use of a multi-tenant architecture, the software becomes much more affordable and feature-rich. Thus, you should opt for a security-oriented software which boasts a set of top-level security attributes, continuous data backups, continuous white-glove testing, disaster recovery and much more.

Multi-functionality

While running a company with its operations across multiple entities, currencies and locations, the complexities involved with it certainly increase. However, the appropriate software will aid in simplifying the process of collecting valuable data, analyzing the financial reports via dimensional tagging and reporting. You need to look for a solution which, can collect and accommodate information from various business entities and locations by using a single login.

By using a cloud online accounting application for medium business, you will certainly get a concrete, well-structured solution for catering your current needs, assess where your business is heading to and attain better grip over the business to achieve the pre-defined goals. Apart from the aforesaid, dashboard integration is another key feature to look for as it helps users in getting an unambiguous, relevant and real-time view of the company’s performance.