All businesses struggle with growth – initially, how to achieve it; then, how to deal with those pain points that are the inevitable outcome of that growth. Whether it's building new lines of business, hiring more people or investing in new technology, all those issues create inflection points in your company.
Those growing pains are particularly pronounced at small and medium-sized companies reaching for the next rung of expansion, where you need to invest to get to that next level.
To achieve that growth – and make way for future growth – companies are looking beyond their current legacy, on-premise accounting solutions and thinking about migrating their financial management systems to the Cloud.
Make way for the future
As your business grows, you need to have the technology and capability at your fingertips to make decisions. Many times, however, smaller companies stick with entry-level accounting software packages, such as QuickBooks, that has brought them to their current level of growth. The problem is that while it may be working for now, will it give them the robustness they need over the next three years to reach their growth goals?
Investing in a core accounting finance service that can accurately report and create financials and systematically integrate financial data across all platforms is essential – whether you’re seeking to grow from a $1 million to a $5 million company or from $25 million to $75 million.
It’s also, arguably, the single most important investment you will ever make: It will help you make better, quicker and more informed decisions, which will give you competitive advantage, get you into new markets and provide the intelligence that you need to developing products. It will enable the finance function to play a strategic role in decision-making, allowing you to manipulate data by location, department or entity and to create comprehensive reports and dashboards.
By investing in cloud accounting technology, you'll be able to set up dashboards and visualizations to help you run your business better and grow – and use data to derive insight into managing capital and finances, report and articulate the value of the company and keep investors.
Sage Intacct is an industry-agnostic ‘Best in Class’ solution that is particularly adapted to nonprofit, healthcare, hospitality, wholesale distribution, software and technology, financial services, and construction and real estate companies. Customizable dashboards allow role-based and process-based metrics, reports, and charts to be created for quick insight and data-driven decisions. It helps firms streamline their business by allowing them to create more reports in less time. And it provides them with the means to do in-depth look-up and analysis of transactional data for making comparisons and finding trends.
