Cloud ERP

August 02, 2019

Understanding Finances At Your Small Business

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Most business owners would probably agree that finances are the number one concern for a start-up or small business owner. It may not surprise you then to learn that 82 percent of businesses that fail do so because of cash flow problems, according to a recent U.S. Bank study.
In today’s competitive market, there are now many accounting and financial software solutions that can help the small business owner navigate the obstacle course of business ownership successfully. Even so, making the best choice for your business can be daunting.

For a software solution to help you gain control over your finances and help you overcome those hurdles that confront you, it needs to have functionality that can address many different aspects of your business.

Many financial accounting software programs can help solve the most common and painful problems small and growing businesses face. When selecting a cloud-based financial software, you should not just consider what your needs are today but what your needs will be in the future.

At their core, your financial and accounting systems need to allow you to create real-time reports and dashboards to provide visibility throughout your business organization and across multiple business entities. This will enable you to stay on top of your cash flow, profit, loss, payables, and receivables. You may also need a quote to cash process so you can eliminate manual data re-entry, saving you time and re-work. Automated procure-to-pay with custom defined workflows will help your business reduce errors and processing costs. Add in features to allow you to manage expense reports as well as monitor travel and expenses spending patterns, and you have a system that gives you a solid grasp on how money is being spent as well as enabling you to identify both productive and unproductive investments.

Compliance has become another considerable headache with GDPR requirements. Sage Intacct provides a solution to keep you in compliance not just with GDPR but also with industry-specific standards such as HIPAA. Ensure your company stays protected with the best data security and privacy controls.

In order to make smart business decisions, you need the power of cloud-based financial software that delivers the data analysis, automation, and data interpretation, so you know how your business is truly doing. With Sage Intacct, you will have the necessary insights into your finances to allow your business to thrive and grow.

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