Growing organizations still running entry-level
1 – Consolidate Your Financial Data – Despite companies operating under the same organizational roof, many have disparate systems—databases, sets of books, a variety of unwieldy spreadsheets, and divisions with foreign currencies. Data is isolated and unmanageable. Moreover, the interpretation of the data is highly subjective. It’s painful.
If that’s you, your prescription is software that can consolidate all your data in real time in one central, secure database. You then create anytime-anywhere access to that data that ensures easy collaboration among stakeholders. This provides fundamental integration of financials, project accounting, time and billing, global divisions, etc.
2 – Integrate All Your Business Applications – Growing organizations often have an array of different applications with little integration. This leads to inaccurate data and disjointed processes, not to mention headaches.
The remedy is to tie everything together. You need an accounting system that is designed to work with best-in-class software in payroll,
3 – Streamline Manual, Error-prone Processes – In order to deal with ever-increasing accounting and reporting complexities, most growing companies resort to the creation of manual processes outside the system (think gargantuan spreadsheets). This can lead to spending $50,000 in extra hours and dollars per year. That really hurts.
The cure is a non-manual system. One that automates budgeting, the capture of billable and non-billable time and expenses, the creation of invoices, order-to-cash, procure-to-pay, payment approvals, and any other no-value added process.
4 – Get Accurate and Timely Reporting – The multiple, independent sets of data a growing company has (as described in #1 and #2) makes reporting a major hurdle. Plus, whatever data you have isn’t up-to-date. It’s enough to ruin your day.
But there is an antidote. A system with real-time reporting capabilities and graphical dashboards that provides up-to-the-minute visibility into
5 – Track Project Time and Expenses Automatically - Without an automated way of capturing all project-related expenses and employee time and integrating them with accounting, companies must rely on employee memory and manual, paper-based tracking methods. This results in major revenue leakage. Now that literally stings.
Relief comes in the form of a system with automatic time and expense capability in the cloud. It’s tied to everything and your employees, remote workers, and subcontractors can access it anytime and anywhere on a PC, Mac, iPad, Tablet, or smart phone!
A Healthy Result – These five correctives will save you time, money, and perhaps some sleepless nights. Then you can concentrate on more important matters, namely addressing strategic issues and using accurate intelligence to make better-informed business decisions.