18 Oct How Your Accounting System Should Propel You Forward
Modern-day accounting is similar to driving and your system is the vehicle. You need both your windscreen and rearview to get a complete sense of where to navigate. Similarly, Your accounting system should assist in giving a clear view of the future using insight gathered from the past and present. Businesses generate abundant operational and financial data. But it is how we use that data that determines its value. In this guide, we discuss how your accounting system should propel you forward.
Your data may come from multiple sources. From point of sale to your booking system, etc., using multiple disparate systems with separate data makes it difficult for business leaders to consolidate it and gain a holistic view of their business. An integrated ERP system solves for this by centralizing your data allowing you to enjoy an end-to-end 360-degree view of your entire business.
Powerful, enterprise-class cloud accounting provides the integrations with best-in-class systems to turn that data into insights efficiently and accurately. Those reports that used to take hours? Done, in minutes. Consolidations for your entities that used to take weeks? Automated, in real-time. The right accounting software minimizes the manual work in getting the insights you need, so you can spend more time driving profitability and growth.
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The bottom line
In challenging times, businesses have to keep a keen eye on their bottom line. Access to your KPIs through visual dashboards makes it simpler for business leaders to track the most important metrics to spot threats and opportunities on time.
Tracking costs is a dynamic process. Sometimes you may need a high-level view, and on other occasions, you may need a granular view. To identify and respond to problem areas, you need insight into how each property is performing compared to your budget or a prior period.
Best Practices for tracking costs
- View labour costs on your dashboard
- Use Sage Intacct dimensions to slice and dice your data for maximum visibility and impact
- Automate accounts payable and payroll processes to eliminate time-consuming, error-prone tasks – and get real-time insights into your costs
Visibility is a key aspect of great decision-making. The quality of the insight that your accounting system offers will affect your success. These are just a few elements of how your accounting system should propel you forward and not backward.