How to create a powerful accounting technology ecosystem
Accounting isn’t columnar sheets and journal books anymore. We’ve come a long way since manual bookkeeping and accounting. In the days of the past, financial performance was tracked manually across a variety of paper documents, invoices, reports, and more. Now, cloud-based platforms with extensive accounting capabilities such as QuickBooks, Zoho, Xero, Intacct, and NetSuite make tracking, recording, and analyzing financials simply a click of a button.
New innovations come along every day to make our lives even easier. Now, not only do we have cloud-based technologies, but we also have supplemental accounting software to streamline specific processes.
Payroll, expense reporting, and accounts payable are all processes that can be integrated into a complete accounting technology ecosystem. These apps are made to target specific functions of financial operations and act as your “expert” in that area.
Accounts payable starts with Bill.com. Bill.com picks up where your accounting software leaves off by providing a seamless way to pay and get paid electronically. It syncs with QuickBooks, Xero, Intacct, and NetSuite so that your books are always up-to-date with no double data entry required. It offers extensive automation and the ability to build simple or complex workflows, as well as anytime, anywhere access.
Expensify is always my choice for expense management, which integrates with most accounting providers and automates the kluge expense report process including expense creation, categorization, and approval.
Gusto is about as easy as payroll’s ever going to be. You can even set it up to run on an automated schedule! Definitely a “set it and forget it” platform that allows you to focus on the important things in your business.
The endless options and constant innovations can be overwhelming — especially for small businesses and startups. Do your due diligence, use free trials to see what works for you and don’t be afraid to ask a professional for help.
Not sure if a supplemental accounting system like Bill.com or Expensify is right for your organization? Schedule a free consultation with me today and together we can determine if it could be!