Business Accounting Solutions

Whether you’ve outgrown your existing system, or require a more integrated and powerful solution to help streamline your business. Making the right decision on your new accounting system is critical to support ongoing growth.

As the size and complexity of your business increases, the interaction between its people, processes and systems is placed under significant pressure. To cope with growth your business will need the right business accounting system. One which not only provides the standard functions or record keeping and compliance, but also becomes a central point of access to all the business’s critical management information.

Understanding modern business accounting solutions

For medium to large businesses, accounting systems tend to be modular, that is, each of the main functions is available as a plug-in module for the base system. Accounts payable, accounts receivable, general ledger, inventory are prime example of modules available for these systems. Typically, such solutions are implemented in business environments where financial management is complex, requiring numerous dedicated staff.

On the other hand, small to medium business accounting solutions are more integrated and standalone, incorporating rich sets of features. While the individual functions may have less functionality than their counterparts in larger systems, they have evolved over the years to become extremely sophisticated and powerful solutions. Even many small business accounting solutions provide:

• Financial transactions, including general ledger, account setup and maintenance, journal entries, foreign currency, adjustments and budgets.
• Financial processing such as cash receipts, cheque writing, deposits, advance payments, credit card payments and bank reconciliation.
• Quotes and estimates, customer orders, deliveries, stock, as well as balancing and managing invoices and accounts receivables.
• Vendor contracts and transactions including purchase orders, updating in-stock numbers, calculating the value of imported items, handling returns and credits and processing payments.

Business benefits

The benefits of a business accounting solution, even to small and home office businesses are enormous. Such benefits include:

• up-to-date information relating to outstanding invoices and accounts payable
• the ability to gain a “snap shot” view of your company’s financial status and health
• professionally presented invoices that enhance the image of your business
• less time spent managing money and more time available to focus on the business of making money
• automatic calculations of GST and sales commission figures.