Accounting software is the base of any cloud accounting infrastructure – it should be considered your system of record. Businesses should select a system that has the ability to scale for future growth and is not just "right for right now." Businesses should also conduct preemptive research to determine options for add-on integrations to automate specific tasks. Accounting software that has multiple options for integrations will provide additional flexibility when scaling.
As we enter 2016, integrations between systems in the cloud accounting ecosystem will become a necessity to achieve on-demand reporting. This shift will allow businesses to save time reconciling data at the end of the month and keeping systems in continuous sync. There are solutions, such as NetSuite, QuickBooks and Xero that help with on-demand reporting without breaking the bank. Additionally, third-party app connector systems, such as Zapier and IFTTT, can increase the range of options for integrating systems.
Building out your cloud accounting stack is a continuous effort. As with building any infrastructure, the process requires an understanding of the strengths and weaknesses of each component and knowing which features and capabilities are non-negotiable for the business. Does the stack need an integrated system to track payroll? What about travel and expense reimbursement?
Understanding which capabilities and integrations are needed for your cloud accounting stack can be daunting, but if businesses consider the following recommendations, identified by Omar Qari, co-founder of Abacus, they will be on the right track to creating a sound, fully integrated strategy.