Building a Comprehensive Cloud Accounting Strategy

Email     |     Share  
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8
Next Building a Comprehensive Cloud Accounting Strategy-6 Next

Monitor Accounts Receivable/Payable

Depending on your business model, having a separate tool that monitors accounts receivable and payable might make sense. For example, if you are a subscription-based business, it's valuable to consider adding a system to your cloud-accounting stack that monitors subscriptions, renewals and can automate invoices or billings. This will keep your receivables up-to-date and provide an accurate view of cash flow. Similarly, using a bill payment tool can streamline your payables to avoid penalties and fees.

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.

 

Related Topics : Vulnerabilities and Patches, Resellers, Broadcom, Broadband Services, Supercomputing

 
More Slideshows

infra100-190x128 Top 10 Strategic Technology Trends for 2017

Here are the top 10 strategic technology trends that will impact most organizations in 2017. Strategic technology trends are defined as those with substantial disruptive potential or those reaching the tipping point over the next five years. ...  More >>

Global33-290x195 2017 and Beyond: How Digital Innovation Will Impact the World

Digital innovation is by far the biggest influencer, changing the way we do just about everything, from shopping to communication to running a business. ...  More >>

ArriaNLG-IoTAutomation0x Internet of Things Personified: Integration and Automation

The real value that the Internet of Things brings is at the intersection of gathering data and leveraging it. ...  More >>

Subscribe to our Newsletters

Sign up now and get the best business technology insights direct to your inbox.