Building a Comprehensive Cloud Accounting Strategy

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Building a Comprehensive Cloud Accounting Strategy-5

Track Business Expenses

Following payroll, business expenses are the second largest expenditure for most companies. These expenses – including travel and operational (rent, utilities, supplies) expenses – must be accurately tracked and stored for tax compliance purposes. It's important to use a system that will help you get the most accurate information from your employees for entry into your system of record, helping eliminate errors and prevent out-of-policy spending. Systems such as Abacus will track and store business expenses, while syncing data with your accounting software to automate the data entry.

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.

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