Building a Comprehensive Cloud Accounting Strategy

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

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.

 

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

 
More Slideshows

Classroom tech Ten New Technologies Transforming the Classroom

Here are 10 ways that college professors are taking advantage of the technology students currently use and adding new technologies to enhance the teaching and learning experiences. ...  More >>

IBM Watson How and Why Companies Are Incorporating the Power of IBM Watson

Watson continuously learns from previous interactions, gaining in value and knowledge over time. Learn how companies are harnessing that AI power to create and improve products and services. ...  More >>

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 >>

Subscribe to our Newsletters

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