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Building a Comprehensive Cloud Accounting Strategy

  • Building a Comprehensive Cloud Accounting Strategy-

    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.

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Building a Comprehensive Cloud Accounting Strategy

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  • Building a Comprehensive Cloud Accounting Strategy-6

    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.