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Building a Comprehensive Cloud Accounting Strategy

  • Building a Comprehensive Cloud Accounting Strategy-

    Identify Add-Ons Specific to the Business

    Accounting software is great, but as the core of your cloud accounting stack, it's not meant to do everything really well. It's meant to be a hub where data is collected and brought together across systems. That's why third-party vendors have built integrations that help address specific problems. These tools make life easier by automating tedious tasks and providing a finite look at your data, so it is imperative it integrates well with the accounting software you've selected. When researching an integration add-on, think about how it will impact your business. Will it save money, time? How much? Strike a balance with your systems between additional costs, time savings, and data accuracy and reliability.

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Building a Comprehensive Cloud Accounting Strategy

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

    Identify Add-Ons Specific to the Business

    Accounting software is great, but as the core of your cloud accounting stack, it's not meant to do everything really well. It's meant to be a hub where data is collected and brought together across systems. That's why third-party vendors have built integrations that help address specific problems. These tools make life easier by automating tedious tasks and providing a finite look at your data, so it is imperative it integrates well with the accounting software you've selected. When researching an integration add-on, think about how it will impact your business. Will it save money, time? How much? Strike a balance with your systems between additional costs, time savings, and data accuracy and reliability.

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.