By Analytix Editorial Team
Integrated small business accounting systems can change the way a business works, in terms of both growth and profitability.
What does integration do?
Integration works by bringing together different software applications so that they are working seamlessly without the need for additional, expensive manual manipulation or software.
An integrated accounting system is one where a business’s accounting system is integrated with other software, including third-party software, such as that used to operate and manage an E-Commerce store, billing and invoicing software, applications that track time management, etc.
Here are some additional benefits of integrating:
Linking accounts receivables and accounts payables is a significant step towards ensuring higher visibility of transactions on both the customer and vendor side. Thus, critical records like invoices, payment receipts, sales estimates and other data can be viewed to access information about overdue payments, payment history for a particular customer, etc.
Integration also means all your customer or vendor records and data will be more reliable as a result of eliminating duplicate and incomplete entries.
Data entry is a time and attention-intensive task. When included in accounting integration, challenges such as double entries or repeat entries can be reduced and entirely eliminated. Furthermore, depending on the system used for integration, duplicate entries across different software may be identified and eliminated or integrated into single entries to avoid confusion.
Businesses can increase measurable productivity through integration simply by eliminating time-consuming tasks safely. Thus, manual and attention-heavy data entry which would still result in human errors and duplication can be safely eliminated. Integration helps ensure reliable records which can then be utilized for other purposes such as tax filing. Additionally, it frees up valuable time for human resources. This freed up time can then be utilized for business development or other business-building activities.
As information is available more easily and the interface becomes easier to access and operate, business decisions can be made in real time. Whether it is about analyzing historical customer payments or a vendor’s supply history, evaluating invoices and bills becomes easier on a single interface.
Bringing It All Together
For accounting integration to work and provide businesses with the results expected, it is important to get it right. Getting it right will also save the business money and time that would otherwise be spent in ensuring that all accounting functions are carried out correctly. The trick to getting integration right is to choose a supplier with relevant experience and expertise in outsourced accounting services. This allows a business all the benefits of integration as well as outsourcing benefits:
While those listed above are simply representative of how much effort in-house integration may require, it is no secret that finding reliable outsourced support for accounting services can help a business save money, as well as recover the costs of outsourcing.
At Analytix Solutions, we offer customized solutions for startup companies ranging from accounting and bookkeeping to more complex requirements. For more information on how we can assist your startup in preparing for year end, call us at 781-503-9004 or email us at [email protected].