Growing Your Family Business Using Technology

Growing Your Family Business Using Technology

Family Businesses often start out on a shoestring budget and have to watch how every penny is invested. Regardless of the size of your business, you still have to have a bookkeeping system to manage your financial transactions. As your company grows, your needs typically change.

 

Many small businesses will grow to the point where they need to consider hiring a Controller or CFO. At this stage, identifying all of your needs and the correct software tools can save you thousands of dollars in time and staffing costs.

 

Choosing the correct accounting system and software tools is the most important step you can take to set your business up for financial success. The right system will efficiently integrate your bookkeeping, payroll, financial reporting, tax reporting, and much more. This will allow your team to forecast future financials, ensure compliance, and provide good data for future planning and business strategy.

 

So how do you determine what financial or accounting tools will fit your company best? Well, if you want to continue to grow, one important consideration is scalability. Will the solution you choose be able to keep up with your company’s growth? Cheaper solutions may look good at the outset because money may be tight, but they may not be able to handle all the tasks you will need in the future. If you must change systems, this can be very time-consuming and more costly than getting the right system from the beginning.

 

Another important consideration is working through the functionality you need now and in the future. What will your business look like in one, three and five years? Are you opening new locations? Are you acquiring other entities? If so, can your current system handle this type of growth and complexity?

 

For most businesses, taxes are often a matter of incredible frustration and confusion. Tax laws are constantly changing, and compliance can become a huge ordeal and cost you money in terms of staffing to deal with it, especially if your business sells in multiple states or internationally. The time to address taxes is now and later. Look for a software solution that can handle your taxes, is continually updated, and keeps you in compliance at home and abroad.

 

Can one person manage all of your financial duties? Depending on the size and complexity of your business, it may be possible with the right system tools such as Sage Intacct. 

 

A robust accounting system such as Sage Intacct can handle back-office accounting, payroll, and HR to taxes and benefits, financial reporting, and more. Some systems make it so easy that even one person can manage it all. Now that can spell significant savings for a small business. You may pay more for the system initially, but your payback and ROI will be recouped faster, so remember that not all systems are created equally, and not all systems provide you with the same return on your investment.  

 

Finally, make sure to speak to others who have significant business experience using the systems you are considering and get their feedback and experiences using the system. 

 

The future for your small business can look very bright with the right accounting solution in place. It will help you with your strategic vision and financial forecasting while managing the day-to-day accounting, business needs, and reporting with speed and ease.

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