543,000. That is the number of small businesses that start each month as of February 2019. With that number comes the sobering realization that 82% of businesses fail because of cash flow problems. Accounting software for startups is not talked about often. It is a critical decision that has to be made and the earlier the better. That is why it is more important than ever for startups to understand their accounting and get it right from the get-go.
The ability to get a full view of your money from day one is the advantage that businesses need to succeed. You need to take away the worry of manual tracking and possible errors. It is better to focus on that time and concentrate on development, research, and growth. By harnessing the power dashboards, analytics, and deep reporting you can hit the ground running on day 1 and be set to scale for the future.
New Tech Breeds Success
Starting a new business with old tech doesn't make much sense. Having to play catch up later down the line can stall your progress and cloud your data before any growth ever begins. One of the perks of being new to the market is that you have a blank slate. You get to pick and choose from the best software and systems available. You don't have to worry about system migrations, huge data backups, errors in transition, or critical data corruption.
“If you are relying on ‘desktop’ accounting software you are looking at redundant data. To get real-time data you need to switch your accounting software to the cloud. You can than access richer, more accurate data on any device.”
Top cloud accounting solutions like
The Dashboard Revolution
With cloud accounting, you have access to beautiful, visually distinct dashboards. Information moves faster than ever, so boiling down critical job functions to a small, understandable numbers for fast decision-making. These dashboards let you take the information that is most important to you and put it front and center. With a constant eye on your most critical data, you are better equipped to recognize trends and make more informed decisions. With the ability to filter your information you can recall customer financial data with little to no effort, allowing you to consistently manage your cash.
Running a warehouse? Get instant access to your inventory and manage stock levels and pricing with just a few clicks. To get consistent access to your data with older systems you generally have to bolt together software. Old on-premises software is not built to function in concert with other systems. With cloud-platforms, connections are king. These connections pump more information than ever into your accounting solution making the dashboards even more robust and informative.
Room for Growth
Accounting software for startups has to be able to grow. Your dream is to provide your goods or services to hundreds or thousands of people right? You need a system that can take you from 10 accounts to 10,000. Maybe you need to spin off a new company down the line or expand to add more locations. Multiple entities mean more accounting. But it doesn't have to mean a lot more work. Current cloud solutions are extremely well equipped to scale to your needs. Often with just a few clicks in your control panel.
You might see the term "future-proof" thrown around. It means that the system you are using is built to take on the unknown. That is exactly what you are dealing with when you first start your business. Starting your journey with a trusted and proven cloud accounting solution puts you on steady footing. Better prepared to make smart and informed financial decisions with the best information available from all angles.
Want more information on accounting software for startups or where you should go from here? We would love to help put you on the right path. Give us a call at 855.9133.3228 or shoot us an email at [email protected]. We also have an