For many small and mid-sized businesses, operations are often stalled due of complex reporting and mountains of paperwork as Excel reports become increasingly difficult to manage and lack accountability.
In fact, about one-third of small businesses say that managing paperwork is a top accounting challenge. To improve reporting processes and streamline paperwork management using technology systems, small businesses need a central accounting solution that goes beyond QuickBooks or other entry level accounting software.
When selecting accounting software online, businesses should consider the following criteria:
- Will you be able to achieve consolidated financials across your organization?
- Will the solution enable reporting, bill pay and collections automation?
- Does the software include hundreds of standard reports?
- How well does the software integrate with Excel, PowerPoint and other Microsoft Office applications?
- Does the solution reduce friction in the HR and Payroll processes through automation simple-to-use functionality?
Look for a solution that will unify your organization on to one system with pre-built charts of accounts, pre-written financial statements and templates, intercompany and multi-currency reporting. Automated reporting, bill pay and collections management will reduce redundancies, improve accuracy and reduce manual paperwork requirements.
The popularity of Microsoft Excel is undeniable when it comes to accounting and planning, and other Microsoft Office products remain extremely popular efficiency tools inside business offices. The times savings gains that come from having an accounting solution that connects directly to these applications are substantial by reducing friction associated with reporting and other paperwork such as invoicing and receiving.
Processing employee paperwork including W2s and SMB payroll doesn’t have to be difficult. Look for Payroll and Human Resources features that simplify payroll by eliminating unnecessary paperwork and redundant processes through a user friendly interface, automation and consolidation, while improving accuracy, control and flexibility inside your payroll processes.
Watch this video to learn more about how a cloud based ERP solution like Microsoft Dynamics GP can help streamline your operations.