Good Question! Whether you are a start-up company or a multimillion-dollar company, accounting plays a vital role in running the business. Every system tracks income and expenditures, ensures legal compliance, and provides investors, management, and government with quantitative financial information to make business decisions. There are plenty of accounting systems out there, but none of them are better than the others. What is important is what is best for your company; the hidden key that accounting system companies do not want you to know is that you do not need to spend a large amount of money on a specific accounting system. It is not important what software or system to use, but how your company sets it up once purchased is important. The key is to set up whichever system your company chooses with compliance. You have to think about certain things when setting up your accounting system for it to be the perfect system for you. Some of the things you need to think about are, do you want Reporting and Analytics? Enterprise Resource Planning (ERP)? Tracking allocated calls? Tracking CLIN/SIN allocations? Tracking ceiling/funding values? Tracking IDIQ contracts? There is so much more, Budgeting and Forecasting, Compliance Support, Project and Contract Management, Time and Expense, Human Capital Management, Etc. Once you determine all you want in your accounting system, be sure to pick a product that aligns with your business goals. There are some essential steps you must take when first using your new accounting system. Set up your chart of accounts based on your business structure; pick only the modules you genuinely need and will use; keep records of receipts and invoices; be mindful of tax obligations; set up a system to collect payments; create a payment collection process; select a payroll provider; do you need timesheets or a purchasing system for products. Take your time and check references before spending dollars to purchase your ERP accounting system. Knowing how to set up your system can be a stressful task and may be complicated. If you have any questions or concerns, please feel free to reach out to our team of experts at Revolutionary Solutions to help your company get the accounting system that will work best for you at https://www.rev-sols.com/contact-us/.
Remember: Accounting is the Language of Business
Brittney Floyd, Revolutionary Solutions, LLC.