When you’re a growing business, the pace is often fast and the errors can be costly.
Growth is what you want for your small business. But with it can come growing pains you might not be prepared for. Increased business often results in increased demands on your time, organizational structure, and technological tools. With some careful planning and the right resources, you can focus on growing your business without the pain.
If you’re like many companies, you may have started out using Excel spreadsheets to manage your budgeting and planning. But as you grow, manual spreadsheets, with their cumbersome processes, manual data entry, and hard-to-use templates, often cause more problems than they solve. A cloud-based solution like Sage Intacct can help you move from a focus on the transactional to the strategic. Leverage greater operational and financial insights, access to real-time data, integrated dashboards, and reporting that can be customized to your specific needs.
Upgrade your budgeting
When you’re starting out, budgeting can be a haphazard and labor-intensive process. Budgets are often created using spreadsheets, and then promptly forgotten. As your business grows, you need to regularly review your financial statements and other important ratios and compare your performance to your budget. An integrated accounting platform like Sage Intacct gives you ready access to all the information you need to stay on top of your finances and can scale with you as your business grows.
If you and your employees constantly feel like there’s not enough time in the day to get everything done, it might be time to add staff. As the business owner, you can’t spend adequate time on strategic decisions and give adequate attention to your growth plan if you also have to handle every day-to-day aspect of your business. Staffing is another area where leveraging technology can be helpful –a cloud-based workforce management solution like Workforce Go! can help you streamline and automate key HR functions, including time and attendance tracking and payroll.
Focus on the future
Once you’ve freed yourself from repetitive tasks and manual processes and have delegated some of the daily running of your business, you can shift your focus to analysis, customer growth, and other strategic activities. Rather than looking back, you can look forward at the challenges and opportunities your business growth is creating. Technology tools that harness the power of big data can help by giving you information and insights you need to inform your decisions.
If growing pains are slowing your growth, a cloud-based accounting solution like Sage Intacct could be the answer. We can help you upgrade to an accounting platform that is a better fit for you needs. Call MicroAccounting today at 855.876.3773 to find out more.