All businesses struggle with growth – initially, how to achieve it; then, how to deal with those pain points that are the inevitable outcome of that growth. Whether it’s building new lines of business, hiring more people or investing in new technology, all those issues create inflection points in your company.
Those growing pains are particularly pronounced at small and medium-sized companies reaching for the next rung of expansion, where you need to invest to get to that next level.
To achieve that growth – and make way for future growth – companies are looking beyond their current legacy, on-premise accounting solutions and thinking about migrating their financial management systems to the Cloud.
Make way for the future
As your business grows, you need to have the technology and capability at your fingertips to make decisions. Many times, however, smaller companies stick with entry-level accounting software packages, such as QuickBooks, that has brought them to their current level of growth. The problem is that while it may be working for now, will it give them the robustness they need over the next three years to reach their growth goals?
Investing in a core accounting finance service that can accurately report and create financials and systematically integrate financial data across all platforms is essential – whether you’re seeking to grow from a $1 million to a $5 million company or from $25 million to $75 million.
It’s also, arguably, the single most important investment you will ever make: It will help you make better, quicker and more informed decisions, which will give you competitive advantage, get you into new markets and provide the intelligence that you need to developing products. It will enable the finance function to play a strategic role in decision-making, allowing you to manipulate data by location, department or entity and to create comprehensive reports and dashboards.
By investing in cloud accounting technology, you’ll be able to set up dashboards and visualizations to help you run your business better and grow – and use data to derive insight into managing capital and finances, report and articulate the value of the company and keep investors.
Beginning in early 2000 with the arrival of Covid-19, companies have been in survival mode. But with the US economy emerging from the pandemic and growth surging, according to The Conference Board, now is the time for organizations to be thinking critically about the investments that they need to make – not just to get back to previous operating levels, but how to get a competitive advantage over their opponents and achieve the next level of growth.