As a startup begins to grow, it becomes increasingly important to have the correct tools in place to manage that growth.🌱
One of the most critical aspects of any growing business is accurate financial tracking and reporting software. In this blog post, we’ll discuss the importance of accounting software for scaling startups, and provide tips for choosing the right solution.
A key consideration for a high growth startup is automation, as this will help to save time and resources.
Furthermore, it is also important to take into account the availability of integrated apps that can be easily connected and utilised through the accounting software's API.
Another useful consideration is other features such as solid expense tracking, invoicing automation, and automated financial planning. Ultimately, the best accounting software is one that offers an integrated solution with a range of automation features that can help streamline your business operations and FinOps processes.
Xero is a powerful accounting software that offers a wide range of features and benefits to small and medium-sized businesses. Xero’s intuitive interface makes it easy to organise financial data and track cashflow, Xero has lots of integrations with other fintech software allowing you to connect your software tools. This saves the business time to focus on other priorities. Additionally, Xero is designed specifically with startups in mind! Helping you get off the ground quickly.
NetSuite is another popular accounting software that is widely used by companies of various sizes. One of the biggest advantages of NetSuite is that it can easily accommodate large enterprises with multiple subsidiaries. Additionally, NetSuite offers a number of built-in customisation tools, making it easy for users to configure system workflows according to their specific needs. The additional features come at a premium cost and can often be out of reach for early stage startups.
QuickBooks is a powerful accounting software that is specifically designed for businesses of all sizes. Its automation features make it easy to stay on top of your company's financial operations, and its intuitive interface makes it simple to navigate and use. Additionally, QuickBooks is fully customisable, allowing you to easily adjust it to suit the specific needs of your business.
With all of the above in mind, there are several pitfalls to look out for. One is automation. Many accounting systems now offer automation features, such as the ability to automatically generate invoices or reconcile accounts. While automation can save time and improve accuracy, it can also lead to errors if the system is not configured correctly.
Finally, another pitfall to beware of is hidden costs. Many accounting systems come with a variety of hidden costs, such as maintenance fees, add-on fees, installation fees, and training fees. Be sure to carefully review the pricing structure and contract terms of any system you're considering to avoid any unexpected costs down the road.
If you're still scratching your head trying to choose your accounting software, get in touch with us here at Quantico. We are a team of inhouse FinOps experts that can help support your startup as it scales. We not only help build out sustainable finance and operations processes, we make sure you're using the best fit software and tools for your business.
So if you're feeling overwhelmed by all the options out there, give us a call and we'll be happy to help you find the right solution for your business.