How to Create a Powerful Accounting Technology Ecosystem
To survive – and thrive – as a business, you must have your finger on the pulse of your financial operations. In the days of yore, financial performance was tracked manually across a multitude of paper documents, invoices, reports, and more. Now, cloud-based technologies with wide-ranging accounting capabilities such as QuickBooks, Xero, Intacct, and NetSuite make recording, tracking, and reporting on financials a breeze.
However, sometimes an overall accounting system doesn’t cover every single back office task you have. So how do you customize your accounting technology to create the ideal solution for your business?
The answer is simple - supplement your accounting software. And, in the process, cultivate a robust accounting technology ecosystem that runs on real-time information and automation.
Accounting Software – The Main Providers
Accounting software began its rise in the mid-80s, about the same time that computers were becoming mainstream. Before that, most businesses balanced the books pretty much the same way they did hundreds and thousands of years ago – with pen and paper.
Now, accounting technology destroys the manual process by offering the ability to report on and manage the general ledger, handle bookkeeping and payroll, and help with taxes. These contenders will form the foundation of your accounting platform.
Some accounting software heavyweights to consider include:
- QuickBooks Online – Built by Intuit, the QuickBooks cloud-based online accounting solution is renowned for making accounting easy and has millions of customers.
- Xero – Marketed as the “online accounting software alternative to QuickBooks,” this cloud-based solution has more than 700,000 subscribers in 180 countries.
- Intacct – This cloud ERP software brings cloud computing to finance and accounting in use by more than 11,000 organizations.
- Netsuite – This cloud-based ERP software is one of the fastest-growing top-10 financial management systems globally.
Apps to Amplify Your Accounting Software
Now that you have a strong foundation for your accounting needs, it’s time to explore building a technology ecosystem that will amplify your accounting software.
Following are some apps that we recommend for accounting. They are made to address specific segments of financial operations and offer additional functionality. They also integrate with the above solutions which means you always have up-to-date and accurate information at your fingertips.
First and foremost, we have to start with Bill.com. Bill.com picks up where your accounting software leaves off by providing a seamless way to pay and get paid electronically. It syncs with QuickBooks, Xero, Intacct, and NetSuite so that your books are always up-to-date with no double data entry required. It offers extensive automation and the ability to build simple or complex workflows, as well as anytime, anywhere access.
Tallie, which integrates with Bill.com and accounting software options, automates the clunky expense report process including expense creation, categorization, and approval.
Next, we turn to Hubdoc. Hubdoc keeps all financial documents in one place and has a great feature that automatically “fetches” your online bills and extracts the key data. It then feeds that information into Bill.com.
Start building your accounting technology ecosystem now by starting a risk-free trial of Bill.com.