ExpertAnswers
April 2013
Expert Finance and Accounting Tips for Your Business
Robert Reid, CEO of Intacct shares expert finance and accounting tips for the success of your business.
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Words may characterize what a small business aspires to be, but the financial numbers provide the true gauge of its success. Fortunately, cloud services such as financial management and accounting applications developer Intacct are helping entrepreneurs gain a clearer understanding of their business numbers.
Intacct CEO Robert Reid, a 30-year veteran of the business software industry discusses some of the more frequent financial questions and conundrums small business owners face.
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Many potential entrepreneurs may put off starting a small business because they’re uncomfortable with accounting. What would you tell them?
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You can easily draw in accounting expertise through outsourced services available from local, regional, and national accounting firms. These firms can be your trusted advisors helping you focus on the metrics of your business, and what typical businesses in your category are successfully achieving.
If you believe your business will undergo rapid growth, and you have the cash to develop a team, bringing in an experienced CFO will aid in the development of the business strategy and making the best use of your cash to maximize return.
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Given that today’s accounting software systems are so powerful, what might alert a small business owner that it’s time to reassess/upgrade his/her accounting systems?
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While there may be one or more big triggers, like adding in the complexity of having multiple entities, often it is a series of small nuisances that build over time. With many entry-level financial systems, companies spend a lot of time doing reporting from Excel or in supplementary software programs, which are error-prone and time-consuming.
As a small business grows, it will start to push the limits of entry-level systems. It is at that point that most organizations look for a more robust financial management system.
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