In business, growth should be considered a good thing. Yet, with progress comes more complicated operational considerations, especially for the accounting team. During a growth phase, metrics like client acquisition, revenue, and accounts payable can balloon.
Customer churn and tax positions, too.
The list goes on, and it can create serious strain on accounting operations. So, how to scale accounting to keep pace with company growth?
Typically, the first response is to add headcount. Hire on more staff to help shoulder the load. And in some situations, this approach makes a lot of sense. When resources are scarce, though, as is often the case with startups and SMBs, there are a few ways to automate accounting that can help the team scale more efficiently.
Review the internal “journey” – Get the team in the room and map out the end-to-end accounting process for the typical customer. What are the touchpoints that consume the most resources. Onboarding? Support? Payment reconciliation? This kind of internal journey mapping can help teams identify where, specifically, accounting automation would be most suitable.
Put it in the cloud – How many different systems, processes, and files do accountants access on a daily basis? Finding a cloud accounting solution offers a number of benefits, including version control, fluid document access wherever and wherever, not to mention reduced risk for catastrophic data loss resulting from hardware failures.
Train the team on tech – There’s likely a number of different accounting tools in the current technology stack. They could be user-friendly and basic, or they could require certifications and years of experience. Don’t assume new hires will just pick it up on the fly; invest time in the team so they know how to use all accounting tools efficiently.
Don’t Forget Integrations and Ease of Use
A growing business can prioritize all the three strategies listed above and still fall behind without the right accounting automation solution in place. As teams go about evaluating solutions, it’s important to pay close attention to how these solutions integrate with existing systems. The CRM, for example, is a good place to start.
In a competitive market, no business can afford not to scale accounting. Inefficiencies in time and cost will eventually cost people their jobs and stunt company growth. The right solution, on the other hand, can empower even a single accountant to service more customers—to manage all clients in one convenient place. See how Rogers does it.