Despite the increasing challenges of the current business climate, virtually every company still seeks to expand. When it comes to finances, your accounting system must allow for and even promote business development, not obstruct it. Basic accounting software can support some of the financial needs of a business, but once a company has grown beyond the basics, it needs a more comprehensive, end-to-end approach to financial management that grants real-time visibility into all its financial data in order to support better decision making.
Basic accounting software typically address the “businesses of one”: one business owner, one line of business and one operating market. But when a business starts to expand, its systems inevitably become more complex. Products expand in both range and inventory volume. New business structures like subsidies, branches or retail outlets emerge from the centre of operations. The thriving business deals with more customers, employees and transactions, in more channels than ever before. As the business of one becomes a business of so much more, it needs more support to match.
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