February 12, 2020

Why Accounting Systems Matter

Most business owners would agree that it takes passion, hard work, and money to start and grow a business. In a company’s infancy, perfecting goods or services, branding, marketing, and development often take top priorities. Even though monetary stress is the most reported concern of new business owners, the accounting system is frequently overlooked. Over the long-term, initiating a well-suited accounting system early on can save a new business time and money.

An effective accounting system captures all of the company’s transactions.

It pays employees, vendors, and bills. It generates invoices and receives payments. It also provides an accurate financial picture for those in charge of making strategic decisions. Ideally, it will be properly configured, designed, and set up following generally accepted accounting standards (GAAP) and with government contracting rules and regulations (Federal Acquisition Regulations: FAR). You may wonder where our list of “the best accounting systems for businesses” is. Still, your business is unique and requires a holistic approach to find the best accounting system to meet your business’s individual needs.

Some characteristics make accounting systems universally effective; it should meet your business’s current needs, but be able to evolve along with your business’s growth. It should allow for customization through integration from other systems or online apps for timekeeping, project management, and customer billing. A one-size-fits-all approach to accounting systems rarely serves a business well.

The cost of remediation is usually far higher than implementing the correct system from the start.

When businesses don’t prioritize their accounting systems, we are frequently called in to help them decipher where they are making money and where they are losing it. The cost of this remediation is far higher than the cost of implementing a personalized and effective system earlier on. For company’s handling government contracts, having these systems in place is even more important. There are numerous rules and regulations that must be followed in order to keep and win contracts. If your company can’t meet the government’s accounting requirements, your company can’t be successful.

male and female reviewing financial documents

If you believe your business would benefit from a system assessment, Golden Gait Accounting and Consulting can offer personalized remediation to meet your business’s needs. We can guide you through the implementation of the new system, help upload transactions that took place before to the new system’s launch, and ensure that you are utilizing the system properly. Even if you are paying for an expensive and robust accounting system, you may not be using it to his fullest potential. We can review your accounting protocol to see where it could be more streamlined to reduce errors, save time, and, in turn, money.

If you are starting a business and have decided to prioritize your accounting system, we are here to help you decide what system will be the best long-term investment. We want to see our clients succeed as stress-free as possible, and we believe this means not only having the best accounting system for your business in place but being adequately trained to utilize it to its fullest.