Accounting systems are not something you change or replace very often. However, as your software company grows in size or complexity, prepares to go public, or is already a public company, you will reach a point where manual processes are draining your productivity and you struggle to analyze the growing range of your financial and operating data. You’ll need a better way to handle accounting within your software company. You’ll need to modernize your system.
At a minimum, a modern accounting system should automate and streamline core financial management functions such as accounts receivable (order to cash), accounts payable (procure to payment), and financial close. But you will hardly be able to fuel your growth by simply automating the minimum. To help select a modern accounting system, here is a list of the essential attributes you should look for: