getting spreadsheets out of your organization

How to Stop Your Company’s Microsoft Excel Habit

One of the most prevalent, dangerous, and hard to break habits that exists at an organization is its peoples’ obsession with using Excel for everything. Even if the software has become smarter in the past years and has become more useful when paired with Microsoft Power BI, the continued use at your organization is creating more problems than it solves, and it’s important to break this bad habit before it’s too late. Read more

Sage Intacct Case Study

Medical Services Company Fuels Growth with Sage Intacct

Fast-growing firms in highly regulated field don’t have time for mistakes. Not only is a delay or error going to slow your growth, but it could also expose you to major risks from regulators. For a company like this medical service organization, who has gained traction by being a leader in serving Medicare Advantage clients, they needed to not only handle the complex needs of insurers like Humana, but of the Centers for Medicare & Medicaid Services (CMS) as well.

However, the company was using QuickBooks to maintain their accounting books for 10 entities. This held the company back, reduced visibility, and created risks that the company couldn’t afford. This is why they turned to rinehimerbaker: They needed a modern cloud accounting solution that could handle the needs as they grew and integrated with other leading solutions available for companies in the medical community.

To address this, rinehimerbaker migrated them from QuickBooks to Intacct with an integration with AvidXchange and ADP, which provided real-time visibility (cross-entity) into company status, accounts payable work flow and payment automation and an ADP direct payroll integration into the general ledger.

“As a CFO, for a growing, acquisitive company, I wear many hats. Each day is an adventure. We need to act fast and make decisions based on accurate data. When we spend time waiting and watching for data we lose on opportunities.

Our immediate benefits were: a time savings of 20 plus hours per month in report preparation and accounts payable process efficiency, we were able to deliver real-time status to our CEO to facilitate strategy decisions, automated integration with AvidXchange eliminating risk/mistakes while improving controls, integrated payroll saving time on inputs, most of all our accounting employees were happier, as they enjoyed using the system.”

Learn more about this company’s journey from spreadsheets to the cloud here, learn more about the dangers of spreadsheets and the people who blindly support them in our latest blog on Outgrowing QuickBooks, and learn more about how your medical practice can leverage the cloud for growth below.

The self destructive charge of the Excel Brigade

The Self-Destructive Charge of the Spreadsheet Brigade

“Half a league, half a league, Half a league onward, All in the valley of Death Rode the six hundred.” These words open one of the most famous poems in British History, written by Alfred Tennyson, which commemorated the loyalty, valor, and fortitude of the Light Brigade as they fought Russian forces in the Battle of Balaclava on 25 October 1854.

What the Charge of the Light Brigade Has in Common with Your Excel Loyalists

Greatly outgunned, the men of the Light Brigade valiantly charged against Russian Artillery Forces, charging with as many as 600 men as they approached a well-fortified artillery unit.

Knowing this, the Charge of the Light Brigade is less a story of heroism, and more a story of incompetence. Poor communication resulted in losses of nearly 20% of the brigade, and war reporter William Russell documented the destruction, quoted, “our Light Brigade was annihilated by their own rashness, and by the brutality of a ferocious enemy.”

Now that you’ve gotten your history lesson for the day, you may be wondering what this has to do with finance, accounting, or a personal spreadsheet software invented some 131 years after the battle. The answer? These two things have more in common than you’d think.

Three Parallels between the Failed Charge and Your Company’s Spreadsheet Jockeys

There are many parallels between your Excel loyalists in the finance and accounting departments and the destined-to-fail charge that occurred on 25 October 1854. We’d like to explore a few of them below.

The Wrong Tools for the Job

The Light Brigade was a fast-moving reconnaissance and flanking unit, poorly suited for a frontal assault. While they were perfect for capturing Russian units attempting to carry away guns, the heavy brigade was better for attacking the fortifications (redoubts) held by the Russians.

Just as the light brigade was sent to do the heavy brigade’s job, many organizations are using Excel to accomplish tasks that Excel is not designed to handle—planning, analysis, closing the books, and more; where there’s a will, there’s a formula. This is a dangerous way of thinking akin to thinking that the light brigade would have been fine if it just had armor.

We’ve gone on the record saying that Excel has value for some purposes—like a personal budget or other simple tasks. However, there are many medium and large companies that attempt to stretch the software beyond its usefulness—often with dire results.

Blind Loyalty

Of course, The Charge of the Light Brigade documents another thing—loyalty. Valiantly, they rode “into the jaws of death, the mouth of hell,” facing surefire death.

If we could use one word to describe Excel loyalists, it would be loyal. As we discussed in our last blog on the software, “There’s a Red Badge of Courage that people wear when they stay up all night and work a spreadsheet to get something that they think is unique and artisanal.”

However, Loyalty as it pertains to Excel is by choice, while the Light Brigade was loyally following orders as they fought for the crown. There are many other, much more capable, less risky tools available to company. In fact, some Excel Loyalists are so stubborn that they will eschew a multi-million dollar implementation to use their software of choice.

A Huge, Costly Mistake

The Charge of the Light Brigade likely was the result of a misinterpreted order by one of the officers. People make mistakes. Some are costlier than others. The Charge of the Light Brigade stemmed from an unclear order and a sweeping motion of the arm, when Lord Raglan sent the following message:

“10:45. Lord Raglan wishes the cavalry to advance rapidly to the front — follow the enemy and try to prevent the enemy carrying away the guns — Troop Horse Artillery may accompany – French cavalry is on your left. R Airey. Immediate”

Unfortunately, it was delivered as “Tell Lord Lucan the cavalry is to attack immediately.”

Excel users make mistakes. Writers make mistakes, financial professionals make mistakes, and commanders make mistakes. We all make mistakes.

The difference of course, is this: If we write a typo on a blog, it doesn’t affect the other blogs, it won’t crash our website, and it will do little more than annoy a few of the sticklers among us.

In Excel, a misplaced decimal, an extra zero, or an improperly selected cell in a formula may not be caught for months, quarters, or years. As time passes, this one missed number creates a chain reaction, as concurrent spreadsheets are built upon this mistake, and the mistake becomes your truth.

With at least one error on nearly 90 percent of spreadsheets, the only time this might work is the rare possibility that two errors counteract each other.

Winning the Great War against Spreadsheets

There are many risks in pushing Excel beyond its limitations, and it appears that the business community is starting to realize this. With scathing articles on the failures of Excel being featured in Forbes and the Wall Street Journal in recent months, the future of the spreadsheet cavalry is in doubt.

Knowing this, as you push to shun spreadsheets from your financial processes and fight to increase accuracy and security by eradicating Excel, it’s vital to look at opportunities to sway Excel loyalists from the software—which is easier said than done.

As you push through 2018, you need to slowly convince the spreadsheet jockeys that Excel is not the right tool for the job by demonstrating to them just how user-friendly and intuitive an alternative can be (which seems less heartless than the alternative pitched by Forbes contributor Meta S. Brown).

The great war against spreadsheets will be long and arduous, and needs to be done subtly—because no one likes having a decision forced upon them. One of the best ways to convince the loyalists is to demonstrate how much time and effort they can save by giving them a chance to test drive a platform like Sage Intacct that can show them how much easier life could be.

Looking at the rest of 2018, we will be writing many more blogs on the pitfalls of using Excel for finance—as well as its partner in crime QuickBooks—so be sure to subscribe to our email list for all the latest.

Are you Passionate Enough about Excel to Lost Your Job?

Are You Passionate Enough about Excel to Lose Your Job?

If you’ve been reading the Wall Street Journal recently, there’s been a lot of commotion over a topic familiar to finance professionals: Microsoft Excel. What seemed to be a straightforward article about organizations veering away from the personal spreadsheet software quickly devolved into chaos, with tirades from finance professionals around the world in response to the article. Read more

QuickBooks has stopped working and must shut down

QuickBooks Has Crashed… Again: What it Means and What You Can Do about It

Contrary to popular belief, the nine most terrifying words in the English language are not always “I’m from the government and I’m here to help.” For small business finance and accounting professionals, there is another phrase that strikes even more fear, anger and disdain: “QuickBooks has stopped working and must be shut down.”

“QuickBooks has stopped working and must be shut down.”

So how do you go about trying to tackle the problem? You run a clean reinstall. You download the diagnostic tool. You run a second clean reinstall. You attempt to run it without antivirus. You rename the .tlg file. You update it, you repair it, you download every tool in the book, and you still see those nine terrifying words: “QuickBooks has stopped working and must be shut down.”

It’s infuriating. It’s painful. It happens over and over and over. Those nine terrifying words are etched in your memory. Yet it’s all too common. You search the knowledge base for answers, and you see that you’re not alone. A quick Google search for the exact phrase “QuickBooks has Stopped Working” yields 959 results on the Intuit Community alone, and over 16,000 results across the web.

8 Common QuickBooks Crashes

So when is QuickBooks most likely to crash? As a company that has helped many companies outgrowing QuickBooks to make the move, we have heard many complaints about the platform.

  • On Startup
  • When Attaching a File
  • When Opening a File
  • When Clicking “Send Forms”
  • When Opening Check Register
  • When Opening a Company File/Changing from One Company to Another
  • When Emailing an Invoice
  • When Saving

However, it’s not only the crashes that present a problem. QuickBooks might run slowly in multi-user mode. It might run slowly if your audit trail gets too long. It might run slowly when your data file gets too big.

Reasons QuickBooks Crashes

There are many reasons for this. Some of the most commonly referenced ones on the Intuit Community:

  • Your computer is too old.
  • Your computer is too new.
  • Your data file is too big.
  • You like to protect your computer with anti-virus.
  • Your hard drive is corrupted.
  • Your data file is damaged/corrupt.
  • Your company name is too long.
  • Damaged program files or QuickBooks Desktop installation.

For a software that’s been around as long as QuickBooks has, there’s certainly a lot that can go wrong.

Two Reasons the Problem Isn’t Going Away

QuickBooks users around the world face the same struggles—especially as it pertains to the software crashing. Unfortunately, there are two reasons that you will continue to face problems.

QuickBooks was Built to be a Desktop Application

QuickBooks was built as a desktop application, which is why most of the reasons above revolve around computer and file-based issues. This is something that isn’t going to change. Anything from a change in operating system to the use of an anti-virus software can derail the entire QuickBooks desktop experience, causing crashes and other poor experiences.

It was initially thought that QuickBooks would address this when it introduced QuickBooks Online, but customers quickly found that it didn’t hold up to customer expectations. QuickBooks wasn’t built to be an online application, so when Intuit tried to rebuild QuickBooks for the web, it ended up putting up a web application that is lacking, according to G2Crowd reviews.

You’ve Outgrown QuickBooks

QuickBooks’ other fatal flaw—at least as it pertains to growing businesses, is that you’re asking it to do too much. Just as QuickBooks was designed to be a desktop software (i.e. run on a personal computer), QuickBooks was designed to make life easier for the small business owner. Again, we’ve said it on our blog before—QuickBooks is great for small businesses. It’s the larger businesses that push the software to (and past) its limitations.

While not always why the software crashes, a large file size is one of the main reasons that the software runs slowly. Also, as the file size grows, so does the risk and impact of the file being corrupted.

Barring an unfortunate turn of events, the latter of these two isn’t going to change—once you’ve outgrown QuickBooks, there’s no looking back.

Looking Forward: Moving Past QuickBooks

When your business was just starting up, adopting QuickBooks was almost a rite of passage. It was a welcome sign of your company’s growth and the accounting system met your needs for a time. But your business has kept growing, and now you’re seeing the limitations of the system you once depended on. QuickBooks simply doesn’t offer all the capabilities you need today—or tomorrow. The time has come, once again, for a change.

We invite you to learn more about additional warning signs, pain points, and opportunities for improvement from downloading our guide for companies outgrowing QuickBooks, which you can preview below.

Buy with Confidence in the Cloud

What Does It Mean to Buy with Confidence in the Cloud?

Have you ever bought something, only to have buyers’ remorse? It’s a pretty terrible feeling—buying something, only to find out it didn’t hold up to your expectations or worse, feeling like you were the victim of a “bait and switch.” Maybe you made a decision without getting all of the facts, or maybe you were given information you thought to be accurate that turned out to be false (as discussed in our ‘Faux Cloud’ blog). Read more

Nonprofit Success Stories

Two Nonprofit QuickBooks Upgrade Success Stories

QuickBooks, along with other entry-level accounting software, is amazing for businesses who are just starting out, but there comes a time for all organizations in which its manual processes, lack of visibility, and reliance on spreadsheets to get basic tasks done makes the software less and less affordable. While the actual costs haven’t increased, the labor costs have, and you’re on the verge of attempting to find another highly-paid accountant just to get the job done.

However, look at it this way. As great as it would be to have another likeminded person in the office, finding an accounting professional during the current war for talent and with the current skills gap in accounting is no easy task. Not to mention, recent data shows that it’s cheaper to upgrade than it is to hire.

This is why we would like to share with you a few success stories from companies just like yours who were feeling the limitations of their entry-level software and made the move to take their processes to the cloud with Intacct.

USA Fencing Gives QuickBooks the Black Card

For the most grievous penalties in fencing, the referee hands out what’s known as a black card, resulting in elimination from the match and event. For a nonprofit with growth in mind, QuickBooks wasn’t keeping up, holding the organization back and standing between the accountants and their goals.

With three major revenue streams, a need for specific control of restricted funds, and major funders with high expectations, USA Fencing was pushing QuickBooks beyond its limitations and needed to get free—and fast.

In this, USA Fencing began looking at next steps, evaluating Blackbaud and Intacct, letting the two vendors duel it out before declaring a winner.

“When it became clear that we needed a more powerful system to handle our nonprofit accounting needs, we evaluated both Intacct and Blackbaud,” said Keri Khan, director of finance and business services at USA Fencing. “Intacct was without a doubt the best choice for us because of its flexible report writing capabilities, its accessibility in the cloud, and its overall ease-of-use across all our key financial workflows.”

Today, USA Fencing has been able to continue growing without pain, increasing productivity and gaining peace of mind. Among the key wins that Intacct has provided to USA Fencing:

  • Cutting month-end reporting times in half.
  • Doubling the speed of expense reimbursements for athletes, employees, and contractors.
  • Streamlined purchasing workflows, reducing the time and effort needed to make simple or complex purchases.

Learn more about USA Fencing’s move to the cloud and read the entire case study here.

White Ribbon Alliance Leverages Intacct for Multi-Currency Accounting

With over 150 countries in its international coalition and an increasingly diverse funding portfolio, White Ribbon had to meet numerous fund accounting and compliance requirements, and found that QuickBooks wasn’t able to keep up. In fact, QuickBooks was holding White Ribbon Alliance back so much that they were facing a 2 to 3 month lag in the financial close process.

When comparing solutions White Ribbon Alliance looked at Intacct and NetSuite, deciding on Intacct for its ability to handle multiple currencies and entities.

Intacct’s cloud-based system ended up as a clear choice over NetSuite because of its impressive multi-entity and multi-currency capabilities, as well as the great experience we had with the Intacct team who showed a clear commitment to ongoing product enhancement and customer success.

White Ribbon turned to Intacct to streamline manual fund accounting processes and increase productivity. The process improvements provided by Intacct enabled White Ribbon Alliance to add new countries and services without any additional financial headcount, simplify its global business management, automate key financial processes, speed its monthly financial close process, and improve business visibility. These streamlined processes have also cut out a 2 to 3 month lag in the organization’s financial close process. Read the entire case study here.

Ready to Learn More?

At rinehimerbaker, we are committed to helping growing companies and nonprofits to handle their needs with cloud accounting. We would love to speak with you about your next steps and provide insight on how to proceed. Preview our guide to outgrowing QuickBooks below, download the entire whitepaper here, and learn even more by reading “Life After QuickBooks,” a guide from our friends at Intacct.

Real Time Information Cloud Accounting

How the Cloud Provides Real Time Insights for Real Time Decision Making

Financial professionals at growing organizations face a ton of challenges. From ‘doing more with less’ to ‘taking on more roles to support the company and inform executives,’ there is little time to waste. Unfortunately, with this rapid growth comes the fact that there will only be more work to do in the future, and with the talent gap that exists, it’s unlikely you will have the help to do it. This is why it’s important to save time wherever you can and improve the speed and confidence in the way you make decisions.

The Need for Speed

One of the biggest challenges that growing organizations face is that employees need to do more without adding staff. However, as an organization grows, there are more transactions, more requests from stakeholders, and more numbers to crunch. This means more work inputting data into the accounting software (or worse—spreadsheets), manipulating the data into something useful, and creating actionable outputs in the form of reports.

Speed and automation were just a couple of the eight things you should look for in an accounting software solution. Click the aforementioned link to see part 1, and read part 2 of that blog here.

Three Reasons You Need Accurate Real-Time Information At Your Business

We briefly recognized lack of speed as one of the top challenges in our blog on knowing when QuickBooks no longer makes the cut, but would like to talk today about why speed and real-time decision-making is so important for organizations looking to jump on new opportunities when the time is right.

The Agility You Need

The beauty of working at a small business is that you can move faster than an enterprise. Unfortunately this agility can’t be recognized without the right information at the right times.

If you are spending too much time crunching the numbers that your company can’t recognize the first-mover advantage that exists when there are no committees and sub-committees of decision makers and influencers. Real-time decision making requires real-time information, when you need it, where, you need it, and how you need it:

  • When You Need It: With smarter accounting from Intacct, organizations can generate reports with the click of a button—no downloading of files or manipulation of data within Excel.
  • Where You Need It: Out of the office? Generate a report. On your phone? Approve an expense. Thanks to its cloud-based design, you can access Intacct securely wherever and whenever you need.
  • How You Need It: Slice and dice your information how you see fit. Intacct is the only mid-market cloud financial application that shows business and operational metrics by any dimension that matters to your business.

Accuracy You Can Rely On

Did you know that nearly every spreadsheet contains errors? If you are driving the decision making at your business with financial metrics, you need to make sure that the numbers are right, as an incorrectly calculated number could mean that you are jumping at an opportunity that you can’t fund, or taking a holding stance when you actually could make a move.

With over 11,000 customers, Intacct has a repeatable, accurate, and efficient way of stacking up the numbers, and has the development capabilities to provide the answers you need.

Time Savings to Deliver Better Strategy

With APQC estimating that nearly half of a financial professional’s time being spent on transaction processing—making sure the lights are on—they also estimate that only 18% is spent on control, 17% is spent on decision support, and 16% on management activities.

With all this time spent on basic activities, and so little being spent improving the business, there is a lot of room for improvement. Executives want fast, reliable, and concise information about how decision A will impact outcome B.

APQC found that successful companies have worked hard to boost the productivity of their transaction processing, simplifying systems, reducing the number of vendors, employing workflow automation for processes like invoice approvals, streamlining ERP environments, and standardizing to a single chart of accounts.

If you hope to take the steps to reduce the time spent processing transactions so you can get back to improving the business, you need to automate what you can so you can put those skills to better use.

Learn Even More

Our latest whitepaper, Taking Your Accounting System to the Next Level, explores some of the warning signs, challenges, and opportunities that organizations face when they outgrow entry-level accounting software. Download the whitepaper here, take your understanding even further by reading the 2017 Buyer’s Guide to Accounting Software on Intacct’s website, or learn more by reading the preview of our whitepaper below.

QuickBooks Upgrade Guide

New Whitepaper Explores the Pitfalls of Companies Outgrowing QuickBooks

When you’re just starting out, it’s good to stick with what you know, what’s affordable, and what’s built for a business of your size. For most small businesses, this means the adoption of an Entry-level accounting system like QuickBooks, which is built to handle the basic needs of entrepreneurs—offering basic functionality at a reasonable price.

How Can You Tell You’ve Outgrown QuickBooks?

This is great for the early stages of a business, but when you begin to grow, you begin to notice that your software isn’t helping you get what you need—the right information at the right time, and isn’t making your job any easier. It takes longer to close the books, the software runs slower, and essentially, you begin to learn that the software is holding you back.

In an earlier rinehimerbaker blog, we explored some of the biggest red flags that pop up—limited reporting, double entry and keying errors, impersonal support, a lack of integration, and lack of speed—that appear when your business outgrows QuickBooks. We followed this up with an article highlighting the three biggest things holding your finance department back and the five biggest mistakes made at growing companies.

Take Your Accounting to the Next Level

Today, we would like to share with you a new, complete resource helping you to take inventory of where you are now and to make a decision that can facilitate growth by making your job easier. Our new whitepaper, Outgrowing QuickBooks—How to Know It’s Time to Change, shares with readers:

  • Eight Signs that Your Organization Isn’t Achieving Its Potential
  • Major Considerations You Should Make When Choosing a New Accounting Software
  • Six Steps to Implementing a New Accounting Software Built for Company Growth

Outgrowing QuickBooks: Challenges and Opportunities

All this and more is available when you download Outgrowing QuickBooks—How to Know It’s Time to Change. Learn more by reading the first 3 pages of the whitepaper below:

How to tell you've outgrown QuickBooks

5 Common Accounting Mistakes Made By Growing Companies

Conventional wisdom tells us that we have to make mistakes in order to learn and grow. That’s definitely the case with on-the-rise businesses, who make plenty of mistakes as they move their operations from entrepreneurial through enterprise-level. Sure, there’s a lot of in-between—but near-constant change and recalibration in the ways the organization manages everything from its finances and supplier relationships to customers and human resources means plenty of opportunity for missteps.

When it comes to its accounting functions, a business needs to repeatedly scale to accommodate new partners, additional transactions, and more complexities at almost every turn. So what mistakes are commonly made along this road of growth? And perhaps more importantly, what do innovative leaders do to better manage change and arm their finance and accounting teams with the tools for success? To avoid making the mistakes in the first place?

Let’s take a look.

Failing to Deliver Insights On-Demand

As a company grows, the stakes get ever greater. Not only do decision-makers have more questions to ask, they have more question to answer from various stakeholders. Their answers need to be informed—relying on more than gut instinct. And financial data is often the most important part of what they need to consider while selecting the “best” path forward.

In the early stages of company growth, it was perhaps easier to produce actionable insights because there was simply less to “go on.” But with increased complexity (and more information available from the accounting department), running reports and landing on the critical numbers takes longer—that is, as long as the finance and accounting team is still using yesterday’s technology.

When a manager asks for performance results or projections based operational or financial data (especially if it’s real-time data), they need to see it now. If your team can’t deliver it until tomorrow, it becomes clear to all that you probably should have upgraded your finance and accounting software yesterday.

With Intacct, your team is empowered to create any kind of report, dashboard, or visualization they want, with exactly the metrics they need. And that enables managers to ask new business questions, get fast answers, and make confident decisions—in the now. For more insights, turn to The 3 Top Reasons Your Accounting Team Wants to Upgrade to Intacct.

Keeping Your Financial Information in Silos

Another side effect of managing a growing business is a set of disparate business systems. In the first place, they weren’t set up to “go together,” so they don’t “grow together.” Secondly, if they’re legacy or manual-based systems, they no longer offer adequate functionality, which further fragments processes via workarounds and system band-aids. The result is often poor communication between people in different functional areas and not enough sharing of data—making it almost impossible to compare apples to apples and get full visibility into the business’s financial health.

The reality is that when your systems are siloed, you’re not getting the most out of your ever-expanding data. And you’re likely draining productivity, too, as everyone is working towards different goals, with competing agendas. The reality is that systems and people need more—not less—alignment as the business grows. If you’re not bringing them together, you may be thwarting forward momentum. Consider the opportunity costs!

Modern finance accounting systems are powerful enough to integrate functions, pulling data from multiple sources of information to aid in tasks like reporting and document retrieval. With Intacct’s flexible, services oriented architecture (SOA), you can sync up to your other business applications, such as:

  • CRM and sales force automation
  • Human resources
  • Inventory and fixed assets
  • Project management
  • Payment processing
  • Payroll and ACH

With the right system integrations in place, your information becomes more powerful—and so do the insights and decisions they inform.

Relying on Manual Accounting Processes

Consider your finance and accounting team’s various tasks and related workflows: vendor management, billing, journaling, making payments, reporting…this is just for starters, and the work is getting more comprehensive as the company gets bigger, expanding into new markets and into multiple entities. Now consider the work associated with following-up on unpaid invoices, getting caught-up with old expense reports, spending late nights at the office to close the monthly books.

If there’s “manual processing” written all over these tasks, your team is likely spending more time and energy on a daily basis than they need to. Now that your company is bigger, the old methods of accounting (both managerial and financial) have become unwieldy. It would be a mistake to keep plugging along this way—and to not start automating. Using modern technology to take care of tasks like recordkeeping, issuing invoices, paying bills, managing expenses, generating reports, etc., will free up your team to focus on more strategic efforts.

Read Stop Relying on Spreadsheets and Luck – There’s a Better Way

Adopting automation through Intacct is a sure-fire way to relieve your manual woes. Learn more about how to embrace the automation needed to thrive today.

Not Having Audit-Ready Financials

Are you ready for a visit from the auditor? Do you know what it takes to be audit-ready? Do you want your audit process to run smoothly upon a solid foundation of well-documented transactions and accurate balances? Do you make it easy for your auditor to find the information they need?

If reading these questions leaves you feeling uneasy, there’s hope ahead. It’s never too late to start improving your accounting processes to avoid costly mistakes and oversights. According to Intacct, there are three things you need to be audit-ready:

  • Revenue – ensure your accounting system effectively automates, manages, and documents your revenue accounting treatment, with the ability to define separate revenue recognition schedules and rules for each individual contract and line item.
  • Receivables – establish an auditable basis for assessing the value of receivables. Your accounting software must track complete transaction details “forever” and maintain secure access to complete customer histories, allocating payments to the right invoices and periods.
  • Consolidation – understand that massive spreadsheets tend to contain formula errors and missing some general ledger accounts. For a complete and accurate financial consolidation, you should rely on your accounting system automate provide a full set of consolidating and eliminating journal entries so the auditor can see the details behind each entry.

Take A Brief Look Into Revenue Recognition Standards.

Using the Wrong Accounting Software

You may have outgrown the software that worked when you were a smaller organization—or you’re finally accepting that Excel spreadsheets are a far cry from robust accounting/reporting software. Either way, your current system is limiting you and holding you back from faster, more targeted growth.

As the other common mistakes have shown, adopting a built-for-growth finance and accounting software solution is the #1 way to give you more control and visibility into your financials. It can help you avoid mistakes that could be costing your business—or that could lead to opportunity costs. Find out How to Know When QuickBooks No Longer Makes the Cut

Whitepaper: Outgrowing QuickBooks

rinehimerbaker has released a new whitepaper for companies outgrowing QuickBooks. Outgrowing QuickBooks—How to Know It’s Time to Change shares the challenges that businesses face when growing, and the opportunities they have to ease growth. Learn more by reading the first 3 pages of the whitepaper below: