Where Spreadsheets Fail, Follow Where Growth Leads You
By Paul Johnson
CPA, CGMA, MBA
For software and technology companies, the rapid growth that often accompanies their success can be energizing and rewarding, but the chaos that also comes along with that growth? Not so much.
Usually rapid success means teams are constantly having to switch gears and build workarounds to get the work done that they used to do alongside the new work coming in. Before you know it, their job structures have changed, and now everyone gets more than their fair share of aggravation. Nearly every day brings a new and unusual workflow hurdle to overcome.
Are your teams feeling the squeeze of success? It might be time you tune into where growth stresses your internal systems the most to choose the right solution for your unique needs. Let’s take a look.
When you started out, it made a whole lot of sense to work with in-house systems. They gave you exactly the data you needed to run your new software service company. Spreadsheets did the job for keeping track of your metrics back then. These types of systems have a purpose in the world of business, but only for so long.
Now, as your subscription and technology services company rapidly grows, your teams increasingly need a financial system designed to manage more complex data – things like churn, recurring revenue, add-ons, subscription changes, and product enhancements.
A cloud-based financial management system with a strong dashboard feature can help your teams work smarter and faster. Dashboards with customizable metrics based in the cloud means your key decision makers can design strong strategies on the fly in response to market activity and company data.
Excel spreadsheets for reporting might have worked for you in the past. Now though, your company manages more involved subscription options, service options, and more detailed revenue recognition compliance standards. like the upcoming ASC 606.
A best-in-class financial management solution like Sage Intacct offers the kind of reporting depth and customization that can accommodate multiple entities, locations and currencies. Product details and revenue recognition becomes simpler. Global consolidations happen seamlessly, data transfers between entities and integrated software solutions effortlessly.
If your teams are still struggling under the confines of static, on-premises accounting solutions, now is a great time to explore other more accommodating options that streamline your work days, energize and empower your teams, and get more powerful results from your metrics.
Give us a call! Finding solutions for tech-savvy companies is right up our alley, and we want to help you choose the best solution to make rapid growth more comfortable!