An efficient, effective bookkeeping technology stack can be a powerful tool for your business’ growth. But the task of implementing it is often more challenging than many businesses expect. It’s crucial to have a good plan in place in order to have the highest probability of success.
At MBS ATA, we’ve noticed that when a new bookkeeping technology stack implementation fails, it’s often because of one of these five reasons. Keep these in mind, and you’ll be one step closer to having a bookkeeping solution that truly supports your business.
1. They don’t understand the problem they’re trying to solve
As with any big business investment, you’re going to get more out of your time and money when you start with “why.” This is especially true when choosing and implementing bookkeeping technology solutions since it can be hard to wade through all the vendors’ hype in order to really understand the benefit.
Before you start researching bookkeeping software solutions, take the time to understand the business problem you’re trying to solve. Are you trying to save time? Get deeper business insights? Gain visibility into your sales team’s expense reports? Bring together different departments?
Use that key business problem as a yardstick to measure possible software solutions.
The days of matching crumpled paper receipts with bank statements are over. Next time you go buy a cup of coffee, you can use an app like Expensify or Abacus to track and categorize the expense as it comes up. This allows you to manage your expenses on the go, meaning you never forget to allocate a specific expense to a client or lose a receipt. If it’s a cash expense, simply snap a photo of the receipt with your phone so you’re ready to go when it comes time to reconcile your books or speak with an auditor. Keeping track of expenses can help to eliminate time and resources spent on audit preparation services.
The transaction then gets pushed into your bookkeeping software, where it’s already been categorized and annotated, eliminating back-and-forth questions with your bookkeeper.
Our top recommendations:
- Receipt Bank
2. They try to implement everything at once
An effective technology stack has a lot of moving parts — and this can be daunting for businesses who are trying to implement a top-to-bottom solution.
Instead of trying to do everything at once, take a phased approach to rolling out the tech stack. Start by focusing on your core bookkeeping platform and ensuring that using it is seamlessly integrated into your team’s workflows. Then, use your key business problem to help you prioritize which features to implement next or which additional apps to purchase.
Today’s technology tools give business owners a much better approval and accountability system when it comes to paying bills. Incoming invoices and outgoing payments are all captured in one place, letting you see a clear history and authorize payments.
These applications also allow you to set up reminders and make payments on the go, reducing late fees and missed payments.
Our top recommendations:
Setting up Your Business Technology Stack
With so many options out there, how do you get started constructing an technology stack customized to your business needs for accounting and bookkeeping?
Begin by consulting with your professional bookkeeper. They can take a look at your existing processes (how you are currently managing your expenses, reconciling your books, and paying your bills) and look for solutions that automate your most repetitive, time-consuming tasks.
Your professional bookkeeper will also keep in mind the solutions you’re already using (such as your accounting or bookkeeping software), in order to ensure your expense management and bill payment solutions integrate with it.
We at MBS ATA will be happy to answer any questions you might have about setting up your business accounting technology stack. We offer a free 15-minute consultation, and are glad to help.