Most start-up companies use entry-level accounting systems. As businesses grow, their accounting requirements become more sophisticated – including the need for robust financial reporting.
Basic accounting software can produce the standard financial reports such as the:
- Balance Sheet
- Profit and Loss (P&L) Statement
- Cash Flow Statement
Advanced Financial Reporting
Once past the start-up phase, business growth can drive the creation of cost centers and departments within the company. Operations expand to new locations to serve a growing customer base. Multiple entities are established.The organization becomes more complex and so does the need for advanced financial reporting.
At this point, the Controller or CFO recognizes the limitations of the existing accounting system. To ease the pain, they begin the process of evaluating financial management systems with a greater depth of functionality and more robust financial reporting.
If you’ve outgrown basic accounting software, SBS Financials is a comprehensive cloud financial management software that is worth a closer look.
