Building and implementing the right accounting system for your business
Building a good accounting system involves choosing the right software, defining the responsibilities of users, putting in place controls to minimise the risk of fraud or error, and implementing measures to ensure data is captured and information flows through the system efficiently.
This could range from the smallest business using a very simple system to a much larger company with a finance team or anywhere in between. In all cases, the principles remain the same, but the appropriate system depends on the size and nature of the business and the reporting requirements that may be specific to the company or industry in which it operates.
At Approved Accounting, we specialise in helping businesses design, build, and maintain systems that achieve their aims, provide the correct information to management, and meet all compliance obligations.
Whether your business is established and looking to update, modernise or grow your existing systems, or you’re starting a new business and want to have the right system in place from day one, we can help!
Simple systems (for startups and micro businesses)
In most cases, we recommend using cloud software such as Xero as the focal point of a simple but effective accounting system.
Whether you manage this yourself or ask us to do so, our service will include helping you set everything up correctly and ensuring you’re taking advantage of the important time-saving features to give you maximum efficiency.
We will then work with you to develop the system and keep it evolving and improving in accordance with technology, legal requirements, and your business’s needs.
Intermediate systems (for growing businesses)
As a business starts to grow, the accounting system needs to grow and develop at the same rate. This may mean recruiting finance staff or outsourcing your finance function.
Typically, the volume and/or complexity of transactions will ramp up, and this is often where we see business owners in most need of support. As the ‘money in, money out’ nature of the accounts starts to move on to something more complex, the need for specialist expertise increases quickly. At the same time, having easy access to good-quality information to support management in running the business also takes on added importance.
Growing businesses often face a challenge when they need to develop their systems but lack the knowledge or skills to do so in-house. In such situations, Approved Accounting can step in and assist. We start by reviewing the current system, assessing the business’s immediate needs, and projecting what it might need in the short and medium term. Based on our findings, we recommend a scalable solution that meets the business’s immediate needs while allowing room for future growth.
Add-on integrations (for anyone!)
Many businesses now need more functions than cloud accounting packages can provide, so they are using third-party products as part of their systems.
API technology allows multiple products to be integrated together, allowing the business to choose the ‘best of breed’ product for each core requirement.
Typical areas where third-party integrations are used along with cloud accounting software include:
- Online sales platforms
- Stock/inventory management
- Invoice/receipt entry (OCR)
- Payment collection
- Sales ledger control
- Cashflow forecasting
- Customer Relationship Management (CRM)
- Time recording/invoicing
Choosing the right add-on product(s) and linking them to your existing system (or building into a new one) is crucial, and Approved Accounting can guide you through the process.
Bespoke systems
Sometimes, ‘off-the-shelf’ accounting packages do not quite meet the needs of the business. API technology and products such as Zapier are making it increasingly viable for small businesses to build systems with bespoke integrations.
Systems like these can allow access to benefits which have in the past only been available to big businesses with big budgets, allowing data links and logical programming to be put in place between systems, such as generating an invoice in Xero when a sale takes place online, or creating a workflow task in a CRM system when an email is received.
We have vast experience building integrated systems for clients as well as our own business.
Larger departmental systems
Management of a finance team in a larger company can be very challenging, both in terms of implementing systems and managing staff (and sometimes staff turnover).
At Approved Accounting, we have experience managing accounts departments and providing project-based consultancy services, such as conducting a system migration, training staff, or carrying out specific reporting assignments for directors.
Whatever accounting system you need, we can help!
Whatever size or stage your business is at, at Approved Accounting we are well-placed to provide the service you need and help you build the right system to suit your needs.
Contact us today to discuss your needs!
