What can a Bicycle buying guide teach you about accounting software? More than you think. In the latest Bicycling Magazine print issue, a quote that hits home was this: “buy the bike you see yourself riding in two years.”
It’s simple, it makes sense, and it can easily be related to your business.
The Case for Accounting that Can Grow with Your Company
Here’s an example. Say you use QuickBooks, Sage One, Xero, Sage 50, or any other basic small business accounting software, and are kicking the tires on just moving to a next step software like QuickBooks Enterprise or Sage 100.
These are platforms that may be good for you now, but what about two, three, or ten years from now? Will this software you’re considering now still be as useful when you have multiple locations, more stakeholders, increased transactions, or additional employees?
The short answer is, it won’t. However, if this doesn’t dissuade you from using the software, consider the challenges it takes to implement a new system. Now consider how much more challenging it will be to get this done when your organization is twice the size. Think of all the additional training, data migration, and more that it would take only after your company has grown.
Organizations need software that can grow and/or scale with them—even if the only reason is that upgrading later would be a more complex process.
How to Thrive at All Points During Your Growth
Intact was built with the end user in mind, with every last consideration made to help your organization thrive at all points during its growth. From the single location with one accountant to the post-IPO organization with a CFO, controller, and financial staff of 50 or more.
In its recent blog, Scaling from $0-100MM ARR, it shared the challenges and opportunities that a software company faces as it moves from concept to established player and beyond:
- Survival: $0-2MM ARR: As you seek initial investment, attract your first customers, and prepare for funding rounds, the needs are as simple as paying bills, making sure your customers pay theirs, tracking basic taxes, and keeping the lights on.
- Building: $2-10MM ARR: With more customers and more funding, you have more people to whom you are answering. Board members expect financial statements quarterly, you have more customers to bill, and your sales staff is out closing deals. This means you need enhanced reporting, improved expense management processes, and a team to manage all of this.
- Execution: $10-30MM ARR: Now is where things start to speed up. Your business processes are maturing, and this is a point in which finance needs to ensure that processes are as efficient as possible and financial statements are audit-ready.
- Liftoff: $30-100MM ARR: Here’s where the regulatory complexities take hold. You’ve likely received funding from a large institutional investor, and need to be able to close books and report in days, not months. For companies on the brink of an IPO, this requires even more detail as your business looks to be able to report not just to a handful of qualified investors but to the public.
Needless to say, with each step of the way, more complexity is required from your finance team, because with each new customer, investor, or new hire, you are adding more strain to financial systems that can’t thrive under the pressure.
Intacct was designed to allow your business to grow, while still providing you the necessary functionality at each step of the way. Whether that’s a storefront business that needs to manage multiple locations, a nonprofit that needs to better answer to donors and grantors, or a multinational, publicly traded firm, Intacct has been there every step of the way and has clients who have been there before.
Intacct has met the needs of the following, and still had room to grow:
- 100s of entities: Conquer the world. Intacct is automating multi-entity management and financial consolidations for customers with hundreds of locations in their organization
- 1,000s of users: The more the merrier. Our biggest customers are improving productivity with up to thousands of users on Intacct
- 100,000s of customers: Keep that business coming in. Intacct is streamlining the order-to-cash process for businesses that have hundreds of thousands of customers
- 100,000s of transactions: Don’t let us slow you down. Customers are quickly and securely processing hundreds of thousands of daily transactions with Intacct