Good Decision-Making is About Having and Using The Right Information

If you are missing metrics you need when you need it, your business will experience difficulty reaching its full potential. So here are two important questions:

  1. Do you have the view you need of your business?
  2. Are you missing out on important metrics that could make the difference for you?

If you answered “No’ to the first question and “Yes” to the second question, it is likely time to upgrade your firm’s accounting and reporting software.

Accounting Software Solutions Are Often Limited

They may be fine for a certain select range of functions, but they won’t deliver a complete, 360 degree view of your business. And the comprehensive view is essential for optimized decision-making. For example, operational data, which includes everything from energy usage to inventory and beyond, is a critical part of your business. But does your accounting reporting incorporate this data? Can you see operational data side-by-side with your financials in your reports? If this information isn’t incorporated in a visible, intuitive manner, you won’t have the complete picture when making strategic business decisions.

The same is true when it comes to financial depth. After all, there are many layers of financial data that need to be analyzed. Do you have access to real-time up-to-date business performance metrics from any venue? Can you slice and dice your accounting information to make comparisons and tracking even more effective? Or is your accounting software static? Do your reports have limited metrics? Can you only see a sneak peek of your company’s performance, instead of the whole story?

The more flexible and comprehensive your accounting and financial reporting software is, the better. In fact, you can gain a serious advantage over your competitors if you upgrade to a more adaptable, in-depth solution while they’re stuck with rigid, unrefined tools – or, even worse, still using spreadsheets for their accounting. So what software solution should you choose?

Related: Cloud Accounting Software: Ultimate Guide

Intacct Dimensions

One of the software solutions that we employ for our clients is Intacct Dimensions, a cloud-based application that delivers best practice accounting and reporting solutions for companies of any size. Intacct’s accounting and reporting software is based on the notion of dimensions. Multiple dimensions of data provide a deeper and far more accurate picture of your company’s financial situation. With Intacct, you can look at all transactions through eight distinct filters:

  • Department
  • Location
  • Customer
  • Vendor
  • Employee
  • Item
  • Class
  • Project

Integrating all of this information into unified reporting ensures that business leaders have the ability to examine their financial operations from many different angles. Reports can be modified to incorporate any or all of these different dimensions, depending upon what the user is trying to discover. And because of the high degree of integration, examining this wide range of metrics is a simple matter. Business leaders become more agile, more informed and more confident in all of their decision-making.

This isn’t just an accounting issue. There should never be any blind spots or mysteries when it comes to your company’s performance, finances or operations. Choosing the right software solution – such as Intacct Dimension- ensures that you will know what you need to know when you need to know it. 

The Best Budgeting Methods for Your Business

From software developers to capital investors, most business professionals understand that budgeting is vital for sustainable growth. But few understand that a company’s budgeting methodology can make the difference between financial success and ruin.     In this...

What Is Driver-Based Planning and How Can It Give Your Company a Competitive Edge?

Budgeting often leaves business professionals drifting aimlessly in a sea of details. With so much information available, they struggle to determine which factors will propel their company forward and which will sink it altogether. Fortunately, driver-based planning...

How Monarch Doubled Revenue with Outsourced Accounting Services

Monarch Medical operates in a highly regulated and competitive industry, where the quality of products and services directly impact patient care. At the outset of the engagement with Lavoie, Monarch (which was purchased by Eigen Capital in 2012) had minimal processes...

Accounting Trends in 2022 That Can Help Your Business

The accounting industry continues to quietly undergo a transformation that will be revolutionary once the history books are written. This transformation is mainly the fruit of rapid developments in the technological infrastructure that powers the day-to-day functions...

Lavoie CPA & Jirav Launch Strategic Partnership

Lavoie CPA & Jirav Launch Strategic Partnership Lavoie CPA has added Jirav, an all-in-one business planning software for small and medium companies, to its lineup of preferred cloud solutions for the accounting profession. At Lavoie CPA, we leverage accounting as...

Accounting Trends in 2022 That Can Help Your Business

The accounting industry continues to quietly undergo a transformation that will be revolutionary once the history books are written. This transformation is mainly the fruit of rapid developments in the technological infrastructure that powers the day-to-day functions...

Top Private Equity Accounting Mistakes & How To Avoid Them

Accounting is one of the most important ingredients of success for private equity firms large and small.  When accounting is optimized for the best practices of private equity, it becomes an additional catalyst for success. On the other hand, if accounting is not...

Solve the Biggest Accounting Challenges with Outsourced Accounting

Every business needs reliable financial reporting and management in order to make sound company decisions. That means every company needs an accounting team that’s skilled in financial processes, reporting, and compliance. For the highest quality accounting, many...

12 Signs It’s Time to Outsource Your Accounting

Every business knows that there are times, be it times of growth or times of strain, that additional accounting resources are needed to help the business meet or exceed its goals. The question remains: How do you know when it’s that time? We’ve outlined 12 common...

In-House Accounting vs. Outsourced Accounting

When a business is in growth mode, executives need to make more difficult decisions that are efficient and cost-effective for their organization. The foundation of these decisions is a firm grasp of the financial health of the organization. That is why business owners...