Accounting Software

Why Process and Workflow Are So Important in Enterprise Accounting

Multi-entity accounting is complex, rendering process and workflow all the more important. Process, workflow, and a solid accounting software solution that is uniquely designed to handle the complex consolidation and reporting needs of multiple companies, divisions, or global entities is a necessity.

Some of the processes that plague enterprise accountants are: consolidations, intercompany postings, acquisitions, currencies, reporting, and auditing. With the right enterprise software, many of the problems that crop up regularly can be addressed swiftly:

  • Consolidations – Software can provide continuous close capabilities to allow the CFO to gain immediate views of consolidated financials and easily move through the soft close and period close processes.
  • Intercompany Postings – Automatically posting a transaction across multiple entities in a single screen ensures books for both “due to” and “due from” are always in balance.
  • Acquisitions – Newly acquired companies can be integrated faster with the right software that can rapidly clone company setups.
  • Currencies – When global operations are involved, financials can be easily viewed in local currency for field operations, or standardized into a single currency for headquarters purposes.
  • Reporting – Reporting and analysis benefits from real-time visibility with instant roll-up reporting or consolidations.
  • Auditing – With a tightly integrated platform, all transactional data, along with workflow documentation and approvals, are visible with a click of a button – right down to the journal entries.

Consolidating multiple companies, products, and/or divisions can add weeks of time to the financial close process, but it doesn’t have to. Industries that require you to quickly roll up reports or consolidate financials across multiple entities–like financial services, franchises, hospitality, logistics and transportation, property management, and building and construction–can benefit from a multi-entity software overhaul.

Flexi can overhaul your processes and workflows

Flexi’s software was built to perform, saving finance teams hours and weeks of time.

Flexi’s open architecture allows flexibility to choose stand-alone modules as business needs dictate. But enterprises will gain the ultimate speed and power with the entire financial management software platform, uniquely designed to allow financial data to flow securely wherever it is needed, with full integration into your other proprietary or third-party systems.

Submit your information and get a demo of the Flexi suite today. 

Category: Accounting Software

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accounting-technology-mindset

Is Technology Waiting for the Accounting Industry Mindset to Catch Up?

It’s no secret that the accounting industry hasn’t been the most innovative or the quickest to embrace technology. External barriers are as responsible for this as the industry mindset. While automation and AI are spreading like wildfire in other industries, accountants have been tentative and hesitant about what automation could mean for the future of the industry–and their job security–but additionally, a lack of schooling and training opportunities have left accountants scrambling to keep up.

Cloud Software Solutions

Cloud software solutions have emerged with promises of easing the burden of manual errors caused by spreadsheet accounting. New technology comes with a learning curve and as automation eliminates many of the manual processes accountants are accustomed to, it requires in some cases continuing education to remain relevant in the industry. 

New and innovation technology is yielding a seachange in the industry: there is now an expectation that accountants will not only be skilled and knowledgeable in bookkeeping but will emphasize strategy and advisory services. Accountants are also increasingly expected to specialize in and consult on various software options for their clients. 

The industry has seen an overhaul and though accounting positions are growing in number, there are fewer and fewer in the field that hold these newly minted qualifications. The academic world has not yet kept up, which is a big reason why so few accountants have embraced they new technology: they simply haven’t been trained on it.

Flexi can get you up to speed

Over 25 years ago, the team behind Flexi Software believed that the promise of accounting automation shouldn’t be reserved for Fortune 500 enterprises. Flexi set out to create a world-class platform that would not only offer the robust functionality found in costly Tier One ERP solutions but also offered the things that mattered most in a rapidly changing accounting environment:

  • Real-time performance and the ability to securely handle millions of transactions in real-time
  • Flexibility to grow and adapt to changing business or market needs
  • Openness that would allow easy integration with any system
  • Process-driven design that leveraged technology to automate much of the accounting cycle

That vision remains strong today and Flexi continues its laser focus on developing feature-rich accounting software that is both relevant and a smart value. As a SOC 2 Type I certified provider, Flexi is dedicated to empowering accountants to work as efficiently and securely as possible – today and tomorrow.

Submit your information and get a demo of the Flexi suite today. 

 

Category: Accounting Software

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wrong accounting entry

What One Wrong Accounting Entry Can Do to An Enterprise Company, And How To Fix It

Multi-entity accounting is complex, and one wrong accounting entry can slow down the whole operation. Multi-entity organizations face such complexities as multiple currencies, global consolidations, decentralized payables, and inter-entity transactions, to name a few of the challenges. What’s more, consolidating multiple companies, products, and/or divisions can add weeks of time to the financial close process to begin with, and that’s when errors aren’t present. 

Fortunately, growth is easy, reports are clear and easy to run, and closing is faster with continuous multi-entity financial consolidation software. To get ahead of the curve, implementing an accounting solution that comes standard with the following features can save many future headaches in multi-entity scenarios.

Consolidations – Continuous close capabilities allow the CFO to gain immediate views of consolidated financials and easily move through the soft close and period close processes.

Intercompany Postings – Automatically posting a transaction across multiple entities in a single screen ensures books for both “due to” and “due from” are always in balance.

Acquisitions – Newly acquired companies can be integrated faster with features that rapidly clone company setups.

Currencies – When global operations are involved, financials can be easily viewed in local currency for field operations, or standardized into a single currency for headquarters purposes.

Reporting – Reporting and analysis benefits from real-time visibility with instant roll-up reporting or consolidations.

Auditing – Transactional data, along with workflow documentation and approvals, are visible with a click of a button, right down to the journal entries.

Flexi

If your work requires you to quickly roll-up reports or consolidate financials across multiple entities, you owe it to yourself to look into Flexi.

Flexi services multi-entity organizations in such industries as financial services, hospitality, logistics and transportation, property management, and construction.

The ability to greatly simplify multi-entity accounting is just one of the reasons why enterprises have relied on Flexi for over 25 years. Flexi’s accounting software is uniquely designed to handle the complex consolidation and reporting needs when multiple companies, divisions, or global entities are involved.

Flexi will lead you to:

  • Less paper, and no manual errors
  • Faster period close
  • Real-time financial updates, whenever and wherever needed
  • Standardized workflow with built-in approvals
  • Mobile access to financials through any device
  • Visualization tools with real-time visibility of every transaction and complete audit trail

Submit your information and get a demo of the Flexi suite today. 

Category: Accounting Software

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Outsource Accounting Partner

Cloud Accounting Set to Experience Highest Growth in Coming Years

Cloud accounting has experienced rapid growth in recent years, with the height of the growth still to come, according to the Cloud Accounting Software Market research report by Market Study Report, LLC. 

The report analyzes pivotal insights regarding market size, competitive spectrum, contender share, consumption trends, and geographical outlook. The report also explores key drivers and challenges, as well as strategies adopted by distinguished players in the industry. 

The report foresees cloud accounting software market growth for an estimated period, as well as delivers in-depth analysis on the industry, including market tendencies, deliverables, market share, current valuation, market size, and profit approximations during that timeline.

Key components of the report include: turnover predictions, recent market trends, industry drivers, key challenges, consumption growth rate, competitive framework, competitive ranking analysis, market concentration rate analysis, market concentration ratio, geographical dissection, latent market competitors, and value growth rate. 

This report puts data and analysis around a widely accepted notion: the cloud is the future. With user-friendly interfaces, automation, ease of access, and high security measures, it’s evident that cloud-based accounting solutions can offer more, and faster, than traditional, locally installed solutions. 

Still, many finance teams are wary, opting for more conservative measures than a cloud-based solution, citing potential security breaches and challenges integrating with an existing general ledger. Even still, the Cloud Accounting Software Market research report points to one truth: the cloud software market is all but slowing down.

Request a sample of the report to dive deeper, and explore similar reports, too.

Flexi can help when you’re ready to make the switch

Making an investment in a new software is a nerve wracking, albeit necessary, step. Flexi draws upon 25+ years to deliver all the benefits of the cloud without compromising security or performance.

Trusted by enterprises for 25+ years, Flexi is among the most experienced accounting software providers in both the cloud and on-premise markets. Organizations of all sizes, particularly those with complex accounting requirements such as multi-entity and intercompany accounting needs, are benefiting from Flexi’s value: rich features, flexible deployment, easily customized, low maintenance, and highly rated support, all at an attractive total cost of ownership. 

Submit your information and get a demo of the Flexi suite today. 

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Good Enterprise Accounting Software

5 Things That Can Derail Enterprise Accounting That Good Software Can Prevent

Keeping tabs on large organizations, multiple entities, different currencies, different systems, and other complex accounting needs can be very challenging. It is difficult to consolidate and analyze all of that information using standard accounting software. Enterprise accounting software serves to address the unique needs of these types of organizations. 

What is Enterprise Accounting Software?

Enterprise accounting software allows an organization to manage transactions and data, going above and beyond core accounting processes by providing modules specific to billing and payroll, accounts receivable, accounts payable, and general ledger. 

Benefits of enterprise software include streamlined processes, automation, cross-departmental collaboration, and visibility. 

Enterprise software is imperative to addressing issues that can derail complex businesses. Being able to easily navigate the “big picture” and run reports aimed to help you analyze your growing business’s needs is critical.

The top 5 things to keep an eye on are:

  1. Integrated modules. Integration is of the utmost important, even if the modules happen to be sold separately. A unified platform will make your business run smoothly and will make visualizing the big picture easier than ever. 
  2. Customization features. Each organization has different needs, so choosing a solution that will give you some wiggle room to specifically tailor your software to your unique needs is extremely important. 
  3. Security. Backups, encryption, and user-specific permissions are important, especially for cloud-based enterprise accounting software solutions.
  4. User-friendliness. A user-friendly interface is integral when you are switching to a new accounting system that you want your employees to adopt.
  5. Access. The cloud provides access to any device with an internet connection, which is ideal for most of today’s business scenarios where employees are remote, traveling, or inclement weather keeps them home. 

Flexi addresses your enterprise needs

Flexi delivers everything that an enterprise needs to automate accounting and dramatically improve workflow processes. Flexi’s finance and accounting software offers extreme flexibility:

  • Connects with any GL or subledger, resulting in easy consolidations from multiple systems
  • Deployed in any way needed: on premise, hosted, cloud, or hybrid environments
  • Workflow processes are easily defined and set up any way needed
  • Reports are easily set up, generated, and shared with anyone who needs them
  • Open SOA architecture is designed to seamlessly integrate with any system
  • Simple interface allows for user-defined setup of all these parameters and more, without the need for IT programming

 

Submit your information and get a demo of the Flexi suite today.

Category: Accounting Software

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Organization Accounting Software

How To Get Your Organization to Want a New Accounting Software

Implementing new technology solutions is tough, especially in large or high-growth organizations. In larger companies, different divisions often use their own specific platforms for accounting, data reporting, and more, but all the systems need to integrate for the sake of better decision making. They often don’t–or not very well, at least–leading to manual processes and bandaid solutions that quite honestly make everyone’s lives harder.

Before even getting to that point, just getting everyone’s buy-in to embrace change can be challenging in and of itself. It’s not unusual for the switch to take a couple of years, and in the early stages, people hold on tight to old, often manual, processes. Ultimately the switch to the new solution is usually a positive and efficient one, but it takes time. 

How do you get your team’s buy-in? Consider the following:

Define timelines

It can take 9-12 months to roll out a new solution organization-wide. It seems like a long time, and it’s important to set expectations early and often. If you don’t plan for enough time, there will be lots of false starts and delays, which frustrate everybody–especially the executives. Rushing it and getting it wrong is far worse than taking your time to get it right. Make sure everyone is in agreement on that.

Prioritize reporting needs

Virtually every department will have their own reporting needs. Fortunately, most newer solutions offer custom reporting. During the testing phase, make sure stakeholders have the opportunity to test out the reporting feature to ensure that the solution can provide customizable, easily formatted reports that fit the needs of the masses.

Reward small victories

It is no doubt a frustrating process to roll out a new accounting software that changes processes and workflows from the ground up. To keep your team positive and engaged, reward small victories and incentivize along the way. The day to day will feel tedious, but reminding everyone what you’re working towards is a helpful tip. Celebrate wins, even small ones.

Consider ROI

This is arguably the most important point. Lean on your network to prove your chosen solution’s ROI. Your executive team won’t approve a change if it isn’t going to be good for the bottom line. Additionally, the vendor should be proving ROI in the way of case studies and reports. Poke holes and ask questions to get to the heart of the matter.

Choose a solid solution, like Flexi

Flexi may be the biggest, most trusted accounting software company you’ve never heard of – which means its  partner network is doing its job. While Flexi sells directly to customers, its software is also private labeled throughout the world by companies such as Allscripts, StoneRiver, Majesco, and Molina Healthcare (formerly a division of Unisys).

Flexi’s reach is further strengthened through strategic partnerships with BPOs (business process outsourcing), FAOs (finance and accounting outsourcing), and industry-specific technology providers like Acturis. Submit your information and get a demo of the Flexi suite today. 

 

 

 

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enterprise-accounting

What Is Enterprise Accounting Software and And Why Do You Need It?

Enterprise accounting software is software that allows an organization to keep tabs on financial transactions and data. However, enterprise accounting software goes above and beyond the core accounting processes. Enterprise accounting software comprises modules specific to billing and payroll, accounts receivable, accounts payable, general ledger, and more. Historically it has been a solution that was installed locally, but cloud-based solutions are increasingly available that tailor specific to enterprise business. 

Some of enterprise accounting software’s main functions include:

      Benefits of using enterprise-specific accounting software include automation, visibility, cross-departmental collaboration, and streamlined processes. Enterprise accounting is thus prepared to address the top three concerns of CFOs, including developing talent in the finance organization, providing inputs into enterprise strategy, and measuring/monitoring business performance.

      When shopping for an enterprise accounting software solution, there are many things to consider, including:

      1. Ease of use: A user-friendly interface is paramount when you are switching to a new accounting system that you want your employees to adopt.
      2. Security: Backups, encryption, and user-specific permissions are important, especially for cloud-based enterprise accounting software solutions.
      3. Mobile access: The cloud affords access to any device with an internet connection, which is ideal for most of today’s business scenarios where employees are remote, traveling, or inclement weather keeps them home. 
      4. Customization: Each organization has different needs, so choosing a solution that will give you some wiggle room to specifically tailor your software to your unique needs is extremely important. 
      5. Integrated modules: Integration is of the utmost important, even if the modules happen to be sold separately. A unified platform will make your business run smoothly.

      Flexi for your enterprise needs.

      Flexi delivers everything that an enterprise needs to automate accounting and dramatically improve workflow processes. Flexi’s  finance and accounting software offers extreme flexibility:

      • Connects with any GL or subledger, resulting in easy consolidations from multiple systems
      • Deployed in any way needed: on premise, hosted, cloud, or hybrid environments
      • Workflow processes are easily defined and set up any way needed
      • Reports are easily set up, generated, and shared with anyone who needs them
      • Open SOA architecture is designed to seamlessly integrate with any system
      • Simple interface allows for user-defined setup of all these parameters and more, without the need for IT programming

      Submit your information and get a demo of the Flexi suite today. 

       

      Category: Accounting Software

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      Accounting Team

      Why Your Accounting Team Isn’t Operating Full Tilt, and What To Do About It

      It’s imperative that your accounting team is a well-oiled machine. Deadlines are tight, the board is demanding, and time is of the essence for all facets of accounting, including reports and payroll. There are many reasons your accounting team could be slowed down to a stop, but there’s a lot you can do about it. 

      • Is your team still reliant on Microsoft Excel?

      Microsoft Excel was once the industry standard, but today’s business’ complex accounting needs dictate. If you’re still reliant on Microsoft Excel, finding a new solution is going to be the key to implementing better processes to speed up your accounting department. 

      • Is your security at risk?

      When data is hacked, stolen, or otherwise compromised, business screeches to a halt. With cloud-based solutions, data is more secure because it is encrypted and stored on remote servers. Enhanced security only serves to keep your business moving at all costs.

      • Are you sure your team is all accessing the same data?

      If you’re not using a central repository of data that can be accessed from a web browser, then there might be different variations floating around in your colleague’s inboxes or saved to their desktops. If users are accessing and using (and making important business decisions) based on varying versions of data, how can you be sure that you’re operating at full capacity?

      • Are you limited by an on-premise solution?

      On-premise solutions are installed locally on your computer. This can be tricky when employees are traveling or for whatever reason cannot get into the office due to a family emergency, inclement weather, or otherwise. By using a cloud-based service, everyone can access the same data with any device with an internet connection, so a business can stay on track even if key players can’t make it to their machines. 

      Flexi can help you speed up your accounting department

      Trusted by enterprises for 25+ years, Flexi is among the most experienced accounting software providers in both the cloud and on-premise markets. Organizations of all sizes, particularly those with complex accounting requirements such as multi-entity and intercompany accounting needs, are benefiting from Flexi’s value: rich features, flexible deployment, easily customized, low maintenance, and highly-rated support, all at an attractive total cost of ownership. 

      Flexi’s comprehensive financial management software simplifies and automates the entire accounting workflow process, without compromising security. Flexi’s open architecture meets even the most stringent security requirements yet allows data to flow seamlessly with any system, whenever and wherever business needs dictate.

      Flexi delivers all the rich features you’d expect in a top tier accounting solution, but without the high cost. With quick implementation that can be deployed on-premises, in the cloud or in a hybrid environment, Flexi will not only simplify your accounting processes today but also will have you ready to adapt quickly to market or business changes in your future. Submit your information and get a demo of the Flexi suite today. 

       

      Category: Accounting Software

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      big-data-accounting

      How Big Data is Helping Accountants

      Big data refers to large sets of data and information that can be mined for valuable insights and analysis. For accountants, big data can provide insights that can help discover new methods of fraud detection, new methods of preventing identity theft, and can even make tax preparation easier. Further, analytics can help accountants determine patterns for predicting risk of identity theft that would otherwise be difficult to discern. 

      How can accountants best utilize the benefits of big data?

      Prioritize determining unexpected patterns

      Outliers and anomalies in data sets often lead to valuable insight, but if you’re not looking for them, you might miss them. Prioritize the importance of determining unexpected patterns to leverage big data to the highest degree. By determining patterns, accountants can make more accurate predictions of financial activity. 

      Prioritize security

      Breaches and hacks are a constant threat in 2019, so putting proper security protocols into place is of the utmost importance. Establishing best practices and consulting with cybersecurity firms can help you keep security under wraps. 

      Anticipate unexpected costs

      We all have witnessed the implementation of a new software or business plan that exceeded the initial projected costs by a landslide. It’s frustrating, so be aware that unexpected costs when adopting a big data strategy will crop up. You might need to hire consultants or more employees. Remember that this is an investment that will help you in the long run. 

      Build the right team

      Having the right staff is paramount. Many accountants do not have a background in data analytics, so you will have to scout specific talent, or be willing to train. By ensuring you have the right people on your team, you can start using the valuable big data insights quickly and easily. 

      Flexi

      Flexi software solutions provide easy access to data and building reports is a breeze. If your company is adopting a big data strategy, make sure you have the right software in place first. 

      Trusted by enterprises for 25+ years, Flexi is among the most experienced accounting software providers in both the cloud and on-premise markets. Organizations of all sizes, particularly those with complex accounting requirements such as multi-entity and intercompany accounting needs, are benefiting from Flexi’s value: rich features, flexible deployment, easily customized, low maintenance, and highly rated support, all at an attractive total cost of ownership.

      Submit your information and get a demo of the Flexi suite today. 

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      new-generation-accounting

      How a New Generation of Accountants are Ready to Change the Industry

      As technology has sped up and automated bookkeeping, accountants and finance professionals have struggled to find traditional accounting work, specifically in bookkeeping roles. The unemployment rate for the finance sector represents roughly half of U.S. unemployment, and not because work is scarce, but because the desired qualifications of accountants have changed.

      Sophisticated platforms that utilize AI and automation are cheaper and more reliable than humans in many ways; success in the accounting field has demanded more from its workforce than it did even a decade ago, with a new emphasis on strategic and advisory services, including being educated on various technology platforms.

      To get new and seasoned accountants up to speed so they can find and maintain work, the industry and how the education system interacts with it needs to undergo some major reno.

      The CPA Journal noted in 2017 that a major setback to finding skilled and competent workers in the field is rooted in education. The types of problem solving that on-the-job accountants are now facing is not taught in the traditional accounting curriculum, so the expectation of providing advisory services for newly minted accountants is often beyond their skillset.

      To address the root of the problem, institutions need first update their curriculums to provide settings to teach young accountants more about strategy and less about bookkeeping, which is largely handled today by software.

      On that note, academia should not be operating in a vacuum. To prepare graduates with the skills needed to perform the duties expected of them at their first jobs, businesses and universities need to engage in dialogue. Internship programs are one excellent way to give students real-time experience before earning their degrees.

      In April 2019, the Bureau of Labor Statistics reported that the U.S. added 140,000 accounting and auditor positions to the workforce, but the global workforce pool is still too small. Until curricula and training programs catch up to speed, we will experience a deficit of qualified talent in the industry.

      Flexi can supplement your accounting team

      Your team is expected to do more than ever, and Flexi can provide software that automates, provides fast reporting, and supplements your team in a rich array of ways so they can focus their efforts where it matters most: strategy and advisory services.

      Trusted by enterprises for 25+ years, Flexi is among the most experienced accounting software providers in both the cloud and on-premise markets. Organizations of all sizes, particularly those with complex accounting requirements such as multi-entity and intercompany accounting needs, are benefiting from Flexi’s value: rich features, flexible deployment, easily customized, low maintenance, and highly rated support, all at an attractive total cost of ownership.

      Find out why 1,500 customers and 20,000+ users rely on Flexi. Submit your information and get a demo of the Flexi suite today.

       

       

       

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