Cash Basis vs. Accrual Accounting
Choosing an Accounting System is not an easy decision. When you are first starting out, your financial reporting needs are more basic.
You are fine using a system that only has cash basis accounting, the simplest form of Accounting. Cash basis is usually a great fit for businesses with less than 1 million in revenue, or for a business who only employs one or two people. Once you have expanded beyond 1 million in revenue, and/or your staff is growing its time to consider upgrading your Accounting solution. You will need more intelligent data to run your business. Accrual Accounting is the next step in running your business with more financial accuracy. It allows you to manage cash flow and profitability with a little more clarity.
Need for Flexibility
Another big sign that it is time to upgrade is that the solution you are using is too basic for your business needs. As your business grows, you will realize that there is a certain level of flexibility that you will need in order to run your business more effectively. Most basic Accounting solutions will not offer this capability. This is when you know what you will need to upgrade to a more flexible platform. Modern day cloud platforms, such as Salesforce, offer this flexibility.
Ease of Customization
At Accounting Seed we pride ourselves on the highly customizable nature of of our product, just like the Salesforce platform on which we’re built. You are able to take the solid Accounting base that we provide and build on top of it to make it customized to your particular business. One of our clients, Cadence Power (seen in the video above!) takes advantage of this. They use all the core accounting capabilities that come with our product and tweak them to perfectly match the way they need to see their information.
We are the perfect next step if you are looking to upgrade your small business Accounting solution. We support Accrual and Fund Accounting and since we are 100% Native to Salesforce, the options for customization are endless.