By enabling personnel with different job roles to access and share accurate, up to date information, the likelihood of effective collaboration is increased significantly.
As a business grows, it’s inevitable that the administrative workload will increase. Unless proper processes for managing transactions and information are implemented early on, there’s a risk that personnel will become overwhelmed. As a result, cracks can appear and despite everyone’s best intentions, a business can suffer; it’s the old adage of a rapidly growing company becoming a victim of its own success.
These days, most companies will invest in accounting software to automate otherwise time-consuming manual financial management, using these systems alongside spreadsheets to manage other areas of operations, such as sales and customer services.
When a business is small and the number of transactions that need to be managed is relatively low, there’s no doubt that the use of both accounting systems and spreadsheets is key to effective management. It’s when a business grows, however, that using multiple applications can cause problems that become a major headache for team members throughout an organisation.
For Full Story, Please click here.