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. 

       

      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. 

      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. 

      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.

      Why Poor Processes Will Slow Your Accounting Department Down

      Accounting processes can take a seemingly exorbitant amount of time when time is of the essence. Increasingly, locally-installed software is more time consuming and less convenient than cloud-based solutions, leading to poor, manual processes, longer wait times for data, and higher rates of inaccuracy in data.

      Here are the top processes that are slowing your accounting department down.

      • You’re still relying on Microsoft Excel

      Microsoft Excel was once the industry standard, but today’s business’ complex accounting needs demand more. 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.

      • Your team members could be using different versions of 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?

      • Access is limited

      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.

      • Security is compromised

      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.

      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 a 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.

      Technology Enters the Accounting Audit Space

      Change and growth are fundamental to business, and technology is expanding the ways we approach and dictate business needs. Auditors are no more immune to the expansion of technology than any other industry: traditional audit services are being transformed by technology.

      Leo R. Moretti writes on AccountingToday that auditors need to be aware of all the tools available and to understand and embrace the “accelerating value of data and the digital data ecosystem.”

      How Tech is Changing Audits

      Technology is poised to perform much of what was once relegated to time-consuming, manual processes. If your staff still spends a majority of their time hunting down broken formulas in Excel workbooks, it may be time to consider new, cloud-based accounting solutions that automate. By taking advantage of the automation tools at our disposal, we can prioritize evaluation analytics and assist clients in performing their accounting and financial reporting tasks in a more efficient manner.

      In sum: leave the number crunching to the computers, and use the time and resources you gain towards specializing in the more “human” skills of strategy and advisory services.

      Moretti writes that interacting and understanding the needs of audit committees, CEOs, CFOs, and regulators should be an increasing priority, stating that auditors will be increasingly expected to provide assurance on much more than mere financial statements.

      Additionally, academia needs to rise to the challenge to provide the next generation of CPAs, regulators, and investors with the tools of success. The curriculum of these future financial professionals should be audit technology-based to prepare future finance professionals with not only the standards of the past but current and future techniques and technologies.

      Flexi

      Flexi is ahead of the curve, providing proven technology tools to help your business succeed today, tomorrow, and beyond.

      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.

      Flexi’s Enterprise Accounting Software Offers a Suite of Features

      Flexi’s powerful accounting software was built to simplify the complex processes that accountants face every day. Flexi understands how stressful the period close is, how complicated multi-entity books can be, and how frustrating audits are when accurate reporting is not easily available.

      A laser focus on finance and accounting software has enabled the Flexi team to scrutinize every step of the accounting process and develop a solution designed to simplify every task. This “process-driven” approach delivers tremendous benefits to finance teams, including a faster, more accurate financial close.

      Flexi’s comprehensive software suite is a tremendous value, providing top-tier functionality at a mid-tier price. If the full benefits of workflow automation are not desired, Flexi’s individual modules can also be deployed separately.

      FlexiFinancials

      It starts with a strong core financial management system–one that’s been continually refined for 25+ years based on input from accountants and CFOs. Key functionality found in Flexi’s core solution includes:

      Flexi Workflow

      Flexi’s core accounting modules are great on their own, but the powerful workflow engine makes them work even better…together. With FlexiWorkflow you can engage users throughout any department to automate their part of the accounting process, from simple tasks to complex business operations, all based on business rules.

      • Automate time-consuming manual tasks
      • Decrease costly mistakes and human error
      • Dramatically increase productivity

      Additional Applications

      Flexi’s expanded eSuite applications serve to further automate accounting processes, reducing paper, human error, and the high costs associated with each.

      Other admin and control options are available, including consulting services and APIs for easy integrations.

      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.

      How CFOs Feel About Accounting Technology

      CFOs are often responsible for selecting the technology tools their greater company uses to get the job done efficiently and correctly. As technology is changing, it is important to get a pulse on how CFOs are using their technology tools in the present and what their future plans are.

      AccountingToday interviewed CFOs and other financial thought leaders to learn their tips and tricks for success with accounting technology. Compiled below are some of their words of wisdom.

      Mid-sized businesses

      According to Paul Riegel, regional director of CFO Centre, all companies need a solid base accounting system. A reliable and robust accounting system that manages the procure-to-pay cycle and related workflows is a necessity. A solid, base system should include a general ledger, accounts payable and accounts receivable functionality, bank reconciliation functionality, management and reporting systems, payroll functionality, and a budgeting module.

      Next up is a financial forecasting system. AccountingToday specifies that forecasting and budgeting aren’t necessarily the same thing. A good forecasting system will look to the future and attempt to select datasets to predict financial outcomes based on past results. Some organizations will depend on Microsoft Excel for financial forecasting, but dependent on company size and scale, Excel is often not the most efficient or effective solution.

      Another recommendation of many CFOs is moving to the cloud. For mid-sized organizations, this is pertinent because it allows organizations with limited resources to both automate traditionally manual functions as well as gain automatic visibility. It’s the wave of the future and it makes the most of your staff’s time and resources.

      Enterprise companies

      A CRM system is incredibly important for organizations with complex accounting needs, like multi-entity organizations. A user-friendly solution will help keep track of all of your customer relationships to get a pulse on how things are going across the board for your clients.

      Additionally, comprehensive spend management for enterprise organizations is imperative. There is more pressure than ever before to support business continuity, with the ultimate goal being agile supply chains. In an age of disruption, CFOs need to pay special attention to these needs.

      Above all else, CFOs need to be measuring cost, quality, and ease of use when choosing new financial tools.

      Flexi has a full suite of products to help your business

      Regardless of the size of your organization, Flexi has products to help you succeed. Submit your information and get a demo of the Flexi suite today.

      How a New Accounting Rule is Getting CFOs Upset

      Starting next year, public companies will be required to report operating leases as liabilities. Under this new rule by the Financial Accounting Standard Board, companies will be required to add to their books the debt-like obligations they incur to lease real estate, office equipment, airplanes, and more.

      The Wall Street Journal estimates $3.3 trillion in operating liabilities to be worked into the corporate balance sheets of public companies due to this change. While these operating leases are currently resting in the footnotes, they will be front and center in next year’s financial reports.

      The change leaves CFOs questioning whether they should renegotiate lease terms, provide specialized reports to lenders, or risk having their debts called by lenders. Legal fees, bank fees, and other fees, fines, and expenses could apply, and the corporate debt-to-earnings ratios will be disrupted, affecting borrowing power.

      While the new rule is intended to improve transparency for investors and lenders and bring the U.S. closer to global accounting standards, compliance will result in time and money spent to observe the new rule. This could require new accounting processes or even new accounting software, not to mention the time and expense of staff training. This is undoubtedly a blow to the bottomline for many public companies who are now scrambling to gear up for this regulatory change.

      While some CFOs will be seeking to amend loan terms, others may opt to produce one set of financials for regulators and yet another set for lenders. For some, the extra time to produce two different sets of reports is the best available option when the other option could involve hefty bank and legal fees.

      As accountants and finance professionals, there is no time better than the present to familiarize yourself with the regulatory change and how it will affect U.S. business to ensure that your books–or your clients’ books–are ready.

      The future with Flexi

      Flexi knows that compliance is imperative for your business. Flexi provides tools and products to help keep your business up to speed with compliance and regulatory demands. As the accounting rules change, let Flexi help your business succeed.

      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.

      Check Out Flexi at the Symitar Annual Conference

      Check out Flexi at this years Symitar Annual Conference. We’ll be at booth 913 so if you want to stop by and say hello we’ll be here! In the meantime, if your curious as to why Flexi is used by thousands of companies for over thirty years, look no further than the fact that our software is the enterprise accounting software of choice! Flexi’s accounting software powers millions of end users around the globe. With continually evolving technology, personalized support, and a commitment to meeting our customer’s ever-changing needs, we’re in this for the long-term. Just like your business.

      Flexi’s accounting software is relied upon in industries where speed, performance and security are paramount. We understand the accounting processes involved, system integrations needed, and best practices all the way down to the COA, saving valuable time and money in these industries and more.

      Symitar Annual Conference

      Symitar Annual Conference

      Symitar Annual Conference

      Symitar Annual Conference

      Symitar Annual Conference

      Symitar Annual Conference

      Symitar Annual Conference