How Adopting a Unified Platform for Financials Accelerates your Startup Mission
We are programmed to think of a startup as a group of friends, huddled in a garage, banging out Red Bull-fueled lines of code and looking to bring the next big thing to the technology space. One explanation for this perception of startups has to do with the fact that many of today’s wildly successful startups are, in fact, centered around creating new technology. In reality, however, only 45% of Australian startups are focused on technology, according to statistics from Startup Muster. The rest come from fields such as manufacturing, arts, fashion and food.
In today’s competitive global marketplace, the ability to adapt to change is critical for all startups regardless of the industries they occupy. An integrated, cloud-based financial management solution is one of the most valuable things a startup can invest in. Software startups, services startups and product-based startups. alike must operationalise the basics early on by implementing systems that are scalable by design and engineered to support rapid growth.
The Problem: Spreadsheets And Manual Processes
Almost every conversation with a startup revolves around the same cyclical pattern: a business outgrows
the spreadsheets it uses to manage and track financial data and moves to a combination of entry-level financial automation software and best-of-breed software for other processes. The disparate systems ultimately require more spreadsheets to rationalise the data and gain end-to-end visibility across the business.
This leaves tools like QuickBooks, Excel spreadsheets and even some popular cloud-based ERP packages unable to provide the reliable and timely financial reporting that is critical to managing daily operations,
making key business decisions, attracting investors and providing comfort around internal processes and controls. Achieving the goals of a growing company takes more than an idea for an innovative product, drug or device. Operations must be optimised to enhance cost efficiency and profitability, providing easy access and visibility to data that ensures compliance with regulatory mandates and empowers insight-driven decision-making.
Resource Sponsored By
Please fill out the form to access the content