When you first started your company, it may have seemed inconceivable that you’d be working with companies all over the globe. However, that day has arrived and your clients are paying invoices not only in dollars, but in yen, euros and pounds. The advantage of such a diverse client base is that you are no longer dependent on one country’s economic health, but rather can spread that risk among several nations, even several continents. However, for many companies, the downside of a multi-national clientele is the increased work needed to keep the books and make sure that you follow accepted GAAP standards when you are handling multiple revenue streams, in multiple currencies.
Using accounting software to handle multiple revenue streams
Software products, such as NetSuite, allow companies that handle multiple income streams to grow without becoming encumbered with difficult accounting procedures. Such software takes your accounting to the next level, while still keeping administrative and IT costs under control. Programs like NetSuite operate on a Software-as-a-Service (SaaS) basis. That means your data is securely stored in the “cloud,” not as software supported by your own computer system, personnel and servers. Such a system offers a myriad of advantages:
-
Cloud-based accounting software saves money on servers, storage space, utilities and personnel.
-
With cloud-based software, your accounting files are accessible from any computer, smart phone or mobile device.
-
Economies of scale allow companies like NetSuite to offer greater data security than most individual companies can afford.
-
NetSuite and similar programs can handle the needs of growing companies that basic business accounting programs like QuickBooks aren’t able to keep up with.
-
By using a accounting software product like NetSuite, companies that have developed their own in-house accounting software can use their IT department to develop IT solutions for sales, marketing and customer support rather than spending their time supporting the accounting programs.
-
B2B Cloud-based accounting software often results in increased employee productivity, as there is less downtime and fewer crashes than with many in-house programs.
-
Such accounting programs can also help to improve revenue flow. Since invoices are easier to generate, they are sent more quickly and customer payments start coming in faster.
Multiple revenue streams are the natural by-product of today’s global marketplace. Don’t let the increased accounting that comes with selling your products overseas discourage you from expanding your reach. Cloud-based accounting software can help you to report those multiple income streams easily, affordably and accurately.
