The technology powering your financial operations deserves a careful assessment. As your organization evolves, so should your tech stack.
Start by evaluating your core accounting software:
- Has your organization outgrown its current solution?
- Does it offer the reporting capabilities you need for strategic planning?
- Are you leveraging its full functionality, or just using the basics?
Integration is key for efficiency: We regularly find that disconnected systems create unnecessary manual work for our clients. Check if your CRM, payroll system, expense management tools, and accounting software are sharing data effectively. Each manual transfer point introduces delay and potential for error.
Automation opportunities: Make a list of repetitive financial tasks your team handles manually. From bank reconciliations to invoice creation, modern platforms can automate numerous processes that previously required hours of staff time.
Cloud vs. desktop considerations: If you’re still using desktop software, it’s time to seriously evaluate cloud-based alternatives. The benefits extend beyond remote access—cloud platforms typically offer better security, automatic updates, and more seamless integrations.
Top Tools to Explore in 2025
- For growing businesses: NetSuite, Sage Intacct, QuickBooks Online Advanced
- For nonprofits: MIP Fund Accounting, Financial Edge NXT, QuickBooks Online Nonprofit
- For automation: Vic.ai, Bill.com, Expensify
- For reporting: Fathom, Spotlight Reporting, Jirav
Refresh Your Financial Processes
Even with great technology, outdated processes can significantly hamper your operations. Here’s where strategic accounting partners like us can help identify bottlenecks and inefficiencies.
Month-end close process: Timely financial information is crucial for strategic decision-making. Your month-end close should be completed within 10 business days of month-end—if it’s taking longer, it’s time to reevaluate your approach.
Invoice and receivables tracking: Cash flow is the lifeblood of your organization. Review how quickly invoices are generated, sent, and collected. Are you actively following up on aging receivables? Consider implementing automated reminders or incentives for early payment.
Expense approval workflows: Complex or unclear approval processes often lead to delays and frustration. Map your current workflow and look for opportunities to streamline while maintaining appropriate controls.
Budgeting cadence: Annual budgeting is no longer sufficient in today’s rapidly changing environment. We recommend monthly or quarterly budget reviews with key stakeholders to track performance and make necessary adjustments.
Process Refresh Checklist:
- ✓ Defined roles and responsibilities for financial tasks
- ✓ Clear SOPs documented for recurring activities
- ✓ Regular review of internal controls
- ✓ Established review protocols for financial statements
Reevaluate the Reports You’re Relying On
Reports should drive action—if yours aren’t, it’s time for a refresh.
Strategic alignment: Each report should connect directly to your strategic objectives. Ask yourself: “What decisions am I making with this information?” If you can’t answer clearly, the report may be unnecessary.
Bridging operational and financial reporting: The most insightful reporting combines financial metrics with operational data. For example, a nonprofit might track cost per program participant alongside traditional financial metrics, while a professional services firm might monitor revenue per employee or utilization rates.
Board-ready reporting: Leadership and board members need clear, actionable insights—not overwhelming data dumps. Focus on presenting information that highlights trends, flags exceptions, and provides context for decision-making.
Pro Tip: Different stakeholders need different information. Customize reports by audience:
- Executive team: High-level KPIs, cash projections, strategic metrics
- Department heads: Budget-to-actual for their areas, project profitability
- Board members: Mission impact metrics, financial sustainability indicators, compliance status
Declutter Your Chart of Accounts
A bloated chart of accounts makes reporting more difficult and can obscure important insights.
Consolidation opportunities: Many organizations create extremely detailed account categories that make coding transactions more complicated than necessary. Look for accounts that could be combined without losing meaningful analytical information.
Archive outdated accounts: Rather than deleting accounts (which can affect historical reporting), archive those no longer needed for current operations.
Strategic alignment: Ensure your account structure supports the reporting you need for both management decision-making and compliance requirements.
