PROP Accounting Software: Bridging the Gap for Small Businesses
A new sector of the accounting software market has been developing in recent years. These new applications handle Process and Resource Operation Planning (PROP) for a business by design. Filling the gap between entry-level solutions and ERP solutions are PROP accounting products specifically designed to meet the needs of small businesses. Let’s see what PROP accounting software is and how it can benefit your business!
Small companies have a lot of moving components. Small company owners don’t want to be experts in accounting, logistics, or other fields. For most small business owners, ERP solutions are too big and expensive. On the other hand, many of them quickly outgrow the basic accounting modules of general ledger, reporting, accounts payable, and accounts receivable.
The Process and Resource Operation Planning (PROP) solutions satisfy more complex needs such as inventory, costing, eCommerce, and multi-location operations. For example, each service truck can be treated as a location. PROP products provide more capabilities for small businesses than entry-level solutions but don’t have as much sophistication as ERP solutions. Like Goldilocks and the three bears, PROP is not too big or too small, but “just right.”
What is a PROP Solution?
PROP accounting software solutions include sufficient capabilities to help businesses manage their operations more effectively by design instead of third-party add-ons. PROP software assists with planning and tracking the resources used by a company in addition to the accounting functions that you are used to operating in Entry-Level accounting solutions.
Functions like General Ledger, Accounts Payable, and Accounts Receivable are still pillars of the software. However, PROP solutions go beyond this by also offering inventory, costing, and eCommerce modules. Plus, the best of these products helps manage cash effectively. As the old saying goes, “cash is king.” Even without inventory needs, effectively handling deposits is a crucial feature of AccountingSuite for services-based businesses.
The main advantage of using a PROP solution is that it can help small businesses to grow. When you can effectively plan and track your resources, you open growth possibilities. Additionally, managing all needed accounting functions with one software package makes life much easier for business owners. But which solution is right for your business? That will depend on your needs. Each solution has its strengths, and some offer slightly different features.
AccountingSuite: A PROP Solution for Small Business Clients
AccountingSuite is one of the essential tools in this new industry. AccountingSuite not only includes general ledger, reporting, accounts payable, and accounts receivable modules, but it also includes inventory, costing, and eCommerce modules.
As a result, AccountingSuite has created a one-stop-shop for all your small business clients’ requirements. For example, AccountingSuite accounting software allows for multi-business reporting. This is beneficial for any business owner who has more than one business for which they need to compile and track financials comparatively. Using the Accounting Suite platform, you can track, monitor, and analyze multiple businesses in a single view. In addition, you can create powerful reports that align all of your chosen key performance indicators across all entities.
Consider the application of this functionality for businesses with multiple entities and departments, such as cannabis businesses which may include the growing, processing, and production divisions of a parent company or a manufacturing business with different service lines.
With AccountingSuite, monitoring and analyzing the total financial picture of complex businesses is simple with seamless windows into each of the related divisions of the company.
Vital Tools to Create Efficiency for Accounting Advisors
Another vital feature of AccountingSuite is its amazingly efficient write-up feature to help balance your client’s accounts. The software automatically identifies and corrects any errors made while entering transactions. The write-up feature also updates your client’s general ledger, accounts receivable, and accounts payable. Further, the cloud banking features of AccountingSuite gather information from multiple banks or bank accounts and present a single view of cash flow.
Inventory management needs are the critical feature that drives businesses out of traditional entry-level accounting solutions and into the PROP category. AccountingSuite includes complete inventory management capabilities, which allow users to keep track of stock levels, orders, sales, returns, and deliveries from anywhere at any time. In addition, your team can reduce inefficiencies by leveraging effective operations management, lowering company overhead, and improving gross margins.
AccountingSuite knows that every business has different needs, so you can customize the platform to help you get exactly what you need. Plus, our team is here to support you every step of the way. So let’s get started! Schedule a demo now to see AccountingSuite in action.