WH

ITE PAPER

The Definitive Guide to Modern Accounting

1 THE DEFINITIVE GUIDE TO MODERN ACCOUNTING

The Definitive Guide to Modern AccountingA modern accounting department requires a modern accounting system or software

solution that can support streamlined accounting processes and reporting. This

Guide to Modern Accounting will detail 4 Keys to Modern Accounting, identify

20 accounting functions that can be automated, along with 18 categories of potential software integrations. Of course, no guide would be complete without

modern accounting case studies, and related resources.

Depending on organization scale, today’s accounting and finance departments manage

hundreds, and possibly thousands of time-consuming and time-sensitive tasks each

month that are required to function efficiently, meet management and stakeholder

reporting requirements, and comply with accounting standards. Below are 4 Keys

to Modern Accounting, followed by detail for each.

4 Keys to Modern Accounting

1 Automation

2 Software Integrations

3 Improved Reporting and Visibility

4 Cloud vs. On-Premise

2 THE DEFINITIVE GUIDE TO MODERN ACCOUNTING

Accounting AutomationA modern accounting department requires a system that automates and streamlines

core accounting and finance functions, along with other accounting requirements

specific to the organization. Automating manual processes, such as, Excel workarounds,

speeds up reporting and eliminates human errors.

A modern accounting system also allows for multiple ledgers that can process

transactions independently, while simultaneously keeping books on an accrual and

cash basis for different report preferences. Custom workflows and system access

can maintain separation of duties for different stakeholders.

So what accounting functions can be automated? The following is a list of 20 including

5 Core Accounting Functions, 6 industry-specific accounting functions, and 9 business

or organization-specific accounting functions that can and should be automated.

Core Accounting Functions Industry-Specific Functions Other Accounting Functions

Accounts Receivable (order to cash) Professional Services Consolidations (multi-entity)

Cash Management Subscription Billing (SaaS, Renewals, Deferred Rev/Rev Rec)

Multi-currencies

Accounts Payable (procure to payment) Service Industries Ecommerce/EDI

General Ledger (incl. financial close)Nonprofit (incl. healthcare, education, faith-based, donor, etc.)

Point-of-sale (POS)

Time & Expense Manufacturing (MRP, Supply Chain) Fixed Asset Tracking

Inventory/Warehouse Mgmt. Commission Tracking

Collections Management

Equity Management

Another aspect of automation are reporting templates. A modern accounting

system offers real-time regulatory and compliance reports (GAAP, IFRS, FASB,

Sarbanes-Oxley). Intacct software includes over 150 reporting templates that can

drill down to the transaction level. We’ll have more detail regarding reporting as

the third key to modern accounting.

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