Building an Online Accounting Stack

How to build a stack

The basis of creating a stack is an accounting solution. But before you get down to it, you have to know your software and identify the biggest weakness(es) of your cloud accounting solution. For instance, if your cloud accounting software is incapable of automatically processing receipts, converting them into expense reports, you have to choose a standalone piece of software that can do it.

This leads us to the next step: choosing the right third-party software to be integrated into your stack. Anything goes here: expense report tools, CRMs, time tracking solutions, payroll, inventory etc. However, just like in the case of your accounting solution, you have to learn everything about the software before integration. It might seem tedious at first, but think of it as a long-term investment: in the end you get a completely hassle-free system in which you just have to hit start to see your business processes automated.

Which software should be part of a stack

As we mentioned before, aside from the core element (the accounting solution) your stack should consist of those add-ons that are not included in your cloud accounting software by default. However, certain features are never present in some accounting software solutions (or if they are, they’re far from ideal), therefore, the integration of a piece of software that can perform the specific task you are looking for is a must.

Such a feature is payroll: as it is usually available as a complementary or isn’t available at all, replacing it with a third-party solution like Gusto or SurePayroll is probably the best option. If you often receive payments via e-wallets, then you should consider the integration of online payment processors like PayPal, Stripe, Square or even Chargify. Expense management tools, like Receipt Bank, Xpenditure and Expensify are also mandatory for running your business in a smooth manner, especially if you want to automate receipt processing (as it is still manual in most accounting solutions).

It is also important to be able to bill your customers in a promptly and timely manner. Even though accounting tools provide excellent solutions when it comes to (recurring) billing, the use of a software solution that can deal with accounts receivable/payable is highly beneficial, especially if your company is subscription based. Last but not least, you can add other business specific solutions to the mix like time trackers, ecommerce solutions, reporting tools, CRMs, inventory etc.

But remember: no matter what you do, given that integration options are virtually endless, adding even just one third-party solution to your accounting software leads to a more successful SMB.