When you look at the sophisticated accounting systems that are being used today, it's hard to believe that not so long ago, businesses were still turning to the age-old calculator to do their accounting. We've come a long way since then, and Open Box is proud to be leading the IT pack in finding innovative ways to marry the Accounting Function with technology.
As we all know, accounting is a key function in all businesses. While in the past the focus was on recording financial transactions, today it's about finding the smartest, most efficient way to collect, retrieve, store, classify, categorise, summarise, manipulate and ultimately present the information in a meaningful way that's relevant to the business. Ultimately, accounting is an information science that helps to determine the overall position and health of the organisation. It is also a critical tool in helping decision-makers move the business forward, based on accurate financial information.
Why Accounting Information Systems are a valuable business tool...
- These systems help you measure the performance of your various business operations.
- Business owners can use insights from past accounting information to create informed budgets for the future.
- Accounting information is often used to make business decisions, which may include expanding current operations, using different economic resources, purchasing new equipment or facilities, estimating future sales, or reviewing new business opportunities.
- Banks, lenders, venture capitalists, private investors often review an organisation's accounting information to make investment decisions, reviewing its financial health and operational profitability.
The day to day benefits at a glance…
- Reporting is automated and streamlined, producing an accurate summary of the relevant data. This is a useful business tool in that it allows for efficient and informed decision making.
- Consolidation is a huge benefit, saving time and money as people no longer need to look through a massive amount of transactions to find something specific.
- Calculating functions like payroll, billing, batch processing, closing journals and ledgers, reconciliation, etc. is quick and efficient.
- While systems are prone to technological malfunctions, there is far less room for error in an automated accounting system, especially compared to the manual number crunching alternative.
Any advances in IT naturally have an impact on the accounting process. Years ago, Open Box was founded on an app that allowed users to allocate service charges to properties. Today at Open Box, we pride ourselves on marrying the Accounting Function with technology in the most meaningful ways, helping businesses to improve, grow, expand and become more lucrative. In working with our clients, we provide a holistic service by fulfilling multiple roles as:
- Consultants – We strive to know the business better than the business knows itself. This gives us the ability to provide the right advice and solutions with all accounting or financial related topics.
- Custom developers – The bespoke solutions that we develop make the process faster, more efficient and make accounting information more meaningful. This helps the organisation make better decisions.
- Support – Our analysts and consultants support the day to day operations of organisations on a business, technical and strategic level. This ranges from rectifying issues, implementing enhancements to existing applications systems, re-engineering existing processes, implementing new processes and functionality, and providing solutions to helping businesses to do more with what they already have.
With many years of hands-on experience building and supporting accounting systems for real estate firms, Open Box has established tried and trusted methods of developing custom applications and supporting systems that have the ability to:
- Store, retrieve and collect information from the database in the most efficient way
- Process and transform the data into something more meaningful
- Summarise and present the data in a way that can be easily consumed and analysed by operational staff, analysts, managers, investors, decision makers, etc.
- Process data through the most appropriate technology to make things faster and more efficient, or allow the processing of higher volumes of information and transactions
Whether we are creating new solutions or supporting, assisting or enhancing an organisation's existing systems, we always measure our work against the following set of standard financial principles:
- Are we providing relevance? – It's important that the appropriate information is communicated in a clear and useful way.
- Are we providing reliability? – All information must be verifiable (able to prove its authenticity by showing an audit trail for every income and expense entry recorded), and neutral (only GAAP standards are used).
- Are we providing consistency? – In order to be useful from a decision-making point of view, information needs to be presented consistently from year to year, allowing for the comparison within a single entity, unit or region from one period to the next.
- Are we providing comparability? – Information needs to be presented in a way that allows businesses to form comparisons between periods, entities, units or regions.
At Open Box, we believe that the right bespoke accounting solution has the power to unlock massive potential in an organisation. Not only will it help immensely in terms of your business' compliance and the efficiency of day to day operations, but it can also let you see your business in a whole new light.