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.
Accounting Suite: 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. One aspect of AccountingSuite’s accounting software is that it allows for consolidation. Consolidation is the process of bringing multiple business operations into a single account. For example, suppose you have a separate company that holds your building asset or several independent businesses in operation. In that case, you can gather the information into a single view in one report. Outside investors in multiple companies can see their holdings with the consolidation feature. In addition, consolidation allows for a more detailed analysis of your financial position and can help with budgeting and forecasting, which is also included in AccountingSuite.
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 improving gross margins.
AccountingSuite knows that every business has different needs, so they even offer to customize their tool to help you get what you need out of their software. As a result, you are not stuck with how it comes, which is an excellent option for businesses just starting and may not precisely know what they need.
Spire Integrated Accounting The Importance of Sales Management
Spire is a business management software for small and mid-sized enterprises. The company’s software has an easy-to-use design with a robust database that uses cutting-edge technology for efficiency, flexibility, and scalability. As a result, Spire gives businesses a competitive advantage by giving them more insight and control into their operations.
Like AccountingSuite, Spire has the full range of accounting capabilities that you will find in entry-level solutions. Capabilities include general ledger, accounts payable, accounts receivable, and bank reconciliation. However, Spire also can add on a few additional features that can help you streamline your accounting workflows, such as a payroll feature.
Once we move past the general accounting features, Spire is rich in additional modules that help you control the aspects of your business that aren’t in a traditional accounting system. Some of these features include Inventory, Job Costing and Price Matrix. You can get a complete picture of your business operations with these features.
Spire also has a sales management module that helps businesses manage and track their sales pipeline. Sales tracking is essential for companies looking to grow their top line. The sales management module lets you see where your deals are in the sales cycle. In addition, you can investigate purchase history and create custom reports to save you hours digging for the information you need.
Spire also provides a point-of-sale system and a purchase order module. You may use the purchase order module to manage all aspects of your purchase orders. For example, make a new purchase order to cover shortages or easily create requisitions by duplicating an existing order. The Purchase Order module lets you follow every process stage, from creating an order to receiving and invoicing.
You may further streamline your operation using the requisition module, which automates the requisition creation and approval procedure. As a result, internal purchase requests from inventory, sales, and production are easily managed with an easy-to-use interface that minimizes manual entry and improves accurate requisitions. In addition, the requisition module offers a well-structured process for managing purchase requests and approvals.
Obtaining all the facts allow you to make better judgments that help your organization grow. Spire gives essential information and insight about your company’s operations in one place, so you won’t have to waste time assembling data from various sources anymore. You can use this knowledge to figure out how to save money and enhance profitability.
These are just two of the solutions in the PROP market that we will go in-depth in future blog articles and podcasts. To learn more about AccountingSuite or Spire, register for our upcoming podcast episodes and earn CPE. At the same time, you discover if these exceptional solutions are the right ones for your business or clients.