3 minute read
Keeping up with Maltese regulations, audit expectations and maintaining well-organised books has become a real challenge. For many organisations, the challenge is no longer simply doing the books, but doing them efficiently, transparently and in real time.
Here are some of the key issues facing businesses today, and how choosing the right accounting platform can help you stay ahead.
1. The shifting regulatory and audit environment
Companies must work with stricter oversight, increasing reporting demands and greater scrutiny of financial records. Even for smaller businesses, failure to keep up with bookkeeping and bank-reconciliation can lead to compliance risks or even missed opportunities. Due to this, businesses are always required to show a clear audit trail, accurate ledgers, timely bank reconciliations and detailed reporting.
2. Growing complexity of operations
Accounting is no longer a simple ledger of income and expenses, it has become a tedious process involving multiple transaction types, asset tracking, real-time data access and cloud-based collaboration. Without the right system, errors and delays in reconciliation occur, data becomes cluttered and decision-making suffers.
3. Information for decision-making
We are in a time where having your books in order needs to be a priority, and not something to do later. Management needs up to date representations of data, cash flow visibility, fixed assets and immediate access from wherever they are. This not only ensures all members of the team are up to date, but also ensures change can be responded to quickly and turned into a competitive advantage.
4. Technology expectations and user experience
Outdated accounting systems hold you back, when using modern cloud-based platforms you gain mobile access, AI-powered data capturing and seamless integrations which become incredibly valuable tools for efficiency and allow for a fast response to avoidable errors.
The solution: modern accounting platforms that work for you
This is where three leading accounting systems come into play. We provide powerful accounting solutions that help you meet these challenges head-on. Three standout options are:
Sage 200 Evolution
Ideal for growing and medium-sized businesses, Sage 200 Evolution offers a robust, integrated accounting and business management platform. This kind of solution helps businesses automate meticulous tasks and eliminate errors while supporting growth and keeping your books organised.
Key benefits:
This makes Sage 200 Evolution a smart choice when you’re beyond the most basic bookkeeping and need a system that supports your business’ complexity and growth.
Summa Cloud Accounting
For organisations looking for a cloud-based, flexible platform which can be accessed from anywhere, Summa Cloud Accounting is an excellent fit. Summa Cloud offers real-time access, dozens of transaction types, over 300 report types, advanced tools and web-based access with no installation required.
Additionally, recent updates include AI-powered document recognition, a dedicated fixed assets module and bank statement upload for reconciliation.
Key benefits:
For smaller businesses, or those with limited teams and a focus on agility, Summa Cloud Accounting is an excellent option.
Sage 50 Accounts
For small businesses and those who need a reliable, feature-rich solution without the complexity of a full-scale ERP, Sage 50 Accounts is their solution. This software allows you to manage income and expenses, cash flow, invoicing, bank reconciliation, and stock/inventory while giving you real-time visibility of your financial health.
If your business is smaller in scale, and you want professional accounting features but don’t yet need the full complexity of a medium-sized business platform, Sage 50 Accounts gives you a dependable foundation.
Key benefits:
So whether you are a small business with one location and simple workflows, or a larger business with multiple branches and complex inventory/asset management requiring more customisation, there is an option fit for you.
There is no excuse to be working with messy spreadsheets and delayed reconciliations, contact us today to learn more about Sage 200 Evolution, Sage 50 Accounts and Summa Cloud Accounting, and we would be more than happy to guide you.
