As technology continues to grow, we expect a lot out of the products we buy. We expect them to complete all of our tasks and make majority of what we do automated. Consider your smartphone. Not only can you make phone calls and send text messages, but you can send email, import your calendar, manage social media and even keep your grocery list handy. The same is now expected out of the software we use in our businesses.
Enter the “ accounts receivable software ecosystem ”. So what is the ecosystem?
One accounting software program may not be able to fit all the needs of your business. Especially when it comes to the accounting software integrated into your ERP system, the software may not cover every aspect the business needs. For example, the software may have gaps in invoicing and collections forcing the business to manually manage spreadsheets. This is not time efficient, so businesses are starting to use best-of-breed applications for accounting software to create the perfect accounting management system.
The accounts receivable software ecosystem is simply picking out which accounting systems work best for the company and integrating them all to create a “super system”. All the accounting applications work together in an ecosystem, complimenting each other. Cloud-based software has made this even easier to integrate these applications online. Now, a business who may not have an accounting software with strong accounts receivable may add an automated accounts receivable software to create their own best-of ecosystem.
When it comes to creating the ecosystem, most applications should be able to integrate with each other. For example, automated accounts receivable software can easily integrate with a document management software, depending on the vendor. Integrating these two functions make an accounting software that can easily send documents and invoices to customers.
The accounting software ecosystem is a concept that is revolutionizing the way businesses look at accounting software. Where before they had to find a vendor that offered all of these options for them, the accounting software ecosystem is opening up a world where it is easy to find exactly what you’re looking for. Thanks to the cloud, automating accounting tasks has become ever easier.