Technologies used for small business accounting services
This is perhaps the most beautiful time in human history; it is really pregnant with all kinds of creative possibilities made possible by science and technology which now constitute the slave of man – if man is not enslaved by it. ~Jonas Salk
We at StylusFMS firmly believe that technology is the big facilitator in accounting outsourcing processing and therefore its approach to technology is customer centric. Equipped with the experience and expertise in financial accounting specific technologies, platforms and applications, StylusFMS is very equipped to handle any type of technology environment at the client’s site.
How it works?
The accounting outsourcing engagement begins with a thorough study of the client’s exiting technology environment and workflows. Thereafter the suitable technology & solution (specific to the client’s requirement) are suggested. StylusFMS follows the 3R (Retain, Replace & Wrap around) approach to decide and suggest relevant technology to its clients.
- Retain the existing technology environment, suggest no change and access remotely to perform finance and accounting of tasks
- Replace the existing legacy system by a state-of-the art application on the internet.
- Wrap around: when it is not possible to replace the legacy system, a wrapper of new technology is created around legacy system, to enable plumbing it into existing infrastructure, thereby avoiding costs of total replacement.
StylusFMS’ parent company Stylus Inc has over a decade’s experience in computer software engineering. StylusFMS leverages Stylus Inc’s technology expertise and extends it to its clients. This collaboration enables StylusFMS the capability to handle all types of on-premise (legacy) as well as on-demand cloud based technology platforms Cloud Computing
Advent of cloud computing has enabled small and medium businesses easy access to platform driven Accounts Outsourcing services that was once the prerogative of large enterprise segment alone. More and more platforms and applications are becoming easily available in SAAS (software as service) model cloud computing.
The reasons small and mid segment are adopting cloud computing are:
- No upfront capital investment for technology is required.
- It is more cost effective as payment is made based on ‘pay per use’ model.
- Provides flexibility in terms of choosing the technology platform, applications to suit their requirement. It offers more for less.
- Lowered IT cost. Since software and associated hardware (e.g. in data center) are provided as service, without any upfront investment in hardware and software .
- There is no need to hire skilled resources to work on those IT systems. It also provides a simplified IT service management.
- Pay-per-use model makes it very interesting for the SME segment, as IT can be scaled up as the business grows.
StylusFMS’ Technology Expertise in Financial Accounting Applications
On demand Financial Accounting Applications:
There are numbers of on demand F&A applications available in the market today, trying to woo most happening mid market segment. Some of the popular names are Netsuite, Intacct & Xero.
Managing documents such as invoices, bills, payment receipts, travel statement etc is an important part of the finance and accounting workflows. These documents not only need tracking and filing, but also approvals from many people at multiple levels. Workflow and document management software (such as StylusAP and Bill.com) help improve efficiencies of processes such as Accounts payable and drastically reducing time and costs.
On Demand F&A applications
On-Premise F&A Apps :
On demand payroll applications:
Tax processing :
Industry Specific Application:
Document management On-Demand Apps:
Productivity and Project Mgt On-Demand:
Working with Legacy Systems
Though focusing on cloud based on demand applications, StylusFMS is equally comfortable working with legacy environments. We understand that many a times it is challenging to move away from specialized and customized environments involving legacy applications. In past we have successfully worked with industry specific standard and proprietary applications. For example, the mainstay application of one of our clients was MAS 500, with Crystal reports for MIS requirements; we helped construct a mirror database to improve reporting. The advantage was the use of state of the art database technology with its intrinsic report generation capabilities in a legacy environment.
StylusFMS has experience and expertise in many industries specific cloud based finance and accounting platforms and applications and document management software as well as many on premise legacy systems.