I often refer to “accounting infrastructure” and how important it is to have it in place in a growing and complex business. But what do I actually mean by it?

While your main accounting general ledger software is part of it (Quickbooks, for example), accounting infrastructure is also:

• Software platforms that your business uses where accounting data flows from (examples are Shopify, Stripe, or industry-specific enterprise programs)
• Software that pulls from the general ledger for financial planning and analysis purposes
• Control systems (policies and procedures) that ensure accurate, timely, and complete accounting data flow
• Human resources that oversee data flow, ensure policies and procedures are followed, and perform quality control over accounting information that’s to be used by management

As you can see, having a good accounting setup means more than just “We have Quickbooks, so we’re good.” Managing a complex business is tough when times are good, and even more so in uncertain times like these. Making decisions without quality accounting and financial information only makes the job more difficult.

Accounting infrastructure is decision infrastructure. Put the odds in your favour.