FINANCIAL SYSTEMS PLAN

REVISION 2: 02/12/2021

STAGE 1: INITIAL SET-UP

Use QuickBooks Online (QB), which is cloud-based and robust for our size, but will break-down once we experience a multi-entity structure (i.e. JV agreements, foreign entities) and multi-currency
CMR – Method CRM (integrates with QB) – current 30-day trial period

Defer investment dollars required by larger systems
Supplement QBs with external apps that integrate with QBs and facilitate/automate manual processes not handled efficiently by QBs
Layer in app functionality as business activity scales and needs develop
Candidate apps:
- Expense management – (Expensify) – automates every step of the expense management process from receipt tracking through reimbursement. https://apps.intuit.com/app/apps/appdetails?shortName=expensify&locale=en-us
- Inventory management – several options
- Payables – Go paperless. Automates entry of bills, receipts, bank statements, sales invoices & more. https://apps.intuit.com/app/apps/appdetails?shortName=app-b7qsvrszq7&locale=en-us
- Bill Pay — business payments system that digitizes your bill payment process. Pay electronically with full remittance information, store documents, and route bills for approval. Payments automatically sync with QuickBooks. https://apps.intuit.com/app/apps/appdetails?shortName=bill.com&locale=en-us
- Many other apps available for all business functions, but would want to somewhat limit app usage to a handful.

Systems Upgrade:
- Once QBs breaks down with either/both a multi-entity structure and multi-currency
- Candidate system is Sage Intacct, cloud financial management software
- CRM upgrade – Salesforce.com is go-to provider for SaaS companies
Outsourcing – accounting and financial reporting processes as commodity function.

Continue to network with system providers to
- clearly understand options and be nimble in identifying and making changes when timing dictates
- keep apprised of other solutions/technologies as they arise
- understand pricing for forecasting