By operating outside the boundaries of convention, lean startups can quickly pivot and remain agile, giving them a competitive edge that most traditional enterprises cannot match. However, to remain flexible, they need processes and software that support their methodology. 

That’s particularly true when it comes to their finances. Having the right accounting software to keep up with the quick changes and expanding needs that lean startups typically face can make all the difference.

This is why here at XLedger we pulled our team of experts together to lay down everything there is to know about accounting software for lean startups and how to find the right one for your organization.

What to Look for in an Accounting Tool for Early-Stage Startups

Before we dive into options, it’s crucial to understand what makes effective accounting software for a lean startup. These are the key features lean startups should look for in their accounting software:

  1. Uses Resources Efficiently: For lean startups, resources are often limited which means every dollar must be spent strategically. That includes not only finances but also human capital. The best accounting software for lean startups meets these demands by ensuring the strategic use of human capital and financial resources.
  2. Agile and Flexible: Agility and flexibility are key to ensuring lean startups can expand and pivot quickly, and their accounting software should be no different. Providing a cloud-based system that allows them to operate on the go, as well as custom dashboards, is the ideal solution to meet those needs.
  3. Focus on Fundamental Activities: Lean startups ensure that their minimum-viable products (MVPs) deliver on their fundamental activities and their accounting software should be no different. Effective accounting software for lean startups should primarily focus on ensuring it delivers big on their core functions. This includes everything from accounts receivable to CRM and offers a one-stop-shop solution to automate and streamline their needs. 
  4. Data-Driven Decision-Making: To maximize their output and efficiency, lean startups are heavily reliant on data and validated learning. By adopting accounting software that provides the right data points and dashboards, lean startups can remain agile and make quick and smart decisions.
  5. Meet the needs of Small, Cross-Functional Teams: Lean startups typically have small, diverse teams which is partly what allows them to make agile and rapid decisions about product development. Lean startups must choose software that everyone across the organization can use and collaborate on. 

Book a FREE demo today to find out how our cloud ERP software can help your lean startup.

Best Accounting Tools for Early-Stage Startups

As a lean startup, you’re focused on maximizing efficiency and minimizing waste. When it comes to it, there’s no better way to operate in a lean environment than by adopting a robust ERP system like XLedger.

ERP Systems will give you the most flexibility while providing an unparalleled customer-centric approach and invaluable data to help your startup stay lean and efficient. 

Cloud ERP systems meet all of the demands of accounting software for lean startups. Its intelligent dashboards allow for quick data-driven decision-making while its automated systems free the CFO from tedious and repetitive daily tasks.

XLedger’s online ERP software is a category leader that specializes in automating accounting processes, streamlining financial operations, and connecting all aspects of a business in one place.

If you’re looking for a one-stop-shop solution that meets the challenges of your lean startup, take a free product tour today. 

Curious About What Else ERP Software Can Do For Your Lean Startup?

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