6 signs you’ve outgrown your Accounting Software
If you’re struggling to make your current accounting system fit then it may be time to upgrade. Secure, reliable accounting software with advanced functionality and the ability to automate more tasks is no longer just something that is nice to have, it’s a core need for a successful and growing company.
Read on to learn some of the signs that tell you it’s time for a new accounting system….
1. Increased manual activities
Are employees resorting to manual activities in order to fulfil your business needs? Entering the same data more than once? If so, you may benefit from reviewing your existing accounting solution to create efficiencies and save yourself money in the long run.
Efficient data entry is critical to any accounting solution and it maybe that your current solution is not able to support your business’s process and needs. Employees may well be devoting precious time to duplication of effort that could be put to more productive use. Investing in a solution that is more in line with your size of your organisation and activities will ultimately reduce the drain on valuable resource, increase efficiencies and productivity.
2. Lack of data integration
There comes a time for every business as it expands in size or scope, when a series of Microsoft Excel spreadsheets or a basic accounting system are no longer enough to meet day-to-day financial management needs. As your company grows your data volume is also likely to increase. Over time business critical data could well be stored in a variety of locations within your organisation. Sales reps will keep their stats in spreadsheets on their individual desktops, human resources will maintain their own payroll applications, while inventory information will be kept in yet another separate system.
Lack of data integration and consolidation is one of the apparent signs that you need to review your current accounting solution. Dispersed data can significantly hinder your ability to collect, compile, share, analyse and report on important financial information in a timely manner. As a result you can miss out on potential business opportunities, divide a business into contradictory groups dealing with different aspects of the business - some of which may be conflicting.
3. Performance issues
Entry-level software often has a limit to the amount of information and transactions it will store and is primarily designed to meet the needs of just a handful of users. If you are experiencing degradation in performance, or having to sacrifice transactional history or other records to improve your user experience there is a possibility your business is exceeding the limits of your current solution.
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