6 signs you have outgrown your accounting software
If your business is growing, your IT systems may be feeling the strain. If this is the case, there’s a chance your accounting software is no longer fit for purpose, and it may be time for a change.
So, what are the tell-tale signs that you should upgrade to a new solution?
- Increased manual activities
Are your employees resorting to manual activities (such as entering data by hand) in order to fulfil business needs? If so, you may need a system that possesses better functionality around data entry. This will ultimately save you time, whilst also decreasing instances of duplication and mistakes.
- Reporting challenges
Are you spending lots of time just trying to find data (that is accurate and up to date), rather than being able to analyse this information for hidden insights? As your business grows, it’s crucial to use data to its full potential. If you upgrade to the right software solution, you’ll be equipped with powerful reporting capabilities, that will enable you to make bold decisions around your finances.
- Lack of accessibility
Can employees access your accounting software whilst they’re out of the office? Whether it’s seeing a customer’s latest contact details, checking stock levels, or looking at an important report. Upgrading to a cloud-based accounting software would enable your team to do all these things remotely. Your sales staff may even be able to utilise an app in order to update the system when they’re out and about.
- Lack of integration
Is your data kept in multiple places? If you use a range of systems for all your separate functions, your ability to collate information in a cohesive and consistent way is drastically hindered. If you use an accounting solution that is part of a wider, all-encompassing business management software, then you’re ensuring that every employee is singing from the same hymn sheet. This will subsequently lead to greater productivity and efficiency.
- Storage issues
Are you having to sacrifice old records in order to accommodate new ones? If this is the case, then your current system does not have the required capacity to deal with your data volume. This could be damaging to your operations, especially if you need to call upon this historical data at some point in the future. Upgrading your software will allow you to find a tool that is appropriate for your current business needs. It will also save you time, as employees won’t have to worry about the mundane tasks like deleting and moving information.
- Insufficient functionality
If you carry out a lot of accounting activity outside of your software, it shows that you’re having to find workarounds, and essentially fill in the gaps (where your system doesn’t have the desired abilities). If you’re going to upgrade to a new solution, it’s key to ensure it can aid you in all your financial endeavours, with functionality around the likes of forecasting, invoicing, tax submissions, multi-currency accounting and more.
If you have outgrown your accounting system, take a look at our Manufacturing Software. It’s a cloud-based solution that unifies all your separate business functions in one place. Tailored for SMEs that are looking to grow, this solution is scalable and agile, removing the stress that can normally come with quick expansion. Bringing your sales, accounting and stock control processes together, it provides a transformative level of automation, and gives you a snapshot of your company’s overall financial health.