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Five Signs You Need to Change Accounting Software 

20th Mar 2024
Brought to you by
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Award-winning cloud accounting software for multi-company businesses.

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As businesses expand in complexity and transaction volumes, the usual starting systems like Excel or even popular accounting software such as SAGE, Xero, or Quickbooks start to show signs of strain. Many finance leaders procrastinate the decision to upgrade, pushing it off to the next month, quarter, or even year, while the processes become increasingly burdensome. Delaying the transition to more advanced accounting solutions only worsens the situation, forcing employees to expend time and effort on working within the limitations of a system that no longer meets the organization's requirements. 

Here are five tell-tale signs that it’s time for a change.   

1. Your accounting software isn’t cloud-based. 

Conventional desktop accounting software can be a headache to manage, plagued by reliability issues and the constant demand for updates and security fixes, leaving your system wide open to potential cyber threats. On the flip side, cloud-based accounting solutions bring a breath of fresh air with their seamless updates, putting security concerns to rest. Plus, the beauty of accessibility from anywhere with internet access means smooth collaboration among all parties involved, no matter where they are roaming. 

2. You need a more reliable and simpler method for consolidation.  

Your business has grown so much that you are now managing several separate subsidiaries or branches, some may be remote from the main office. Consolidating becomes very difficult to manage using Excel spreadsheets; it is time-consuming, and the results may be inaccurate. Take into account foreign currency; minority interests; and a need to view sales, purchases and group performance and you have a single point of failure without the right system. Once you start using a software platform which incorporates consolidation, you might wonder how you ever managed before. 

 3. You need to improve Month End and move away from spreadsheets.  

Excel is a great tool to allow you to extract data from your accounting system for analysis and external reports. Turning data to useable information gives your business the critical edge it needs to compete and grow. However, relying too much on Excel to manage your month end means you run the risks of low productivity, duplication of effort, delays and unhappy staff who feel there ought to be a better way.  

The great news is that you can move away from spreadsheets to manage critical month end tasks like accruals, prepayments WIP and deferred revenue. By using a month end automated process you can simplify each of these month end routines by setting up rules and automatic postings. Again, software built for the Cloud and in the Cloud means you can enjoy this level of automation for a low monthly fee. 

“AccountsIQ helped us to move away from the old model of sharing data sets with clients, exchanging spreadsheets and updating them. Now we can work in complete partnership with our clients, sharing access to the same, live information stored in the Cloud.”  

Gerry McNally, Director, MBSL  

4. Stronger and more efficient reporting would help you make better decisions.  

Are you exporting the usual extracts into Excel each month and beginning (yet again) the same chopping and changing process to get the data into a format that can be used to review and make decisions? The more complex your business becomes, the bigger this manual and error-prone process is likely to be. It also tends to rely on key staff who know how to manipulate the data. You might also find you have little or no time to invest in a better approach. If there is no change, you are likely to get the same outcome every time. AccountsIQ has in-built, enterprise reporting capability, delivered through a simple yet extensive library of reports and dashboards. Coding and Analytics are flexible and easy to change over time, giving you the level of reporting you and your clients need, directly from the system, at the click of a button. 

 5. Integration, customised to your needs would make your job easier.  

Accounting software that lacks integration with other essential business systems poses serious challenges. Imagine the headache of dealing with data duplication and inconsistencies when critical applications like CRM, fixed asset management, and payroll systems don't sync up with your accounting software. This disjointed setup makes it tough for businesses to maintain accurate and up-to-date records. 

Furthermore, the inability to smoothly share data among these systems creates a significant barrier. It not only hinders your firm's ability to gain a comprehensive overview of the business but also undermines decision-making and overall efficiency. 

In such scenarios, having a knowledgeable business partner is invaluable. They can offer guidance and ensure that integrations are optimized to meet your unique needs. When off-the-shelf solutions fall short, it's a clear sign that it's time to upgrade to a more capable partner. 

Summary  

If you find yourself frustrated by technological limitations or hindered processes that impede your ability to deliver top-notch service, it's likely time for a change. Your finance system should serve as the cornerstone of your business, enabling growth. Therefore, it's crucial for your team to take ownership of the decision to invest in change at the opportune moment. By embracing change, you open doors to immediate improvements in longstanding processes, leveraging the capabilities of your new system to enhance efficiency and ensure that your business requirements are met both currently and in the long term.  

Hungry for more?  

Download our eBook Outgrowing your finance system to learn more advice we share on the tell-tale signs of knowing when your system requires change, accompanied by practical guidance on navigating the process of selecting and seamlessly integrating new systems.    

Download here!

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