Why your software isn't working for you
A considerable number of obstacles are facing accounting practices today, including trying to manage customer projects, growing client expectations, managing teams, growing fees and resources, not to mention adapting to a modern way of working during a pandemic.
Software has become a fundamental tool for accountants, as a result, many senior finance professionals expect to witness the technology spend increase significantly over the next few years.
Although we are seeing a boost in accountancy software sales, we’re finding that the challenge facing accountants is finding the best software to suit their needs and how to get the most from it.
In this blog we run through the reasons why your software isn’t performing as it should for you, and how to ensure the money you’re spending is offering a healthy ROI.
Designed for security
Clients trust their accountants with their most sensitive information, therefore software must offer a level of security as standard. If you find it tricky to keep your data safe, then your current software is not reliable and doing the job it was intended for.
Your team are unable to track anything
With collaborative working on a sharp rise within the industry, your software should promote this working method, enabling your team to manage, track, assign and produce data from any location, in real-time, even while working offline.
It is of course impossible to track engagements and projects when using manual processes, however, it can also be a problem many firms experience with their software.
Firms who are not reliant on cloud-based products will find this especially true. If you cannot effectively track your work, then your software should be replaced with another who allows such abilities.
Not promoting collaboration
According to research carried out by Randstad Financial & Professional, roughly three quarters of vacancies ask candidates to offer strong communication, listening and willingness in order to assist collaboration.
Although candidates are expected to possess these qualities, unfortunately the software that is in situ to support does not, this rings particularly true when pairing collaboration with flexible or remote working.
Historically, legacy systems created silos between teams (more so for those who relied on manual processes) and made it extremely difficult for people to work on documents simultaneously.
Since the start of the pandemic last year, older systems would have made things particularly difficult for teams to work effectively and efficiently from home.
Teams would have had to rely on the last person to have worked on a document to save it, and hope the next person makes changes to the newest version.
Of course, these systems are not in any way efficient, reliable or conductive to what today’s accountants and finance teams need in order to adapt to the new way of working.
Cloud-based software empowers collaboration, offering teams the opportunity to work simultaneously from any location, view tasks assigned to them and view full workflows.
Financial reporting isn’t getting any easier
Software should be able to able to bear some of the weight accountants face when producing and reviewing statutory accounts for clients.
With the aid of software, producing financial reports should be a much simpler and quicker process to allow finance teams more time for other, more valuable projects to assist in business growth.
One of the biggest issues for accountants is data being stored in several locations.
The right software will do the hard work for you, as it should have the ability to pull data from multiple sources, reducing much of the time taken to compile the accounts.
If you are still manually searching for information in one location, and having to enter into another, then it’s clear your software is not helping with efficiency and working as it should be.
Similarly, if you are required to send or receive documents from a number of sources, then again, it is not making your life any easier.
The right software should facilitate the transfer of sensitive information to/from a secure place, along with tracking engagement deadlines all from one location.
If these efficiencies are not currently supported, then it is certainly time to review your accounting software.
If you’d like to take a closer look at how our software can empower your team to enhance efficiency and reporting, click here