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Six Signs You've Outgrown Your Accounting Software
Published Friday, March 17, 2017 5:30 PM by Advanced, Editor
Is your business growing and putting more demands on your IT system? If so have a read of our tell-tale signs that your accounting software is no longer fit for purpose and may need upgrading.
Increased manual activities
Are your employees resorting to manual activities such as entering data twice in order to fulfill your business needs? If the answer is yes, you may benefit from investing in a new solution that is more aligned with the size of your business and has the ability to provide more efficient data entry will stop time wasting on duplicating procedures.
Are you wasting time trying to find data, rather than analysing it? As your business grows, you need the ability to see and analyse accurate data quickly and easily. Upgrading your software could help by streamlining and automating reporting processes, ensuring you can clearly and easily identify the lucrative and unprofitable parts of your business.
There isn’t an app for that
Can employees access your accounting software whilst out of the office? Whether it’s giving sales the ability to check a customer’s balance or availability of stock, or giving managers the chance to access tailored management reports, a mobile app will allow employees to work more efficiently wherever they are.
Lack of data integration
Is your data stored in a range of locations? If you answered yes, then you are currently hindering your ability to collect, analyse and report on important financial information in a timely manner. A system that stores data in a single location will increase productivity and efficiency, leading to more opportunities throughout your business.
Are you having to sacrifice transaction history or other records because your data volume is increasing? If you’re exceeding the limits of your current solution then you need to consider new software that will eliminate the risk of having inadequate historic records. It will also stop employees wasting time on tasks such as moving data to make room for new.
Are you creating workarounds to join up processes and fill in the gaps? If you are creating workarounds then life is harder than it needs to be. A seemingly small change in how your accounting software operates can have a big impact for you and your colleagues, placing you firmly in control of your organisation.
Choosing to invest in new software is a commitment of both money and time and the thought of dedicating more resource to a new project can be overwhelming. But consider the impact of not taking action – how much is time wasting and lack of analysis costing your teams and hindering further business growth?
For more information on how Exchequer can help growing businesses, check out our webinar.