This article brings the focus firmly back to our business and explores 5 reasons to change your accounting software.
1. Company Growth and the need for better Audibility
Many accounting solutions are pitched at the business start-up level. The trouble with this is while they are the brilliant companion to start you out; once you are growing the obvious pitfalls begin to surface. These include the fact these entry level accounting systems are largely designed for one user, meaning that there are issues surrounding audit trail, traceability and of course multiple users slowing down the system.
2. Lack of features for business process
A number of features and processes to ensure best practice for your business may not be available with your current accounting solution. For example landed costs, Fifo, Lifo and in some systems you can utilise optional fields which are customisable fields you can add additional data to. Once you are requiring using such features it is a warning sign that it might be time to consider your options. The last situation you want to reach is where you have to alter your business processes and in effect do botches with your current accounting solution as this can severely compromise your data.
3. Automation Tools
With your current accounting solution it might be that you have to carry out a lot of manual processes. An alternative accounting solution may have the possibility to integrate additional applications such as industry specific software or solutions that help with electronic document storage. A new accounting software providing automation will eliminate time consuming tasks that would take hours, days, even weeks of someone’s time. Aside from additional automation tools, the actual accounting software itself will likely have the ability to generate a number of reports at the click of a button.
4. International Requirements
If you are in the situation where you are looking at an international expansion or are already operating multi-nationally, then you really need to ensure you have a solid accounting solution in place. However this will not just be any accounting solution, you will need to look for an International ERP Solution that can handle multi-currency and multi-national consolidations. For example your head office might operate in £ Sterling while your offices in Germany and the USA will be operating in local currencies. When you suddenly need to put together a total profit and loss report you might need to collate all the information back into your base currency. An international ERP solution that can handle this level of reporting may save weeks of headaches and manual efforts.
5. Integrated BI & CRM
When looking for a new accounting solution ERP may be the best route to go down as you can benefit from integrated Business Intelligence and Customer Relationship Management. These are powerful tools that not only give your business better insight into vital metrics but also increase the collaboration efforts across departments. It is important to consider BI and CRM when considering a new accounting solution as you may be missing a trick by overlooking these useful resources.