Five Signs Your Business Has Outgrown its Accounting Software
Most business owners that operate across the Asia Pacific have some refrains regarding their software systems. Some of the common refrains include the following;
- “Our software system requires more time to get accurate financial operational reports that will help us to assess our current performances thoroughly.”
- “We need to improve our accounting package to assist more POS or cash transactions effectively. Aside from that, we are not using the CRM that works similarly to other systems that we use.”
- We are using a manual inventory system. We need to improve it unless more data entry duplication occurs that can lead to inefficient work productivity.
If you are currently using the basic accounting package in running your company, today is the right time to look for other more effective alternatives. You might consider integrating the Enterprise Resource Processing (ERP) system to your business. You can use the ERP system to improve the previous way that your business users perform tasks and other operations. The said business integration system will enable your business to become completely visible in a wide range of industries.
The challenges experienced by large and quick-growing establishments and companies everywhere are different from each other. There is a review platform you can access through the internet that has over 650,000 authenticated and independent reviews from real users that were read by over three million users around the world monthly. According to G2, the review platform we are saying, most of the struggles and hard-times being faced by the large companies and establishments around the world are partly the same as their competitors.
The Power of a Cloud ERP Suite, a report that was published by G2, stated that the key challenges of many companies are improving efficiency and productivity and supporting growth while decreasing the overall cost. There is no doubt in this report.
The problem is that more than half of the business establishments situated in the Asia Pacific are still using the basic accounting packages in managing most of their business operations. Another report published by G2, small to medium-sized establishments is relying on software spreadsheets and silos when it comes to meeting the immediate needs of their business.
When the complexity of the business continues to increase, the basic systems they are using have the most significant impact on the inefficiency of the business operation. When the operational processes are inefficient, this can negatively affect the baseline of the business. Aside from that, there is also a possibility to reduce customer satisfaction while restricting the ability of the company to reach its best performance.
You Need to Look at These Signs to Determine Whether or Not Your Business has Outgrown its Accounting Package
In this post, we will provide you a total of five signs that will help you know if your business has outgrown its accounting package. Read on to know more about it.
- Technology Downtime Puts Several Business Opportunities at Risk
Business owners believe in the saying that time is gold. Make your weaknesses your strengths. If you are managing a small-sized business, you can use what you don’t have to respond to the demands of your customers or new opportunities in the market much quicker than your competitor. In most cases, a company that uses basic accounting software overlook or forgot to focus on business support.
- Unable to Expand the Business Scope
A business or company should know how to meet the needs and requirements of every channel. This is particularly true when planning to open new doors for your business. Aside from that, it is important to determine whether or not your accounting software can handle or meet these requirements, such as compliance, financial, and tax needs. If the answer is no, one great way to face the issue is to opt for a more effective and efficient alternative, which is the integration of an ERP system to your business for a more robust financial management solution.
- Spent a Lot of Time, Effort, and Money to Maintain a Good Running System
An increase in terms of customers and various channels, including supply chain, departments, and transactions, can lead your accounting platform to reach its extent. Additionally, there is also a possibility that its workarounds are intended to reach its end limits. Does your business spend more time to compile all the necessary data between the two systems?
- Unable to Create Informed Decisions because of Limited Visibility
Considering the complexity of most business models, a business owner usually requires detailed reports regarding the quality and role data to create insights and analysis based on factual information. When the gap that lies between the information and reporting continues to expand, most small to medium-sized businesses rely on workaround tools, such as spreadsheets. Can your business survive this situation if you are not using insightful and accurate reports?
- Not Enough Configuration Skills
The functionality of a basic accounting package has its limitations. This means that there are times that it cannot provide you enough and accurate financial management requirements, including credit limits, subscription billing, budget roll-ups, support several depreciation forms, consolidation, and many more. If your accounting package cannot meet these needs, it is time to change your accounting software as it restricts the growth and flexibility of your business.
If your business has one or more signs listed above, it is time to look for an alternative that could give you ecommerce capabilities, warehouse and inventory management, customer relationship management, financial management in one software. Integrating an ERP system to your business brings a lot of differences and benefits to help you reach your business goals.
Consider using an innovative technology system that will help your business become more competitive when managing business operations. An ERP system is a big help for you to solve the mentioned signs of an outgrown accounting package. Become part of the fast-growing establishments and companies in Australia by picking the right technology system that will take you to the top and will never let you drop.