If you're a regular reader of this blog, then you know that ineffective and outdated accounting solutions are a problem that many businesses face, and one which has serious consequences. When businesses rely on suboptimal accounting software - or, worse, basic spreadsheets - then they run a huge risk of missing out on investment opportunities, violating accounting best practices and more.
Okay, so, it's obvious that any company that lacks accounting software needs to adopt these solutions STAT. But what about those businesses that have some form of accounting software in place? How do they know when it's time to upgrade to a better offering?
Here are four signs that suggest that now is the time for a new, better accounting software solution.
1. You're spending too much time on accounting issues
Time is a precious commodity for every business leader. These decision-makers already have too much on their plates, and they can't afford to dedicate hours each week, or even each month, to the basic aspects of business accounting. Not only is that inefficient, but it also takes away from other more demanding priorities.
It doesn't have to be this way. More advanced business accounting solutions feature significant automation and integration, reducing the amount of manual effort that you need to conduct in order to take care of your accounting needs.
2. You can't access all of the insight you want
Accounting isn't just an irritating chore - at least, it shouldn't be. It should also serve as an opportunity for business leaders to gain powerful and useful insight into their organizations. With high-quality accounting, business leaders can develop short- and long-term strategies based on hard data, rather than speculation and intuition. This insight can play a role in everything from marketing tactics to pricing to hiring and beyond. To understand more about ROI, please click here to download our whitepaper.
"Accounting insight can play a role in everything from marketing tactics to pricing to hiring and beyond."
With that information in hand, business leaders will have a significant advantage over any industry rivals that don't have this level of insight into their own operations. So if you feel like you're relying on guesswork when making financial decisions, you should definitely consider upgrading your accounting software as soon as possible.
3. You're still on-premise
Cloud computing is arguably the single most important technology to emerge in recent years. It's not exactly new at this point, but it certainly isn't universally embraced yet, either. But the fact of the matter is that cloud-based solutions offer a lot of advantages over their on-premise counterparts, and business leaders who have yet to embrace this new approach to software are missing out on some major advantages.
This is definitely true when it comes to accounting solutions. Cloud-based accounting software is, for example, accessible anywhere and anytime. That means you can view important financial insights even when at home or on the road. The same can't be said of on-premise accounting solutions, which can only be utilized when business leaders are actually in the office. If you want greater flexibility for your accounting, then it's time to upgrade to a cloud-based offering.
Cloud solutions hold many advantages.
This also holds true if you're worried about the business continuity of your accounting system - and your accounting data. Disasters can strike any organization at any time, and firms need to be prepared. One of the key ways to minimize damage in these scenarios is by ensuring that systems can continue to operate even if a catastrophe strikes at the company's office. Cloud-based solutions fit this bill, as everything is stored and therefore backed up to off-site servers. No matter what happens to the business's network, the accounting data will remain available, making the company far more resilient.
4. You can't integrate
Integration is a critical component of effective IT today. IT solutions are no longer siloed - they span the entirety of the company, and they need to work with one another effectively. An integrated accounting solution can provide a 360-degree view of the business. Software that cannot integrate, on the other hand, won't deliver a complete picture.
The more comprehensive your accounting system is, the better. That means that any business relying on solutions that don't integrate should ditch those offerings and find more flexible solutions sooner than later.