11 signs your basic accountancy system is failing you and your business
As your business grows, so do the challenges thrown down to finance teams. Customer expectations increase, and so do the requirements of senior management and the board. For SME’s making a change to accounting software may seem like a daunting task.
However, with the complexity of business and with increasing challenges; if you don’t keep up with demands, then you will lose customers and sales.
If you are feeling the pressure of these increasing demands, then maybe it’s time for a change. Especially if you find that:
• Your finance team are wasting time dealing with & reconciling data between multiple systems
• The manual processes in place to address the above issue are leading to errors and regular frustrations
• You can’t keep up with increasing business demands
• Even if you could get additional headcount you struggle to see how they can be trained quick enough to be productive in time.
• Your business wants you to create and configure new reports, but you can’t get the correct information out of your systems.
• Customers are unhappy as you cannot provide all the information they require. Which is leading to lost confidence, sales and creates staff dissatisfaction.
• Increasing compliance, regulation and security concerns are putting the business at risk and are a nagging worry.
• Your business is struggling with the need to work remotely.
• You are struggling to work out what you need to buy or make, by when or which customers should get it first.
• Spreadsheets are ruling your life, an accountancy system that is fit for purpose will allow you to do everything without excel!
• Your accountancy system can’t deal with new challenges.
How do you deal with these challenges? The obvious answer is, if your existing accountancy systems are not supporting you, look to get one that will. There probably isn’t a right time to do this and you can change mid-year if needed (no need to wait for year-end).
To help with looking for the next system, our next blog will be discussing what you need to consider when identifying a new system.
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