As your business grows, you might find that you’ve grown beyond the limits of your current accounting software. Here are some questions to ask yourself:
Does my current software:
1. Provide timely and accurate Financial information?
If not, you are probably spending a significant amount of time exporting and manipulating data in Excel to gain the financial insights you need to manage your business. Todays’ cloud based software offers multiple dimensions that allow you to tag your data. This functionality provides customized views and eliminates the need to continually export data into Excel to view your information in a useable way.
2. Provide a consolidated view over all of my business entities?
If not, you are once again spending a significant amount of time exporting and manipulating data in Excel to consolidate the information. Being able to view a consolidated financial statement for all of your business entities, gives you the current information to make big decisions TODAY!
3. Integrate with other software that my business uses?
If not, you are probably spending a significant amount of time managing manual processes, due to lack of integration. Consider the time savings and efficiency of having all of your business applications integrate and talk to each other. With the right accounting software, this is a reality.
4. Allow me to automate my order to cash?
If not, you are likely managing these processes manually. This often results in shipping and invoicing errors, and inefficiencies in time management. This can also make it more difficult for customer service to research and respond to inquiries costing you money and customers. Consider that an upgrade in accounting software can improve order accuracy, and can even integrate with your current sales software to make sure order information is up to date and correct.
5. Allow me to automate procure to pay processes?
If not, you are likely spending significantly more time managing this process manually. The lack of integration and automation is most likely resulting in lack of control over purchasing and spending, or excess inventory. Once again consider that an upgrade in accounting software can eliminate these issues and being to reign in unnecessary costs in purchasing and inventory management.
At the end of the day you need to consider that the cost of not having the right accounting software to support your business, may far exceed the price of the software upgrade.
Should you need help evaluating software or performing the additional work required to move to a new software, Michaud Accounting Solutions can help.