5 Signs You Have Out Grown Your Accounting Software
Without the right accounting software, business can become tougher than it needs to be. You may be using Xero, MYOB or a number of other accounting packages that up until now have suited the boundaries of you smaller business and is really used to stay on top your regulatory obligations like BAS and annual financial reporting.
In addition, you may be a little concerned that moving to a larger company or ERP system comes with a high price tag.
Here are 5 signs that your growing business needs a little more from your accounting software.
1. You still have lots of spreadsheets. Most online accounting packages come with standard financial reporting but if you are still using spreadsheets to analysis different cost centres and divisions of your business then you are spending a lot of man time and money pulling reports together unnecessarily. Your accounting software should be doing the work for you.
2. You are not getting real time financial reporting to make pro-active business decisions. If you are waiting for information to be entered into your accounting software whether its coming from a range of different operational platforms like rosters / timesheets, jobs or projects, POS, inventory etc., then it’s time to find a platform that can automate the data entry via SOAP / API integrations or custom workflows. It also needs to be able to handle the complex reporting nature of your business.
3. You now have multiple locations. With technology these days, there really isn’t a reason to be locked down to a single geographical region. With that in mind, opening up new locations comes at a cost. If you have multiple version of accounting software running, you should look to a package that will allow multiple locations to report via the one account.
4. Data entry and time is increasing to up date your accounting software. This is one of the first signs in fact. The faster your business grows, the more data entry and financial analysis is required. If your business processes and accounts teams are getting bogged down with entering data, then it’s time to find a solution that can automate much of the processing, saving time and money.
5. You need additional functionality or features to run your business efficiently. As a growing business, trying to fit inside the box of traditional accounting software is hard to do or you are forced to buy expensive add-ons. Find a solution that can be customised to your growing needs.
If your business has outgrown your existing accounting software, now is a time to take action.
Contact our team who can sit down and work through your current business processes and how Shoebooks can be tailored to meet your growing businesses needs without the high costs of the bigger platforms in the market place.