A growing company can face many challenges, not the least of which is in its accounting department. Eventually, smaller companies will expand and at some point find that their accounting solutions fail to meet the needs of its employees and/or customers. Here are 4 signs that you may need to upgrade your accounting software to accommodate your growing company.
- Inefficiency & re-entering the same data multiple times: Is your accounting department swamped with Excel spreadsheets, off-line reports, or manual processes? If this is the case, then your team is probably needlessly re-entering the same data over and over again only for it to pile up into multiple systems. This kind of inefficiency and repetition is bound to cause errors as well as a drop in productivity over time. The right software solution may help your company streamline and better manage this data so that repetition becomes the exception rather than the rule.
- Limited configuration capability: An accounting package that fails to deliver financial necessities such as consolidation, support for multiple forms of depreciation, budget roll-ups, subscription billing or credit limits will not be able to fulfill the needs of your accounting department or your customers. Moreover, this limitation will also restrict your company’s growth and ability to adapt.
- Increased downtimes: Downtimes robs businesses of opportunities. An example of this is when a company is unable to respond to new customer demands quickly and efficiently which is often the one benefit that smaller companies have over larger businesses.
- Using multiple software systems: If you must use multiple software packages to do essentially the same thing then your company’s workflow is not being fully optimized. The right accounting software will be able to streamline your entire ERP system.
Many accounting packages are designed for small businesses. However, there comes a time when if a business – like a child – is properly supported its needs change. Thus, business owners must always put themselves in a position to support and encourage growth and change. One way they can do this is by making sure that they have the right accounting software. Another way to do this is to make sure that its accounting solutions are as powerful and dependable as possible. This is where QuickBooks desktop cloud hosting and Sage 50 hosting come into play.