Accounting software is like smartphones, televisions, and every other technology—at some point, it needs to be updated. The question for small and midsized businesses is when to make the transition to more powerful, automated, and scalable accounting solutions like Sage Intacct.
Here are five signs that your existing accounting software needs to be updated:
1. Spreadsheet Sprawl
How many spreadsheets are you using to get the reporting you need? If the answer is “a lot,” that’s a sign that it’s time to upgrade to better financial software, which will enable you to quickly get the reports you need directly from your accounting system.
2. Data Delays
Can you see the data you need in real-time and complete your month-end closes on time? If it’s a struggle to see up-to-date information from across your business and to get your closes done quickly, it’s time to invest in advanced accounting software that provides greater visibility and anytime, anywhere accessibility.
3. Manual Labor
How much time are you and your staff spending on manual tasks and processes? If they take up hours every week, sometimes resulting in costly errors, it’s time to update to software that automates those processes and leaves your team with more time to spend on business-critical activities.
4. Security Gaps
How secure is your accounting software? If you’re relying on low-cost accounting software with basic functionality, the answer may be disappointing, leaving your business vulnerable to cyberattacks. Updating to the latest accounting software solutions can help you fortify your business and its data.
5. Stymied Growth
How scalable is your existing accounting software? Many entry-level solutions are not built to support a large number of users, multiple business locations, and other complexities. You may be able to build workarounds at first, but that can also lead to some of the problems above, like spreadsheet usage, slow reporting, and more time spent on manual processes.
Updating to modern accounting software that’s built to scale easily as your business grows can turn a potential impediment into a force that supports your growth and business differentiation.
Get the Accounting Support You need
Insero & Co.’s financial professionals have decades of experience working with nonprofits and businesses, and are available to help you find smart, efficient solutions to your accounting challenges. Our customized accounting services include outsourced accounting that leverages leading cloud-based accounting software to assist with day-to-day operations and strategic challenges.
Do you have questions or want to talk?
Call us at (800) 232-9547 or fill out the form below and we’ll contact you to discuss your specific situation.