Especially in the midst of the COVID-19 pandemic and its aftermath, small businesses can’t afford to spend their precious time and resources on manual financial processes. Every hour spent on data entry (and re-entry), paper-based processes, endless searches, and other manual tasks is an hour that could have—and should have—been spent on more profit-oriented aspects of the business.
The high cost of business as usual
Most small businesses start out relying on spreadsheet-based financial processes because they seem quick and easy—and they can be, at first. But as your business grows or your financial concerns grow more complicated, as they inevitably have during the pandemic, the limits of spreadsheets become evident.
Consider, for example, a small winery where the management team is working hard to continue developing a quality product and distribute it in new ways to existing and new customers. What the winery needs right now is more time, deeper insights, and a heightened focus on efficiency.
Continuing to use manual financial processes serves none of the winery’s needs, due to a long list of limitations, including:
- They’re costly. It takes time and money to perform manual tasks—both of which could be better spent on more business-forward tasks.
- They’re error-prone. People inevitably make mistakes, which can be costly.
- They don’t provide a 360-degree view of the business. Most companies don’t integrate their spreadsheets with all other key business applications, limiting visibility and insights.
- They hinder decision making. To decide on your next move, you need real-time, cross-business reporting, available at a moment’s notice. That’s simply not possible with manual financial processes.
- They require workarounds. If you have sophisticated accounting requirements, you probably have to develop workarounds that take even more time and introduce new inefficiencies.
Get the support you need
Insero & Co. is a public accounting firm with decades of experience working with businesses and nonprofits of all sizes. We can help you weigh the benefits of automating your accounting processes and help you make the transition to best-in-class software like Sage Intacct. Contact us to talk about the relationship-based services we provide and how we can help you improve your processes to be more efficient and productive during these trying times.
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About the Author: Kimberly Gangi
