We’ve seen this happen time and time again.
When a start-up business implements entry-level accounting software, it typically gets the job done. But as a company grows, so does its demands – demands that some basic accounting systems cannot meet.
Unfortunately, not a lot of businesses realize when they need a new solution. They believe that if a system has worked in the past, it will continue to work for them in the future.
Most of the time, this is not the case.
Businesses have to ask periodically ask themselves the questions: Do my systems, tools, and technologies still serve me well?
8 signs you’ve outgrown your accounting software
If the answer still isn’t clear to you, you can find out by watching out for a few red flags in your accounting system.
We previously went through the indicators of an ineffective accounting system more extensively in one of our blog posts. Here, we’re going to list them down to help you understand what to look out for:
1. Lengthy and overly complicated end of the month financial activity
2. Use of multiple excel sheets
3. Time-consuming data re-entry
4. Access to the software is limited to one user at a time
5. Accounting software is disconnected from other business systems
6. Accounting system cannot be customised
7. Provides no insights
8. Provides no trend analysis or forecasts
If your accounting system does show these traits, then it’s time to consider finding more efficient solutions – versatile and powerful software like cloud ERP systems.
A cloud ERP can automate and digitize a lot of time-consuming, manual accounting processes, integrate accounting with other modules within the system, improve collaboration, and provide insights from your financial activity to help you make better business decisions.
8 reasons why cloud ERP should be your next step
In an informative guide by ERP technology company, MYOB Advanced, there are 8 reasons why cloud ERP should be your next step:
1. ERP systems are accessible anywhere
2. ERP systems are easily scalable
3. ERP systems provide automatic upgrades and bug fixes
4. ERP systems experience less downtime and ensure faster disaster recovery
5. ERP systems offer improved security
6. ERP systems guarantee faster performance
7. ERP systems need no costly equipment
8. ERP systems provide flexible ways of working, meaning smaller offices
For more information on this, you can download the guide below.
MYOB Advanced or any other ERP system may be the next step you need to take your business further. And it’s an even better, long-term solution because an ERP system is scalable, allowing it to grow as your business grows.
If you’d like to find out more, our team can provide a free demo to show you the features of the product. Contact us at email@example.com or at 08 9277 2226.