As your company expands, it is likely that you will outgrow your systems.
This includes your accounting software, which is generally limited to a specific size and complexity.
It is crucial that your business has accounting software that suits its needs – meaning that it is worth checking whether your software needs to be updated.
Here are ten signs that you’ve outgrown your accounting software, and should consider replacing or upgrading it.
1. Manual operations
If your employees are having to enter their data both into the accounting system, and another system, it is a good indicator that your accounting system isn’t effective at taking care of all your requirements.
2. Your system can’t handle an upgrade
If you’ve begun considering using specialised technologies that will improve your processes, but your current software can’t integrate with these technologies, your business growth is being stunted by your accounting system.
3. Poor financial systems are costing your profit and productivity
If you don’t have a comprehensive and effective accounting system, it will likely result in you not noticing areas where you are overspending or performing poorly.
This will result in poor business decisions, and may be holding your business back significantly.
4. Complying with industry regulations is impossible
If you can’t keep up with the financial regulations for your industry due to your financial systems, you need to upgrade your systems.
5. Poor visibility
If your accounting systems don’t give you a comprehensive picture of your business’ finances, they are not providing you with enough value.
6. Delivering customer orders is a struggle
If you receive regular complaints about incorrect pricing and shipping errors, your accounting system may be to blame.
7. You have changed your business model
Accounting systems are business model specific. If you change your business model, you will probably need to change or upgrade your accounting system too.
8. You’re struggling to manage your materials and products
If you find yourself running out of inventory during the production process, this may be due to your software not having the capacity to provide you with resupplying alerts.
9. Production management is a chore
Your accounting systems should include capacity to manage, plan, or schedule your production.
If your production process is strenuous and requires your staff to do tasks manually, this means that your accounting system is insufficient.
10. Your positioning relative to your competition is unsatisfactory
If your competitors seem to be operating more efficiently and professionally, your accounting systems may be inferior to theirs.
The SYSPRO advantage
If you’ve come to the realisation that your accounting systems need upgrading, you will need to find the best solution for your needs.
There are many considerations when coming to such a decision and choosing the right solution will bring massive benefits to your business.
SYSPRO is a global independent provider of industry-specific ERP software, making it a great choice as an accounting software partner.
It is expertly equipped to simplify your specific business type’s complexities, thanks to its industry-optimised software solutions.
SYSPRO touts its simplified approach to technologies, expertise across a range of industries, and commitment to future-proofing its clients’ success as some of its biggest strengths.
SYSPRO has released a whitepaper which walks you through the process of assessing your current accounting software solution, defining your requirements, and learning what to look for in a vendor.
The whitepaper also offers insight into best practices and includes several success stories as inspiration.
This article was published in partnership with SYSPRO.