24 May Signs that You Have Outgrown Your Entry-level Accounting Software
Many growing businesses manage accounting operations with small business software such they buy off-the-shelf. These are a great bookkeeping solution in the early days, but as your organization grows in size and complexity, you’ll start to feel some growing pains. You might be able to limp along with the software, but you’d be missing out on the benefits that a more robust system could bring, including: Saving tens to hundreds of hours each month on manual accounting tasks. Fostering good stewardship with increased data transparency. Shortening the monthly close by 30% to 75%. In this guide, we discuss the signs that you have outgrown your entry-level accounting software.
Table Of Contents
The five obvious signs that you have outgrown your entry-level accounting software
- Inadequate visibility – It’s difficult to make data-driven decisions without a real-time view of financial performance.
- Manual processes – Cumbersome workarounds have left your team over-reliant on spreadsheets and manual entry.
- Information siloes – Your team manually researches, re-enters, and verifies data that’s already captured elsewhere.
- Insufficient audit trail – With multiple funding sources, your monthly close and audit are complex and time-consuming.
- Restricted growth – As you have grown, so has your entry-level accounting software file and it’s become time-consuming to complete even basic tasks.
Challenges caused by inadequate visibility
- performing complex calculations and data manipulation outside of your solution.
- Lack of transparency. Your reports contain revenue and expense information, but no operational performance or outcome metrics.
- Reports look backward. To make more informed decisions, you need to predict where the organization is going, not where it’s been.
Why choose a cloud financial management system like Sage Intacct
Real-time reporting with automated outcome metrics
You need to be able to provide rapid answers to many stakeholders, from the CEO and board to donors and funders.
Business executives must leverage every insight they can glean from performance data to better support your organization’s mission in the current environment. A modern financial management system with a focus on your industry will allow you to quickly drill down with instant visibility to any level of detail you need.
Sage Intacct makes it easy to slice and dice data for any view needed, resulting in real-time, deep visibility across budgets, transactions, and operational measures. This enables executives to strengthen financial stewardship and make more proactive management decisions.
Drop us a line on 011 792 9521 and learn about other signs that you have outgrown your entry-level accounting software and how an industry-specific solution can help you eliminate common challenges such as moving data from one tool to another, performing proper revenue recognition, and lack of project accounting functionality.