31 May Signs that your Accounting System is limiting you
We all start as small businesses that use entry-level accounting systems. Perhaps even folders full of spreadsheets. However, unlike a pair of shoes, it’s not always that easy to tell when you’ve outgrown your accounting software. As our businesses grow, so do the complexities and number of transactions we process daily. How do you know you need a more robust solution? In this guide, we discuss signs that your accounting system is limiting you.
It’s not likely that a doctor would prescribe medication before he/she knows the symptoms. This guide is geared at helping you to spot the signs and symptoms that you may have grown beyond the capabilities of your entry-level software. So before we make our prescription, here are the symptoms that you may need to invest in a more capable solution.
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If you’re still using an entry-level accounting system, it is given that you are probably using siloed solutions for each aspect of your operations. Without a solution that offers a 360 view of your business, you deprive yourself of the advantages of making data-driven decisions augmented by a real-time view of your financial performance.
How are your workarounds working out? We’ll answer that for you. Not that great, right? That feeling you get when your GPS takes you the long way around a route you know could have been shorter. That’s the same feeling you get when you have to repeat mundane repetitive tasks when you could be saving time, and avoiding re-entries through the power of automation.
There are several disadvantages to manually maintaining spreadsheets. One key disadvantage is not knowing who changed what and when. With role-based access, you can track your changelog and keep a strict audit trail. Month-end closes no longer have to be a hassle with a system that simplifies the complexities of maintaining multiple funding sources and reduces time-consuming tasks.
Indeed, the most pressing sign that your accounting system is limiting you is scalability. Most entry-level accounting software doesn’t grow with you. At some point, your business grows beyond the system’s capabilities.
Drop us a line on 011 792 9521, and we would be glad to guide you in choosing a solution that saves you time by eliminating repetitive manual entries, increases data transparency, and shortens your month-end close.