Outgrown accounting software: Why you need to upgrade

outgrown accounting software

My company has outgrown its accounting software, now what?

One of the challenges we find our customers face is that their business is expanding, but their systems can’t keep up. If you are a small to medium-sized business and have trouble executing standard accounting processes, it’s time to admit that you have outgrown your accounting software.

It’s time to address the accounting elephant in the room

When a business starts out we understand that there are certain financial restrictions that prohibit you from scaling to more advanced systems. We find most small businesses either start with manual processes or use Sage and Quickbooks. Fast forward 5 years, your business has employed more staff, revenue has increased and you are looking at opening another location of your store. Just like using that trusty old second-hand car that cannot run forever, neither can your business on outdated software.

Companies that do not consider their long-term growth and change will eventually find their chart of accounts is no longer suitable for tracking financial transactions according to the current state of their business. Often accounts payable stunts business growth, which can hold you back from reaching your full potential. A number of challenges that creep into your business should start raising alarm bells for you. The next step is to recognize that your current methods just aren’t working anymore. Now it’s time to implement the right tools to optimize your business for success. Let’s look at some of the pain points associated with these challenges.

Accounting process pain points

  • Your payroll is growing: Basic accounting software allows you to support a certain number of employees. Once this limit is exceeded you are more than likely going to start pulling your hair out manually processing payroll activity.
  • You need more detailed reports: Standard reporting templates may have done the job in the past, but now your business is requiring more advanced and detailed reporting to help make better-informed decisions. Your current system probably won’t let you integrate more cutting-edge templates which means you are starting to miss out on a number of opportunities.
  • Customization limitations: You may be able to make minor adjustments in your system, but you will reach a point where the functionality you need is not included in your software. Purchasing additional resources to help you is not the answer.
  •  You’re expanding: Multiple locations or expanding abroad is a great achievement, but if your system cannot handle multiple currency options or integrate end of day transactions from multiple stores into one platform, you’re in for a bumpy ride.

The above points are just some of the challenges many small to medium-sized businesses face. If you can relate, then you know how much time and energy is wasted trying to get the information you need.  Why carry on putting yourself through these debilitating processes? Imagine you can solve all the above and more with one solution?

Microsoft Dynamics 365 Business Central to the rescue

Goodbye, old accounting software, hello (ERP) enterprise resource planning system. “Dynamics 365 Business Central is a flexible, scalable, comprehensive business management solution designed for small to medium-sized businesses.” That description just sounds heavenly. This ERP solution caters for all your business needs, allowing you to integrate all your business processes into one unified platform. This solution really is the next step for your business and is catered to smaller organizations, making it affordable. Another benefit to this system is that it allows customizations and integrations with other tools to make sure your system meets your specific industry business needs. Automation and business intelligence capabilities are just the cherries on top.

If you are looking to learn more about how Dynamics 365 Business Central can help you implement new processes let us know and one of our experienced consultants will help. Contact us on +27 (21) 205 3650 or email us on info@allonline365.com.

Written by: Romy Künneke, Marketing Coordinator, allonline365

Resources: Dynamics 365, Accounting Department, Accounting Today

Dynamics 365 Business Central: Integrates all areas of your Business

business central

The launch of Microsoft’s Dynamics 365 Business Central all-in-one business management solution has been a major eye-opener regarding the advancement of technology and the necessity for businesses to digitally transform their businesses.

As a business owner, one of the greatest challenges is having a clear understanding of the entire health of your business. Another key component is keeping track of everyone’s roles and responsibilities and the different platforms they are using to complete their day to day tasks. Sounds exhausting right? Imagine having one integrated ERP business management solution that helps you connect your financials, sales, service, and operations into one system. Welcome to Dynamics 365 Business Central – this system allows all silos of data to be imported into one cloud-based solution, so you can connect your business efficiently, make better decisions and grow your business with ease.

Below is a breakdown of a few essential roles within a business and a brief description of how each department can utilize  Dynamics 365 Business Central.

The Owner

  • Review the health of your business – keep up to date with sales, inventory levels, inventory valuations, project overruns, and even margins.
  • Identify trends & opportunities – transform your company’s data into rich visuals for you to collect and organize so you can focus on what matters to you.
  • Review customer history – within two clicks, you can quickly gain access to see inflows and outflows of cash and determine how other decisions impact cash flow.
  • Manage your business – spend less time searching and more time dedicated to the analysis of your business.

The Accountant

  • Quick access to financials – tailored homepage offers metrics, cues, and shortcuts to key areas within the application.
  • Add new accounts to General Ledger – adding an account is simple and easy. Control the information you need and want for reporting.
  • Enter journal entries – you can manually add entries or import journal entries directly from Microsoft Excel.
  • Analyze an account – improve control of the data accuracy and limit errors.

 The Bookkeeper

  • Manually enter purchase invoices – either in the business application or from Microsoft Outlook.
  • Automate the purchase invoice entries – reduce errors and increase productivity by pulling in the attachment straight from an email and link it to the purchase invoice record.

The Marketing Manager

  • Research the company’s success and failures by accessing a wealth of information through Teams and SharePoint.
  • Create a campaign and select target audiences you have created in the application.
  • Track your campaign by observing statistics such as delivered, costs, time, etc.

The Sales Manager

  • Inspect all overdue sales opportunities – a tremendous amount of relevant data is delivered on the Sales Manager homepage.
  • Access inventory quantities – reduce barriers and create efficiency by allowing users access to key information that is usually limited to admin.
  • Review sales opportunities – additional insights can be gained by leveraging additional apps integrated with Dynamics 365.

The Project Manager

  • Project Manager Role Center launches cues, menus and key tasks associated with creating a job with integrated tasks and planning lines.
  • Approve timesheets submitted by consultants which in turn triggers accounting policies to bill the client.
  • Quickly create and manage customer projects

 

Now that you have a quick overview of how some of the roles of your business can benefit from using Dynamics 365 Business Central why not find out more about other roles we support? Find out more on Dynamics 365 Business Central here.

Contact allonline365 on  +27 (21) 205 3650 or email us on info@allonline365.com today!

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