Outgrown accounting software: Why you need to upgrade
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 Just like using that trusty old second-hand car that cannot run forever, neither can your business on outdated software.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 email@example.com.
Written by: Romy Künneke, Marketing Coordinator, allonline365