Every business wants a way to manage finances and maintain a healthy bottom line. Sometimes your accounting solution works for you in the beginning but doesn’t scale with you. If you notice these three signs, it’s time to upgrade your accounting software:
1. You’re Losing Efficiency and Profitability
Your goal as a business is to make more money than you’re spending, and if that’s not happening, your accounting solution may be to blame. If you’re facing extreme expenses your company can’t handle, you’re missing essential information from your financial management method.
When you’re looking for signs you’ve outgrown your accounting software, losing money is the biggest identifier. Your platform may not offer comprehensive tracking across various processes, or it could be out of date and falling behind. Regardless of why you’re facing trouble, updating your software can get you back on track and help your business profit.
2. Compliance Is a Challenge
With financing solutions moving to online platforms and consumers requesting more transparency, industry regulations are changing. Older systems didn’t have to co-exist with these new rules, meaning they can’t meet your standards — and your company runs into non-compliance risks.
ERP software offers the transparency and reporting you need to comply with industry regulations. Your company can maintain oversight on all financial processes and keep documentation on all relevant information. With all the data you require in a single platform, you won’t have to jump through hoops to stay compliant.
3. You Have Limited Collaboration and Visibility
Collaboration and visibility are critical to a successful accounting solution, especially as your business grows. When your current system fails to keep departments connected, valuable information gets lost, and people like supply chain managers or remote workers can’t find the data they need to do their jobs.
If your company started using accounting software when your team was small, one to two people were likely in charge of financial reports. This arrangement changes as you expand, but your software can’t keep up. With new departments and new people needing access to reports, your financial team gets overwhelmed with handling paperwork and manually entering information from other people.
Other times, businesses rely on spreadsheets to track expenses. The finance department might pass a spreadsheet to supply chain management, and they’ll pass it to sales and so on. While this might seem more effective than stacks of paperwork, it leads to duplicate data and human error that could cost your company in the long run.
When you’re looking for signs you’ve outgrown your accounting software, pay attention to how your company handles finances at large. If your finance department is overwhelmed or other teams don’t have access to the information they need, it’s time to upgrade.
Enhance Your Accounting Solution With Multiview Financial Software
Multiview offers a full suite of accounting and operational modules through our ERP software. With our product, you can change the way you handle your finances and enjoy long-term support from our team. If your company is ready for a software upgrade, request a demo of our ERP today.