Accounting software is a necessity, not a luxury.
Your accounting software may be MYOB, QuickBooks or Attaché, or something else. But they all are designed to meet your legally bound compliance requirements – preparing your annual financial statements for taxation and ASIC reporting. These accounting software applications are passive, backward-looking ‘Systems of Record.” Your employees do their work, and then as an added step (duplication), enter a transaction to tell the software what has been done. Built in rules and reporting help enable compliance and control, but that is where this kind of software stops.
Today’s world is increasingly flattened by technology, product/service complexity and global competition making it critical for a business to be able to rapidly perceive and react to signals, threats and opportunities. To be competitive businesses need a more than a backward looking system of record. Success today and tomorrow demands a new breed of proactive, agile business software. If you’re a growing business and still using a low-end accounting software or even basic Excel spreadsheets, then you should read the 10 points below. If you answer yes to any of the points below, you should consider your options of upgrading to a fully integrated business management system that incorporates finance and accounting functionality.
As your business grows, your financial data becomes more complex, your supply chain isn’t the fine-tuned machine it used to be, and setting up workarounds begins to feel like a full-time job. When you find yourself using so many creative Workarounds that managing your businesses seems more challenging and time consuming than it should be, it may be time to step up to a business management solution that is ready for the next stage of your growth.
2. Timely, Insightful Financial Information
Basic accounting software can track transactions and update general ledgers. Whilst there are some great accounting software packages available, they have their limitations and these limitations may now be hindering your overall business efficiency, profitability and growth. You know you’ve outgrown your accounting software when you have to manually combine cross-department or multiple product line reports to figure out cash flow, budget and forecasting projections and profitability.
If you are outgrown, it is time to consider an end-to-end view of your business in a solution, which will make it easier to track cash flow and expenses, create realistic forecasts, and make the swift, confident decisions that drive business growth. In depth financial insight, such as real-time access to expected costs, cash flow, and accurate revenue reports are essential when determining the profitability of products or services you offer.
3. User Access
Some business systems – especially low-end finance and accounting software – have a limited number of users that can access the system. Do you find that the application prevents multiple users from operating simultaneously? Is data frozen or corrupted by multiple accesses?
4. Duplicating Work
Some businesses have unique processes that require multiple systems to operate their business (e-commerce websites, procurement systems etc.). Do you often find yourself or your team members duplicating data and using multiple disparate systems or spreadsheets? If this is the case, then you need to look at a business management solution that will provide integration capabilities to provide one version of the truth, and more importantly, more time to increase productivity.
5. Are you looking back instead of forward?
Before making any important business decision, it is better to check the books. You have to find answers for questions like “Can we afford to take on this project’ or “Will it strain the profit margin” before making a decision. Unfortunately, when using entry-level accounting software, the answers don’t come as easily or quickly as the questions. While you can draw some financial detail from your accounting software, you still need to know how it’s affecting other areas of the business and if it’s not connected to those areas, then you never really have a real-time view of overall operations.
If you are aiming to grow your business, then it is time to consider an integrated business solution which can combine both financial and operational data to provide powerful and personalised business intelligence.
Your finance and accounting software may be adequate for recording information, but can it create reports that present all the facts and figures you need to know on a daily basis. Not many low-end finance and accounting systems can actually provide both. If you have to spend time manipulating the data into spreadsheets so you can provide the insight and information to decision makers, you have to stop and think! It looks like you are simply wasting your time! By the time the report is finished, it’s useless – it’s out of date. You need a system that provides timely insight and visibility into your business every step of the way.
7. Multiple locations and/or subsidiaries
Do you have multiple locations or subsidiaries and have to consolidate all this information from separate systems? Microsoft Dynamics provides a fully integrated business solution that is tried and tested throughout the world. From small businesses with one office to enterprises with multiple locations across the globe, Microsoft Dynamics can handle multiple locations, subsidiaries, languages and currencies.
8. Stunted Growth
Can your current finance and accounting system have the ability to adapt to your business needs and grow with you? If you need more workarounds, don’t let your low-end accounting solution hold you back from growing. It is time to consider a Business Management Solution from Microsoft. Microsoft Dynamics provides a scalable solution so you have the confidence that your system grows with you. Microsoft Dynamics is highly configurable and has a programmable layer where your Microsoft Partner can implement your own customised code. With these tools at your disposal, the business solution can be as unique as your business requires. After all, it’s your business and no one wants to be held back by one-size-fits-all software tools.9.
9. Future Proof
Usually accounting software packages promise little in terms of how the software will develop over time. They have a narrow scope of use and that specialisation is a roadblock to growth and to integration with other facets of your business. If your business needs the ability to adapt to the increasingly competitive market environment, then you will benefit from having a clear vision on where your chosen business solution is heading. With Microsoft Dynamics, there are annual releases and a published road map for the development of the product. Business is changing and if your accounting software isn’t adapting with new releases and updates, then it’s time to change your accounting system.
10. Can’t take advantage of the latest technology
More and more companies are moving to the cloud. Often it’s cheaper, security is built in and the systems are accessible anytime, from anywhere with almost any mobile device. If your existing accounting software can’t offer you a choice of deployment (online or on premise) and easy access to your data on the move from any mobile device, you know you’ve outgrown it. If you have Outgrown Your Accounting Software, you have to act now! For advice and information on how Microsoft Dynamics Business Solution can help your business, contact Vivid Dynamics. We’ll find out more about your current business processes so we can provide a tailored in person demonstration of the systems capabilities.
You can also download this complimentary whitepaper on: Top Reasons To Go With Microsoft Dynamics NAV.