Is your staff spending hours creating and updating spreadsheets that are out of date moments after they're saved? Have you had to rely on consultants to craft custom code to accommodate for features missing from your current accounting solution? That excess time and money devoted to coping with clunky on-premise options and stagnant spreadsheets could be better spent adding strategic value to your business.If you are tired of wrestling with the limitations of your aging and inflexible system, it may be time to embrace a new breed of financial software that harnesses the power of the cloud to provide instant access to financial data.
However, despite the benefits, implementing a new accounting system can be a challenge for any size business. Below is a five-step, best-practice-based process for selecting the right solution designed for an always connected, rapidly changing world.
1. Contemplating a Change
The first step in the journey to a better accounting process is recognizing the need for a change. There are plenty of red-flags that can signal issues with current systems, but some are much harder to ignore than others. If you are experiencing the following pains across the various levels of your business, it may be time to reevaluate your accounting and financial software.
- Increased costs and resource requirements associated with operating and maintaining on-premises hardware and software
- Reduced productivity and user satisfaction to compensate for existing technology limitations
- Lack of real-time access to financial data
- Challenges integrating multiple locations, business units, or currencies due to growth and expansion
- Limited visibility to accurately manage cash and budget
- Increased manual effort to access critical financial information and reports
- Increased exposure to a breakdown in controls
- Reduced ability to provide strategic vision while bogged down in manual accounting tasks
- Increased usage of spreadsheets with limited functionality
- Limited integration between systems, causing manual data re-entry