5 Signs your Old Accounting System is Failing You
Is your legacy accounting system driving you around the bend?
As the size, complexity and pace of your business increase, the frustrations can multiply. That accounting system you once relied upon to manage finance and operations has now become a barrier to growth and efficiency. In a highly competitive business environment you cannot afford spiralling overhead costs, functional limitations and unnecessary risks, so make sure you chose the right route when it comes to your accounting software.
Take a look at these five telling signs to see whether your accounting system is holding you back…
Sign 1: You’re on an old accounting release
Is your business still trying to run on an old banger of an accounting system?
An outdated software platform can translate into reliability and downtime problems, as well as security vulnerabilities. Companies that are burdened with outdated accounting systems find that upgrading their legacy software is too difficult, costly, and time consuming. The result: many companies forego the cumbersome upgrade process and make do with the risks and inconveniences of outdated software. And even when they do bite the bullet and upgrade, they find the updated accounting system still lacks key features, leaving them no option but to continue with the workarounds. Enough to drive you around the bend!
Top Tip: Not all cloud financial management solutions seamlessly maintain customizations from older releases. Find out how frequently your vendor releases new versions and how the upgrades are managed.
Sage Intacct ensures you’ll always have the latest release with automated, touch-free updates, making your drive to success both smoother and faster.
Sign 2: You’re held back by disconnected systems and processes
Are you stuck in the traffic jam caused by disconnected systems and processes?
Legacy accounting systems often aren’t well-integrated with other enterprise tools and systems, leaving you stuck in manual processes, multiple spreadsheets, awkward workarounds, and sluggish workflows, as you manage conflicting formats and rekey the same data in multiple systems.
Even if you do manage to integrate your on-premises financial management system with various applications and databases, it can cost a bomb and you’re likely to end up in a constant maintenance cycle, where every new software upgrade breaks your integration. Your dated software ends up leaving you stuck in an unproductive slump, wishing you’d taken a different route.
Top Tip: Beware of the promises of “suite” vendors that flaunt a unified solution for all your business software needs, including financials. A single-solution approach exposes you to many pitfalls including one-size-fits-all technology adoption that may not be the right fit for your company.
Sage Intacct integrates seamlessly with your choice of systems and tools – maybe it’s the best route to go down for your business?
Sign 3: You can’t keep up with business expansion
Are you running your business using a Mini when you really need an SUV?
Keeping a legacy accounting system to support a business that is rapidly expanding, is a similar inconvenience to keeping the same two-seater sports car when your family is expanding.
As your add business expands into new markets and geographies the burden on finance can quickly become overwhelming. Soon enough, you’re handling new subsidiaries with more currencies, tax jurisdictions, regulatory frameworks, sales channels, and product costs. And if you’re growing through acquisition, the added complexity isn’t gradual—it’s immediate.
Unfortunately, legacy accounting systems weren’t designed to support the fast growth and expansions that smart businesses are pursuing, and are typically ill-suited to add entities quickly.
Needs change, and you need to be able to adapt with them.
Top Tip: Plan for the future. Determine how easy (or complex) it is to add entities in the future—and whether you’ll get the reports and visibility you need across your business.
Sage Intacct is designed to grow with you and let you quickly streamline financial consolidations. Is this the answer to your business problems?