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An outdated software platform can translate into reliability and downtime problems, as well as security vulnerabilities. Companies that are burdened with outdated accounting systems find that upgrading their legacy software is too difficult, costly, and time consuming. The result: many companies forego the cumbersome upgrade process and make do with the risks and inconveniences of outdated software.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 you 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?
Sign 4: New business requirements and regulatory compliance are difficult obstacles
Are new regulations and requirements a pothole in the road for your business?
Many businesses are experimenting with new revenue models and alternative business structures to keep up with customer demands and expectations. This places new demands on finance, because the billing and revenue recognition requirements for these new structures are more complex.
Unfortunately, when your traditional accounting system was implemented, these new requirements didn’t exist. Attempting to bolt on support for these widespread changes (if at all possible) can be both painful and expensive. This may force you into using manual processes, which – as any finance guru will tell you – that’s an open door to increased audit risks and billing errors.
Top Tip: Test your cloud accounting vendor’s track record. Ask about the most recent product innovations that matter to you.
Sage Intacct is a software that adapts with your business as it changes, effortlessly adopting any new business requirements. A smooth, open road in comparison to the potholes and obstacles that dated accounting systems can throw in your way.
Sign 5: New business requirements and regulatory compliance are difficult obstacles
Are you struggling to find your way to success through the steamed up windows that dated accounting systems provide? Chances are, your legacy accounting system is still operating in batch-processing mode, which gives no real-time visibility, making it harder to make well informed decisions.
These days, employees tend to need better reports, and they want those reports faster than ever in real-time dashboards that show key metrics and enable you to drill down for details. Chances are, your legacy accounting system is still operating in batch-processing mode – which is sluggish and has no real-time visibility – only to deliver rigid financial reports. Even in the best case, you’re forced to rely on third-party reporting and analysis tools to get even basic answers. You’re unable to create new reports, ask new questions, or customize your old reports to reflect changing business needs. And you can’t support the self-service capabilities that business users want. That’s not the right direction for your business.
Top Tip: Ask to see the drill-downs and rollups you need for your business based on location, line of business, and entities. Look for the flexibility to analyse different cuts of data in real time.
Clear your view, and find your way to success with Sage Intacct. It provides instant reporting and dashboards with drill-down across all entities based on real-time data, tracking of operational, statistical, and financial metrics as well as self-service, customizable reports, and dashboards.
All signs are pointing towards failure… Make sure you take the turn-off to Sage Intacct before it’s too late!
Have you experienced any of these pain points? If so, chances are you need a new, more adequate software solution.
Be sure to navigate your business down the right route; put your foot on the gas and let Sage Intacct drive you to success.