The business world is an ever-changing and ever-evolving environment. As companies grow their market share, sales, services and products, they require new and better digital tools to help them keep up with the changing demands of our modern markets. However, keeping up with this demand can be challenging for their current or traditional IT systems.
The ERP and accounting software of today is designed to relieve that pressure and enable companies to digitise a variety of their business operations. You can use these tools to automatically collect, manage, analyse and report operational data that offers actionable insights to those making management decisions.
It is important for accounting service firms to help these businesses keep up with latest technologies of Industry 4.0. Realising that you have outgrown your current accounting software and replacing it with the optimal combination of digital tools can have an incredible impact on productivity, efficiency and growth.
If you are concerned that your current IT system is holding you back in our modern market, you should ask your accounting services provider about upgrading your accounting and ERP software. Here is a list of 10 signs that your company may have outgrown your business management system and what you can do about it:
- Your system cannot handle the increasing transaction volume
This happens when your original accounting system cannot keep up with the increasing number of financial transactions and data collection of your growing business. Owners and managers need to ensure that their IT system and business management software are up to scratch. If you are running Sage 50, Simply Accounting, Quickbooks or another older propriety software, you may need a new IT system that can handle increasing workloads.
- Your current system is not scalable to more locations and warehouses
Every business starts their journey as a small, scrappy and intrepid idea that develops into something much greater. As your company takes off, you may require additional office or store locations and, possibly, additional warehousing. Your inventory management and ERP solutions need to be scalable to meet those new location and warehouse requirements. Ensure that your current or new IT system is prepared to grow with your business.
- Distinguish your sales and accounting software solutions
Your business should have clear and distinct demarcations between different departments and their software solutions. Your sales forecasting and budgeting efforts need to be utilised for improving overall sales, accounting and management operations. This data relationship helps business planning by building separate, but cooperative, sales and accounting systems. Many companies are even turning to CRM (customer relationship management) systems to better track marketing and sales effectiveness.
- Customers or vendors require better access to your system for orders and tracking
Your accounting system should provide an opportunity to integrate into broader eCommerce, ERP and CRM systems that deliver high-end customer and vendor web portals and online services. By leveraging other business management solutions, you can use these web portals to reduce paperwork, improve order and tracking processes, become more cost-effective and increase sales.
- Collecting, analysing, managing and reporting on data is tedious
If your company is still manually wading through endless spreadsheets and correcting duplicates or data-entry errors, you need to consider upgrading your ERP system now. Your IT system needs to have rigorous, effective data entry and analysis; with redundancy checks to ensure your data is accurate and usable. A tightly integrated ERP system with effective accounting solutions guarantees fewer accounting-data and human-input errors.
- You are struggling to expand your operational capabilities
If your IT system and accounting software are not allowing for new business operations to develop in your company, you may have outgrown your current setup. Your digital infrastructure should be able to support expanding areas of need and interest. From manufacturing and logistics to project management and distribution, modern accounting systems allow you to explore new and more business ventures.
- Your management reporting only has an income statement and balance sheet
If your management reporting is limited to a simple income statement and balance sheet, your accounting system is due for an upgrade. You accounting and ERP software should give managers insights into all business activities; monitor transactions, control costs, optimise operations and increase revenue. Modern accounting software offers accessible online management solutions using KPIs and real-time data.
- Unable to automate business processes on your current system
Integrating modern accounting software into your business management solutions gives you the opportunity to automate a variety of business processes and control all areas of production. The current best practices include smart technologies that are purpose-built to help today’s businesses run more efficiently and keep up with evolving market demands during the rise of Industry 4.0.
- Limited currency and language functionality
Globalisation over the past few decades has meant that growing your business is no longer limited to within your country. Most successful businesses have clients, customers, suppliers, vendors and satellite locations all over the world and therefore require a multilingual and multicurrency accounting system. If your current accounting software does not have these functionalities, you are limiting your opportunity to expand your business worldwide.
- Your business is still handling paper receipts
This one is for those businesses that are still filing each and every customer receipt and business expense by hand. Paper systems are inefficient, bad for the environment and difficult to keep track of and keep organised. Automating transactions, sharing invoices digitally and utilising a centralised online accounting system will help you optimise business operations and provide a higher level of customer service.
Do you think your company has outgrown its accounting software?
If you have, consider upgrading your accounting software, ERP system or even your whole IT infrastructure. If you are a growing business that is looking to thrive in our competitive modern market, you need to have IT system with integrated tools and software that will support your business goals and improve operational efficiency across your company.
Lorge provides a wide range of business and accounting solutions to give your company a competitive edge. From business management and data analytics to IT services and accounting software, we can help you transform the way your company does business. Contact Lorge for more information today.