Critical Signs That You’ve Outgrown Your Financial Software
By Paul Johnson
CPA, CGMA, MBA
Your company’s growing fast – and slammed with work. That’s considered a good problem, but at some point, keeping up with growth may start to keep you up at night, and your workers in the weeds.
Be on the lookout for these signs that your financials are due for a stronger solution.
1. Your teams are treading water to stay on top of everyday tasks.
Traditional legacy accounting systems don’t typically handle rapid growth easily.
That means your teams will have to apply more manual effort to add new entities and currencies, perform complex global consolidations, or manage new products.
Rapid growth companies need modern solutions that can switch gears as fast as the company does.
2.Compliance is a growing hurdle with the new regulatory guidelines.
Some modern businesses – especially SaaS – are still working from on-premises systems created before the new ASC 606 and IFRS 15 guidelines.
The work-arounds and retrofits they need to keep up, only creates massive headaches for everyone involved. If these companies don’t buckle under the weight of building work-arounds, they certainly will under the weight of the mountains of ongoing manual entry work.
A sustainable solution to the surmounting re-allocation work is to adopt a software solution that supports the new guidelines to streamline those tasks.
3. Your company software hasn’t been updated.
Some expanding businesses that already have too much to do, fear a system upgrade would take more time away from critical accounting tasks.
But companies that move to a cloud-based system like Sage Intacct get automatic updates and maintenance behind the scenes. In fact, 83% of customers report they decreased time spent on software management tasks when they switched to Sage Intacct.
4. You can’t fully track your business performance
Rapid-growth businesses need real-time visibility into business metrics as they change, to develop the strongest business growth strategies.
With traditional legacy systems, you often have to wait weeks for data, that once its delivered, already aging.
Companies that forecast with the cloud can see the latest, most current insights into their KPIs for strong growth strategy.
5. Your key software systems don’t connect.
On-premises and legacy systems often don’t integrate well with other software solutions, because they are location-based.
If your business is growing and your systems don’t integrate, your shared data is at risk for inaccuracies, and your teams are probably doing a lot more manual entry to shift data to other departments.
Sage Intacct offers features to streamline financial management for today’s businesses:
- It integrates seamlessly well with many other best-in-class solutions to boost data accuracy and reduce time spent on manual labor.
- The Dashboards feature showcases customizable metrics on one screen, with 24/7 real-time updates.
- The first of its kind, designed to support ASC 606 and IFRS 15 compliance.
- Streamlines growth tasks with one-click consolidations, automatic currency conversions, and fast multi-entity setups, to start.
Feeling the weight of your workload under outdated financial systems? We can help with that! Contact us to see how moving to a more modern system can scale with your growth.