Are frustrations mounting as the size, complexity or pace of your business increases? If your once-reliable accounting system now feels like a barrier to growth, it’s time to assess your options!
Check out these 5 signs your accounting system is holding you back, and see how adopting cloud accounting solution Sage Intacct could be the answer:
SIGN 1: YOU’RE ON AN OLD ACCOUNTING RELEASE
In a competitive business environment you can’t afford spiralling overhead costs, functional limitations and unnecessary risks as you soldier on using outdated systems.
Relying on an outdated accounting software platform can lead to reliability and downtime problems, as well as security vulnerabilities and workarounds – but it’s something many businesses do, out of concerns the upgrade process might be too difficult, costly and time-consuming.
Cloud accounting is rapidly becoming the preferred upgrade option, due to advanced functionality, accessibility and enhanced features, however, it’s worth noting not all options can seamlessly maintain customisations from older releases.
With automatic quarterly updates and live Learning Lab webinars, our Sage Intacct customers are guaranteed to always be on the latest release and have tips and tricks on getting the most out of their solution!
SIGN 2: YOU’RE DROWNING IN SPREADSHEETS AND MANUAL WORKAROUNDS
Legacy accounting systems often aren’t well-integrated with other enterprise tools and systems, leaving you overwhelmed by manual processes, multiple spreadsheets and awkward workarounds, as you re-key the same data in multiple systems.
And if you do manage to integrate your on-premises accounting solution with other applications and databases, you likely then face high costs and a constant maintenance cycle, where every new software upgrade breaks your integration.
Sage Intacct features open API connectivity, seamlessly integrating with your business systems (such as Salesforce), eliminating manual workarounds and improving communication and efficiency across departments.
Our talented developers build custom extensions to suit customer’s needs – find out more by browsing our Extensions Marketplace:
SIGN 3: YOU CAN’T KEEP UP WITH BUSINESS EXPANSION
Similar to outgrowing your sports car or apartment as your family expands, sticking with your legacy accounting system as your business grows quickly highlights its’ flaws.
As your business expands into new markets and territories, the burden on finance quickly becomes 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.
Traditional on-premise accounting systems weren’t designed to support the fast growth and expansions that smart businesses are pursuing today, and are typically not well-suited to adding new entities quickly.
Needs change, and you need to be able to adapt with them.
SIGN 4: NEW VENTURES = REGULATORY COMPLIANCE CHALLENGES
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 even possible) can be both painful and expensive. This may force you into using manual processes, increasing the risk of audit and billing errors.
Sage Intacct is a true cloud software that adapts with your business as it changes, effortlessly adopting 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: REPORTING AND DATA ACCESS CHALLENGES
Chances are, your legacy accounting system only has the ability to provide rigid financial reports, with no real-time visibility that’s vital in making well informed timely decisions.
If you’re forced to rely on third-party reporting and analysis tools to get even basic answers, unable to create new reports or customise your old reports to reflect changing business needs – your business needs have outgrown your accounting system.
These days, stakeholders and employees are in need of faster, more in-depth reporting and real-time access to insights, which supports the ‘self-service’ capabilities that employees and stakeholders want.
Sage Intacct features advanced reporting, allowing users to:
- Create real-time reports in-house by almost any desired dimension.
- Access data remotely, with customisable real-time dashboards showing KPIs and relevant info.
- Make informed decisions quickly, using reliable data – helping take advantage of opportunities and identify potential threats.
View more on Sage Intacct Reporting and Dashboards:
Ready to Explore Sage Intacct?
It’s clear that the future of finance is digital. CFOs who embrace the cloud, AI, and automation will be better equipped to navigate change, drive growth, and create a more agile, forward-thinking finance function.
About Acuity24:
We specialise in customising Sage Intacct to suit individual business needs and budgets, with the additional benefit of fixed price services, flexible payment options (including monthly direct debit and milestone bllling) with unlimited access to our support for 24 months post implementation.
Find out more by arranging a 5 minute call to discuss your requirements or watch our Sage Intacct Overview Demo below: