A lot of SME businesses relay on basic accounting software and later on they end up seeking help from spreadsheets. A basic software is a budget-friendly and functional solution – but only until to a limited point. Perhaps your business started from nothing and slowly but surely grew big, while spreadsheets still continued functioning on the background. Or maybe your business is growing quickly and internationally, like our customer Wolt. If so, the need for a new accounting software cannot be unnoticed. With this following list you can quickly check if your company needs to update its accounting software.
1. Your accounting software doesn’t support the external reporting that your grown business requires
Basic level accounting software doesn’t support your tax planning requirements, such as different depreciation plans and group consolidation reporting. If these are done manually with spreadsheets from month to month, reporting becomes prone to errors and routine work strains your team of professionals. It leads to wasted work hours and gray hair. If your system can not fill these above-mentioned requirements, it can restrain your business from growth, since insufficient reporting might affect your funding.
2. You don’t get information that is detailed enough to support decision making
As business grows and becomes more complex, decision makers on different levels need customized reports (by role) and quality data to form fact-based analysis and insights. As the gap between these requirements and current reporting level grows, the business starts to depend more and more on spreadsheets and other workaround tools. How much time is spent in your company to manually define reporting?
3. Using the software and keeping it running is time-consuming
Growth across transactions, customers and other channels might strain a basic accounting software to the point where its performance starts to slow down. That’s why modern decision makers prefer cloud based solutions where end-user have automatically the newest version of the software. This is how modern software is ensured and useless IT-projects are avoided.
4. Inability to expand to new markets
Whether you are opening a new location, expanding to a new country or opening up an online store, your softwares should provide reliable reporting from these new channels. Reporting to different stakeholders, including public officers, becomes more complex. Is your accounting software able to answer to the current and future reporting challenges?
5. Integrating the software is expensive and difficult
Business specific softwares, POS-solutions and management of logistics are developing fast. In addition, businesses tend to have partner networks, where information must move effortlessly between different facets. Therefore, sufficient integrations and good API-surfaces are important. Agile surfaces allow systems to be modified in the future without long and expensive projects.
Did you get several yes-answers, maybe even all five? If so, we recommend you to think about changing accounting software, before scaling growth. We at Staria offer modern cloud-based solutions: Netvisor for SME businesses in Finnish market and wider NetSuite business platform for international businesses. Both of these softwares are easy to integrate to other business specific softwares. Contact us, we are happy to help! Here you can also read about our customers and why they have chosen us as their partner.