10 Sure Signs Your Accounting System is Holding Your Business Back

Most companies start out with accounting software designed specifically for small businesses. But as businesses grow and become more complex, entry-level accounting systems and ad-hoc processes can become a deterrent to growth and profitability.

Change isn’t easy, and it’s common for businesses to become so immersed in the processes that run their operations that they may not notice that the accounting system isn’t as useful as it was when first installed. Cost and downtime concerns add to the tendency to put off upgrading and try to “get by” with current inefficient systems.

Financials are the most critical data that a business can track and analyse. All major business decisions, from hiring to expansions, are based on accurate, up-to-date financial data. If you want to grow your business, whether it’s by the number of employees or product lines and services, then it’s inevitable that you will outgrow entry level accounting software.

Take a step back and evaluate whether your business is showing any of these signs that you may need to upgrade to a more powerful ERP system:

1. Transaction volume is increasing and regular business processes are eating up more and more staff time.

2. You have to wait for employees to audit the data and close the books to get the information you need.

3. You need to ask your IT department to build reports or software add-ons.

4. You are planning to add locations or facilities.

5. Employees are reconciling accounts outside of the accounting system, or are creating other workarounds.

6. Data entry and reporting errors are increasing.

7. Reports don’t include the level of detail needed to make important business decisions.

8. The number of transactions and accounts is impeding system performance.

9. The number of users who can access your accounting system is limited.

10. Employees need to access data from mobile devices to be more productive.

Microsoft Dynamics NAV is a multi-language, multi-currency business management solution that helps small and mid-sized businesses manage their financials, supply chain, and people to create experiences that delight their customers. It is quick to implement and easy to use, with the power to support your growth ambitions. Start with what you need today and add what you need later—whether it’s in the cloud or on your servers. Talk to EBS to find out how Microsoft Dynamics NAV 2013 can help you achieve your business goals. Call EBS on 1300 303 973 or visit our website to read more.

Subscribe to the EBS monthly enewsletter to get the latest Microsoft Dynamics NAV news and more EBS enews.

Evolution Business Systems (EBS) specialises in business management solutions that give you the freedom to focus on your business. Melbourne based EBS does this by automating your core business processes and integrating your specialist business applications to deliver the right financial management solution. With deep expertise in leading financial applications including Arrow Financials and Microsoft Dynamics™ NAV, EBS works beside clients to ensure their software solves problems rather than creating more. EBS has a detailed implementation strategy that is tailored to customers in terms of timelines, requirements, risks and responsibilities as well as project variations and external requirements. While it does not sell or support hardware or site network environments, EBS informally partners with selected specialists in these areas to provide clients with a “total solution”.’

Call EBS on 1300 303 973 or visit our website to read more.