Accounting

Is your accounting software holding your company back?

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Is your accounting software holding your company back?

We’ve all heard the phrase “if it isn’t broken, don’t fix it” right? But how do you know when something is actually broken?

We ask this because a lot of business are still using the on-premises accounting software they installed in the early days of setting up. Many companies stuck with their original software because it’s familiar and it gets the job done. Plus, do you really want to learn a whole new system for something as important as accounting?

This way of thinking is completely understandable. However, the problem is that older or introductory solutions create problems that are easily ignored. A lot of people assume that accounting has to be a confusing, complicated, time-consuming and a repetitive process. The truth about it is, those are all of the symptoms of a broken software.

Signs your accounting software is broken

An ineffective software can drag down growth and ruin a business. If your company is still using an on-premises accounting system then you should take an in-depth look at whether it’s still working within an age of agile, flexible, streamline and collaborative workforce. Look out for any of the below signs;

Manual, manual, manual

  1. You’re most-likely entering data by hand.
  2. You’re copying and pasting between spreadsheets.
  3. You’re spending lots of productivity time and constantly risking typos in your data.

Compliance setbacks

  1. Your accounting software is a basic tool and it makes it harder to comply with regulations like GAAP.
  2. You’re spending lots of time on compliance, or you’re under risk of paying non-compliant fines.

Visibility scarcity

  1. Your accountants have limited perspective into the data because your metrics are limited or hard to customise.
  2. Analysing anything besides the most typical accounting questions is a difficult challenge, because your data is lacking transparency and flexibility.

Cyber threat

  1. Your IT is vulnerable to both hackers and fraudsters. Did you know: only 30% of companies are aware they have been hacked/breached. Of that 30%, these companies are only aware of 12% of cyber-attacks that have taken place.
  2. Your company has to make tough decisions on whether to invest heavily in cybersecurity or leave your financial data open to attacks.

Time consuming IT maintenance

  1. Your IT staff spends large parts of their day keeping on-premises servers updated and secure.
  2. You’re concerned that if you don’t have enough staff or there is some kind of mistake, your accounting software may go offline.

Excelling in Excel

  1. You use Excel as a workaround when your software isn’t functioning correctly.
  2. You’re spreadsheets are confusing and hard-to-use.
  3. Your data is split into different Excel spreadsheets instead of integrated into one place.

accounting

What to do if you are experiencing these problems?

When you notice these signs it means you are outgrowing your old accounting software and you need to address the issue, sooner rather than later. Your business needs tools that can keep up, so it’s time to get serious about an upgrade.

With the Holded #1 accounting tool, you can access your updated business numbers automatically, check your financial statements in real-time and browse your accounts with absolute traceability.