How to know you have outgrown your accounting system

by Dean Huber | Jun. 23, 2022

As economic uncertainty looms, increasing difficulty in hiring qualified staff, and the need to remain competitive in changing markets CFOs and accounting professionals are looking for solutions to ease their burden.

How do you know if you have outgrown your current accounting system? Here are some questions to ask yourself:

  • Is 30 percent or more of your time spent creating spreadsheets to compile reports?
  • Are you able to easily see across multiple entities in a single installation or do you have to log in and log out of each instance?
  • Do you manually enter due to due from inter-entity transactions?
  • Is your accounting system hosted or installed on a local server?
  • Does it take several hours or even days to complete consolidated financials?
  • Does it take 10 days or more to close the books?
  • Are you dependent on external solutions and must export and import transactions to get a complete financial picture?

If you have answered yes to any of the above questions, then you may need to investigate a modern financial management solution. Here are some things to look for when shopping for a new accounting system.

  • Have one primary general ledger chart of accounts shared across all entities.
  • The ability to enter a single transaction that is spread across all entities.
  • Able to consolidate financial data quickly and easily produce financial reports.
  • The ability to compare and analyze financial performance across the organization and by location, department, and or lines of business.
  • Quickly create custom financials and dashboards by user.
  • Automate vendor invoice data entry through scanning and automate payments using ACH.
  • Increase cash flow by emailing invoices to customers with payment portal links.
  • Connect your checking, savings, and corporate credit cards to utilize bank feeds and streamline reconciliations.
  • Schedule reports distribute to managers for timely distribution and proactive monitoring of key performance indicators.

Is it time for you to upgrade your accounting system?

To learn more about how a modern financial management solution can help you, feel free to contact us.