Has Your Business Growth Altered Your Accounting Software Needs?
As your business grows, your costs and responsibilities will follow. Typical upgrade costs you may consider are a larger office space, a new security system, or office hardware. However, don’t let your everyday software get overlooked and pushed to the bottom of the list. The solutions that worked for your firm yesterday may no longer apply today.
Do you know what your accounting software needs are? Would you recognize the signs if your business reached a need for a new accounting software solution? For new businesses, the answers to these questions aren’t always obvious. So, ask yourself the following questions to determine if you need to step up your accounting software solutions:
Are you wasting time hunting down invoices?
A certain amount of time and resources are always required to handle the finances of your business. Late payments are a significant frustration when an inefficient invoicing system is a cause. Find a solution that can help you project cash flow, identify missing or late payments, and remind you that follow-ups are needed. Dedicate more time to building your client relationships rather than hunting down payments.
Do multiple people in different locations need access to your accounting figures?
Are all accounting figures located in one central location in a single computer? Not only is this an unsecured solution, but it also means that a stolen, lost, or broken computer could leave your accounting records in the dark. Instead, many software solutions will offer cloud-based backup, mobile access, and multi-user access.
Do you need your records adjusted in a way the current software solution won’t allow?
Many companies start with a basic, one-size-fits-all accounting software. These are great at first because they’re inexpensive and easy to learn, but problems arise as your business grows. Maybe you need to customize your data or reports, but the software uses templates. These issues are likely a sign that you should consider upgrading to meet your newly found accounting software needs.
Have you hit the capacity of what your accounting software will allow?
Another issue with the one-size-fits-all accounting programs is that they are designed for novel and small businesses. These programs are affordable because they limit the available features. They may set a limit on how many transactions are supported, or the program may start to lag because of data overload. If you run into these issues, it’s time to reassess your business’s accounting software needs and find a new solution.
If you answered yes to any of these questions, maybe it’s time to update your accounting practices? The experts at Tobin & Collins are ready and able to discuss your needs. Contact Tobin & Collins to help get your company’s financial picture as perfect as can be!