Accounting and ERP software consists of many enterprise software programs and modules, based on what best meets your specific needs and technical requirements. Packages are constantly being enhanced with better functionality, more flexibility and focus on efficiency with each new product version, and many accounting software developers integrate user-requested changes into later version releases.
Many companies outgrow their current accounting package, as their business grows and requirements change. Accounting software is not a one package fits all and yours may no longer be the right fit. The answer doesn’t necessarily mean you need to completely change you package. It could be as simple as an upgrade or an enhancement to your existing package.
Here are six signs for you to ponder that may indicate that you have grown out of your current ERP software:
1. Slow Performance for reports, updates, and/or data entry
The amount of data amassed and stored in your accounting system is causing the software you’ve come to rely on to function slowly. A slow performing accounting system is a business hindrance, and a more powerful solution may not be difficult to find.
2. Heavy Dependence on External Applications
Are you creating reports with Excel because your accounting software can’t generate them the way you want? Instead of a click of a button your wasting time manually creating reports. The Accounting & ERP Software itself should generate 90% of the report requirements with the push of a button.
3. Manual Entry & Compilation of Data
Do you need to re-keyed your website orders into your Accounting Software? Are you taking orders by hand and then manually entering them into the system? Are you keeping a set of customers in your database and also in your accounting software? Have you added multiple warehouses that your software can’t support?
These are common occurrences encountered as businesses grow and eventually outgrow their accounting software’s capabilities. If you are creating little tricks and codes to accommodate shortcomings like this, it may be time to look into something new.
4. Requirements for Customization
Your complex accounting needs call for customization of a system that it would be more effective to simply replace. If the cost of accounting software customization approaches the cost of the problem which needs to be resolved, a different package may be something to consider as part of your long-term strategy.
5. Multiple Databases & Multiple Systems Required for Managing the Business
Is your business data is scattered across different systems and databases instead of being integrated into one functional program. Integrations can overcome having to have several systems with double up information.
6. Lack of Real-Time or Timely Access to Information
If you lack real-time access to your vital business data, across locations or in just one location, a new accounting package can help you gain visibility. Or, if you have to wait until the end of the day or the end of the month before being able to review key financial reports, something may be amiss in your system.
An organization’s information system provides key data for managing and making critical decisions that impact the future of your business. A system that runs slowly, requires a lot of manual manipulation, needs “outside the system” analysis and reporting, and has consistent requirements for enhancement may not be the best fit. These inefficiencies are not something you have to put up with. Find out what is available and what it would take to get you and your business on track, running efficiently and exceeding yours and your customers needs.