5 Warning Signs That Show You Have Outgrown Your Financial Management Software

Are you still using spreadsheets for your business finances? Or maybe you’ve moved on to dip a toe in the water of financial management software with a starter accounting package.

What many organisations don’t realise is that there is a lot to be gained from ensuring your business benefits from a more powerful financial management software, as it has been designed to make your life easier and your business processes seamless. If you have yet to make the change, there is no better time than now.

Here are the top 5 signs that show you have outgrown your financial management software and need to make a change:

1. The data isn’t at your fingertips

Investing in financial software should mean that when you need access to data, whether that’s sales per customers, employee costs or management reporting data, this should be easy to find. If your current system is complex and disorganised, or just badly designed without intuitive pathways, then it might be time to look at an upgrade.

Financial software should give you easy access to key data around the clock, irrespective of your location. So if your system is not providing you instant access to your financial data, now is the time for change.

2. You’re struggling to keep clear financial records

Good financial software should make it easy, simple and fast to keep clear financial records.

If you find you’re currently spending a lot of time on those records then it’s definitely worth investigating an upgrade. The best financial software will assist in speeding up record-keeping, ensuring accuracy and providing automation options to save time.

As your business grows, this will be even more important to ensure that you don’t slip behind.

3. You’ve outgrown your current software

There are many ways that you might find that you’ve outgrown your current financial software, from finding that it physically can’t contain all your data and information, to a lack of functionality.

It may be that you invested in small business financial software but now the size of your business and volume of financial data is too much for your current software storage. Or you may be looking to add new functionality that an old system cannot accommodate.

Either way, an upgrade could make life much simpler and more efficient.

4. Existing software doesn’t allow integration with other business systems

There are many features of new financial software systems that can be transformative for business. For example, being able to integrate that software with your existing systems and the ability to access the software any time, anywhere.

Some older financial software doesn’t enable agile business and is not easy to integrate – if that sounds familiar, an upgrade could set your business free to grow.

5. Your accountant says it’s time

If your accountant has spotted that your current financial software is holding the business back from expanding and growing, then this is a clear sign that change is needed.

Financial professionals have a good understanding of where resources can be used to make the most effective improvements, so they are worth listening to.

Conclusion

These are just some of the reasons why it might be time to consider upgrading your current financial software.

As dedicated providers of Infor SunSystems and Oracle NetSuite, FinanSys has solutions to suit every business need, backed by 25+ years of experience. Our products offer unrivalled analysis, reporting, integration with other systems, as well as outstanding multi-currency and multi-company functionality.