Wondering whether you need to assess your business software? In this article our Sage Intacct expert, Tim Venables, explores the biggest tell-tale signs that could suggest you need to evaluate your Software Eco-System.
Do you have multiple software systems that don’t connect, spreadsheets and paper-based processes or a loosely threaded patchwork of both? Working without a cohesive software ecosystem isn’t the best way to run any business. These siloed systems don’t give you the tools to work efficiently, reduce costs or deliver high-level service to your internal stakeholders; outdated systems can waste time, cost you money and damage your reputation!
Do you have a limited perspective?
When creating a report, do you have to collate business data from multiple systems or databases? When checking KPIs against your data, are you forced to chase information and put it together manually? If that sounds like your organisation, it’s a definite sign your systems aren’t delivering as they should be.
If you can’t get the information you need when you need it, you’ll waste time chasing it and you’re far more likely to run into errors. It is highly likely that when you transfer data between disparate systems errors will occur, quick access to key business data is essential in Finance.
It’s crucial to have a complete, up-to the-second view of everything that’s happening in your business at any one point – from staff hours to outstanding invoices, to incoming client details and conversations. Without the full picture, you won’t be able to make data-driven decisions in the long-term, or adapt flexibly to challenges.
Is your system speed irritatingly slow?
Software designed for a smaller or less complex business, or niche software solutions, can slow you down – literally! If your business software systems can’t deal with the number of transactions or the complex reporting your business needs, you could start to see slower processing times, errors and even system shutdowns.
Slow software isn’t just frustrating, it’s a serious waste of valuable time. Shutdowns and errors could create more work for your staff as they’re forced to re-check and manually enter data, wasting even more time. Slow, outdated software is also unlikely to have the functionality you need such as integration with other systems, remote access, automated reporting – which makes it difficult to run your organisation effectively.
Are you experiencing lagging and delays?
In accounting, up-to-date information must flow freely throughout your organisation. If one team member updates an account detail, it should immediately be visible on the system. If an invoice is paid, that information should be updated instantly.
Every transaction that goes through your system should be tracked and recorded in real-time. If that isn’t happening in your business, it could cause several issues. Lags in data updating between different systems can lead to mistakes – like sending out a reminder for an invoice that’s already been paid. More significantly, lags and delays mean you’re never working with a complete view of your business – any information that’s waiting to be updated won’t be included.
Are you lacking confidence in your data?
If you’re constantly double-checking details, finding errors in quotes and invoices or getting negative feedback from clients, it’s a sign your systems are failing you on some level. Inaccurate data is an issue in any business. Clients want complete reliability and accuracy, so even small mistakes can affect your reputation.
Most accuracy problems stem from disconnected systems and using manual processes to fill gaps between them. If your data sharing isn’t automated, human error is always a possible factor. Every business needs a single source of ‘truth’ – a central reference point for all data, so it’s accessible and reliable. Using multiple systems with disconnected databases undermines that goal – and ends with errors, misunderstandings and time wasted.
Are your issues not being identified?
Most minor issues can be resolved if they’re identified in time – the issue that’s draining your time can be reviewed, missed invoices can be chased up, the staff member making mistakes can be coached; but if you don’t have all your business information on hand, these problems can be difficult to spot.
The longer they’re left to fester, the worse the results are in the long-term – frequent mistakes or delays might mean missing business opportunities or inability to react to a situation sufficiently. When you don’t have a centralised Financial Management System, there’s no simple way to see what’s happening across your business.
You may be able to track down timesheet details, invoices, due dates and client details, but you won’t be able to see them all in one place. Without full visibility of your workflow, you can’t always know where things are going wrong – and that’s a sure sign you need a change.
Is there poor communication across your business?
If you’re frequently refereeing disagreements between individual staff members or teams, they could be symptoms of your systems’ problems. When your teams use separate systems to complete their jobs, it can be difficult for them to work together. It’s hard to share work in progress or chase a lost document if you’re not using the same platform, and it can be frustrating for staff to plug the gaps between systems with manual work. It all adds up to disconnected teams that struggle to collaborate or communicate and can end in resentment and disagreements.
Are you concerned that your time isn't being used wisely?
You have skilled finance team members as you want to utilise their expertise. This doesn’t usually include data entry – so if your people are spending hours completing manual tasks, it’s a sure sign that your software system is letting you down. With disconnected systems team members may need to copy data across from one system to another, double-check figures, send invoices and reminder emails individually, and reformat information if it doesn’t fit into a specific system. These are all tasks that can be at least partially automated with the right system, swallowing significant chunks of time that don’t add value to your business.
Is your current system damaging relationships?
Trust and consistency are the cornerstones of good client relationships. Unfortunately, ineffective systems can breakdown that trust through mistakes, misunderstandings and delays. Mistakes can be caused by manual error or lack of consistency between disparate systems; if your accounting software isn’t integrated with your CRM system, for example, clients could receive the wrong information about their financial details. If spreadsheets are used to manage data, it could be difficult to give a client an immediate answer to a query. If emails are managed in a separate system to client data, you may send sensitive details to the wrong person; and if you find yourself frequently apologising for errors and struggling to reassure clients, it could be time for a change.
Are you receiving poor support from your software partner?
When your business relies on technology to operate, it’s vital to have the support you need to keep it running. Support should be readily available to ensure you get the best out of your system and that it’s working for your business processes. Best-of-breed systems are monitored 24/7 therefore no need to focus on the business-critical aspect, the focus is on usability and configuring the system to your user’s needs. Or if you are adopting a continual improvement methodology then your partner should be able to assist you in finding the right solution as and when required.
How can Solutions for Accounting & CRM help?
As the UK’s leading business management software solutions provider, we’re a Sage Intacct specialist. We can help you successfully migrate to this more advanced platform and tailor it to your business needs.
We offer a wide range of Sage Intacct software options and expert advice to ensure you find the right solution for your business model.
Our expert team consists of qualified accountants, product-accredited staff and talented developers, which means we can develop innovative add-ons and connectors to help you get more from your Sage Intacct solution, use it to its full capabilities and maximise your return on investment.
So, if you’re considering migrating to Sage Intacct and want to be sure you’re making the right decision, get in touch today to see how we can help.
