Lots of things change as your business grows. You get new customers and team members, develop new products, or launch in new markets. You might even acquire new subsidiaries or become part of a bigger group.
With all that change, it’s not surprising when your manual accounting processes or entry-level software can no longer cope. Here’s a quick test to see if it’s time to review your finance systems.
How do you know if it's time to review your accounting software?
How many of these 6 questions are a ‘Yes’ for your company?
1. Does it take ages to do your basic accounting?
Your finance team might be working hard, but are they working smart? Inefficient processes eat up a huge amount of time for everyone – from the founder and finance director to every member of the finance team. Smarter, automated workflows and authorisation processes will free up time and still ensure you keep on top of your finances.
2. Do you have to wait until month-end to get the data you need?
Modern businesses need to be agile. You can’t wait until month-end for business insights by customer, sector, product, and region. Automated finance tools can give you real-time, accurate, and integrated data so you can make crucial business decisions fast.
3. Do you find it difficult to attract and retain finance employees?
Millennials and Gen Z already make up over 50% of the workforce. They expect technology at work to be as good as, if not better than, their tech at home. To attract and retain talent you need modern accounting technology.
4. Are you dependent on just one or two employees who understand your quirky accounting processes?
What happens when they leave or retire and take that knowledge with them? When your whole team is using the same, modern software, your finance processes will be more sustainable because you won’t be dependent on one key person.
5. Do new regulations instil panic?
There will always be macro changes in your business environment and new regulations, such as MTD or ESG reporting. Flexible, Cloud accounting software, with an open API structure, will help you to adapt at speed. Future-proofing your finance function will give you a competitive edge.
6. Does your team struggle with remote working?
The pandemic highlighted a key business risk in many companies - the struggle to work remotely. Whatever business interruptions happen next, your team needs the tools to work flexibly. With Cloud accounting software, your teams can gain access from wherever they’re working.
If you answered ‘yes’ to one or more of those questions, it’s time to find out more about Cloud accounting software for growing companies.
Find out more about reviewing your accounting software
Download our new eBook: How to find the finance system to take you from start-up to scale-up.
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