Once upon a time, you could manage your books with a single Excel spreadsheet. But as your business grows, so do its needs. At some point you’ll have to make a switch to a more comprehensive solution, but how can you know for sure when that should be and what you should consider?
Maybe you’ve begun to hit your current software’s transaction limits. Or you’re expanding your business into new locations or markets and your systems and reporting won’t support multiple lines of business.
These are issues that confront almost every growing business at some point. Still, you may find yourself resisting a transition that seems expensive and time consuming. While you don’t want to take the decision lightly, the solution doesn’t have to be as complicated or costly as you might think. In the interest of easing the road before you, let’s start with how to identify the signs you’ve outgrown your accounting software, and then discuss how a more comprehensive solution can help enable and support your future growth.
Thanks to the cloud, small and midsized businesses no longer have to rely on underpowered or outdated systems and can truly use technology as a competitive advantage. Barriers like hefty capital expenditures for customized systems, servers, and ongoing IT resources to implement and maintain complex systems are dissolving. With the upfront savings of subscription-based payment plans and the power of the cloud, replacing your patchwork solutions now requires less downtime and is more affordable than most business owners expect.
There are, of course, more subtle signs that you’ve grown beyond the scope of your accounting software. As your business has matured, you may have hired more resources to help with invoicing, month-end closing, and managing your customer accounts. Along with that help come issues concerning compliance, and data and fraud protection—each of which can put your business at risk.
Taken all at once this process can seem daunting, but thankfully you can pick and choose the functionality that you need first. If managing your finances and cash flow is your primary sticking point, start with your most pressing challenges and then add capabilities like better customer opportunity and sales management shortly thereafter.
The best thing about the new wave of business applications is that they let you transform what was once a frightening experience into a simple, flexible process. You don’t have to wait until the absolute tipping point any longer.