5 signs it’s time to change your accounting system
- Instead of implementing the best practices for your business, you are re-engineering your processes to accommodate your system.
- When you start to depend on manual system and work-arounds to complete everyday tasks that should be handled by your accounting system. This gives rise to human error and problems due to using outdated numbers for activities such as budgeting, forecasting and planning.
- When you have General Ledger (GL), Accounts Receivable (AR), and Accounts Payable (AP) in disparate databases, you can’t have an accurate view of the data, ability to identify issues and opportunities as they arise, or the agility you need to respond to them quickly.
- You do not have a real time view into your finances. The more changes such as expansion, acquisitions, and new product lines occur, the harder it is to know what’s really going on and the ability to drill down, slice and dice data in multiple ways.
- When your system can’t handle multiple languages, currencies, taxes and regulations, it can’t support your organization globally. This also means it can’t simultaneously handle GAAP, IFRS accounting and reporting needs.
