3 signs your company is outgrowing its accounting software
Out with the old and in with the new! Allow us to introduce you to Enterprise Resource Planning.
September 28, 2022
With growth comes great responsibility. Whether it’s new hires, introducing more efficient internal processes, or finding innovative solutions to everyday tasks. For finance teams, it’s all of the above and more.
As exciting as growth is, the change isn’t always easy and can take some getting used to. When it comes to your accounting software, you’ll want to act fast in the face of growth… or else.
It’s time to move on from your accounting software 😥
Breaking up with your long-time software is never easy. You’ve been together for years and have been through it all. But now something that better meets your needs has come along – cue Enterprise Resource Planning (ERP). 👀
ERP is a cloud-based platform that provides visibility into every aspect of your business. While accounting software is designed to manage one area of your business, ERP can integrate across multiple departments. For example, it helps you manage sales, financial reporting, and inventory to name a few.
Here are some tell-tale signs it’s time to cut the cord and start your relationship with ERP!
You’re wasting time ⌚
Time is $$$! Your typical accounting software requires manual data entry, which can be incredibly time-consuming with a higher risk of errors. Once you hit a runway of growth and your transactions and expenses increase, an ERP solution will remove the administrative burden that comes with this and drive efficiency like never before. 🤩 The time previously spent on repetitive, manual input can now be invested in other areas, giving you more time to focus on improving the overall business. When you let technology take care of all the tedious work, the burden of data entry will no longer weigh on you. ERP will also track, store, and disseminate information to the entire company and give everyone the information needed to make better spending decisions. 👍
Your system is no longer compatible with the times 🙅
There’s no question that our economy operates with tech at the helm of everything we do. 👨💻 That said, your team has probably started to outgrown the basic accounting software currently running in your company. Nowadays, employees need user-friendly, convenient tools that allow them to complete their daily tasks in a reliable and efficient way. It’s important for organizations to use smart systems that save time, money, and stress – and ERP does just that. It empowers employees to take on more responsibility by freeing up their time from redundant tasks and is also fully functional on a laptop, desktop, or mobile device, allowing employees to work remotely with ease.
Lack of visibility across the company 👀
Growth equals more customers, products, brands, revenue streams – and the list goes on! But the bigger your company gets, the more insights there are to keep track of. Traditional accounting software will store information in spreadsheets, which requires manual updates and increases your margin of error.
On the other hand, ERP gives you the capability to maintain a running tally of all costs and adjustments in real time. Employees can also access reports from the past to conduct long-term analyses that are beneficial to your business in the long-run. If employees need to know what their current budget is, they can simply visit the ERP system for a snapshot of funds that are coming in and out – bringing your company in a more profitable direction. 💸
While ERPs are more expensive to implement, they are proven to optimize several areas of a business. The good news is that Float now integrates with Netsuite to grow with companies as they transition from their old accounting software to ERP. 🙌 We also have native two-way sync with QBO and Xero so you can easily implement your past spreadsheets and financials into your new ERP.
Here at Float, our team is committed to helping you step into a brighter and smarter future with innovative features that support your ongoing growth. Book a demo with us today.
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