Accounting software often receives little attention when a business or nonprofit is just getting started, as buyers usually choose something basic to meet the limited needs of the new organization, writes Victoria N. Pritchard, a Senior Consultant in RKL’s Business Consulting Services Group.
It’s fine for a while if bookkeeping and accounting are little more than an afterthought, but at some point, basic software becomes inadequate. Not only is it insufficient in coping with increasing demands, but it can even hamper an organization’s growth.
How do you know when you’ve outgrown your accounting system? Here are six reliable signals that it may be time to move on from your current software:
- You’re relying heavily on spreadsheets to support financial processes and reporting.
- You need stronger security and controls around sensitive data.
- You lack sufficient real-time visibility.
- Your financial processes are no longer efficient – or even appropriate.
- Your team lives in the cloud but your accounting system does not.
- Your accounting system can’t grow with your business.
If you can relate to any of these, the chances are good that your organization has outgrown its current accounting system.
RKL’s Financial Management Solutions team can help you explore the advanced accounting tools available today and find what’s right for you.