Small Business Tips

7 Common Accounting Software Problems

7 Common Accounting Software Problems (And How We Solved Them)


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Please note the following are real customer problems. However we attached pseudo customer and business names against each one for privacy purposes.
 
 
Problem 1: “Our installed accounting software is slow and crashes, especially when there are 4 or more people logged in, for example, when entering invoices at the same time.” Joe Blogg, Kitchen Supplies (15 staff)
 
What’s causing it?: Basic accounting packages you typically buy off-the-shelf have primitive or basic databases. Hence why they suffer when concurrent users are fighting for access to the data.
 
Our solution: Financials was designed with growing businesses in mind. In other words our software designers made sure the underlying foundation is strong, one that can withstand high transaction volumes and concurrent users. So much so that you can grow from 1 to 150 full users without any problems. In fact you can even have hundreds of timesheet users and Financials will still handle the load and stress placed upon it.
 
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Problem 2: “We can’t simply upgrade our software. MYOB have 3 separate products so they’re asking us to migrate across and implement all over again. It’s like moving houses.” Tina Arena, Audio Tech (8 staff)
 
What’s causing it?: Many software vendors have multiple products they purchased from other vendors and white labelled. Their underlying code are different from one software to the next. Hence, why you can’t simply upgrade over with a simple license change. 
 
Our solution: Financials is the one software solution across all its product versions. Lite edition gives you access to some of the features, and Standard edition gives access to more advanced functionality and so on. With a simple license change you can go from one edition to the next without having to change or re-implement accounting software for your business.  
 
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Problem 3: “We don’t get automatic updates. Our software version is still dated back from 2009. I’m sure we are missing out on up-to-date features.” Charles Done, Legacy R Us (5 Staff)
 
What’s causing it?: Typically it’s because you are running an on-premise software that is installed locally in your office. Many customers don’t upgrade and simply keep using what they’ve got until it gets old without thinking about the consequences.
 
Our solution: Financials is cloud-based in what we call a multi-tenant environment for our Lite and Standard editions. We designed it this way so that our customers can get automatic maintenance, updates, and upgrades in their software. Think of your Hotmail account, Facebook, or your online banking accounts. You never need to worry about getting updates for those apps. That’s how online software should work. No fuss.
 
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Problem 4: “Our software vendor told us that we have to find another accounting solution as they can’t handle large transaction volumes. 5,000 is their transaction limit.” Ben Ten, Plumbing Group (10 staff)
 
What’s causing it?: Similar to problem 1, this happens because the software’s database structure is very basic. Some software are even made for sole traders or ‘one man’ band type of businesses. The vendors won’t tell you of this underlying issue of course. Instead they market it well, put some glossy box around it and sell it to whoever will buy them and voila, you are now the lucky owner of a new basic accounting software. There are pros however. These kind of accounting packages are simple to use, but buyer beware. They are simple for a reason.
 
Our solution: Financials offers unlimited transactions. That’s the beauty of powerful cloud accounting software.
 
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Problem 5: “It’s impossible to get the business reports we need from this system. The data is in there, why can’t we get it out? It takes forever for someone to massage the data for it to be useful.” Kate Gibbs, Disability Agency (100 staff)
 
What’s causing it?: We hear this often. This occurs with most small business accounting packages. Some have shockingly bad reporting capabilities. Again this is caused by the underlying database structure and the software design of the product being simple.
 
Our solution: Financials’ software design is enterprise-grade, with your data residing in a Microsoft SQL Server database. Apart from Financials being feature rich as an application, the underlying database server allows you to access and easily export your data for further analysis with multiple file formats including HTML, PDF, CSV and XML and also offers complete rendering in Microsoft Word and Excel. Reports in Office formats are fully editable enabling users to create custom documents based on these reports. Without customisation, users will be able to seamlessly drill through any combination of data in the database.
 
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Problem 6: “We are forced to get bolt-on software such as an inventory app as our accounting software doesn’t have this module. We’re living with it for now as it’s all we can afford.” Jack Jill, The Warehouse King (25 staff)
 
What’s causing it?: Many small business accounting packages only have an accounting module included to help kick-start your business and do some bookkeeping. Over time these software vendors generally add new functions whether it be some basic inventory or basic payroll features. However it kind of stops there which has been the bane of many accountants and business owners everywhere.  
 
Our solution: Financials is an all-in-one cloud accounting software. It includes these other modules – distribution (inventory management and warehousing), job costing, service management, and even manufacturing (make-to-stock and make-to-order). We call these horizontal solutions. We are adding vertical solutions over time so that your business get even more relevant features for your industry. We want to go even beyond that by offering business intelligence that will help you to make informed decisions not available to the competition. Watch this space…

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Problem 7: “Our software can’t handle multiple companies. I own three business entities that transact with one another. We are looking for an affordable system that have this capability.” Susan Kerry, Stationery Group (30 staff)
 
What’s causing it?: Basic mom/pop accounting packages simply do not have this functionality, so many businesses end up buying a separate license for each of their entities.
 
Our solution: Financials have multi-company, intercompany transactions, and consolidated reporting functionalities out-of-the-box in our Standard and Premium editions. This gives you the ability to manage your group’s structures with ease (for example – a trading entity, an investment company, a trust). Financials’ multi-company feature can manage multiple entities within the one database. These companies can hold both a unique or standardised Chart of Accounts.