Small Business Tips

Five Signs Your Accounting System is Hindering Your Growth

Take a look at these Five Signs Your Accounting System is Hindering Your Growth. If you say yes to one or more- it might be time to upgrade your accounting software. 

1. You can’t scale operations to support business growth.

Is your team getting stuck with transaction limits. Or maybe you've maxed out the amount of people who can access information. It's time to find a solution that can scale to support your growth. As you expand
product lines and enter new markets, your business processes become more complex.

2. Basic accounting is taking longer and longer.

With basic accounting software, even the simplest processes, like invoicing and month-end closing,
can take hours—even days—to complete. You need business process automation to handle
growth without adding to your payroll.

3. You can’t wrap your arms (or your head) around your business.

Because your team has grown, the paper trail has gotten a whole lot bigger.  Now you don’t have the controls in place to ensure a detailed and accurate audit trail. If multiple users can make changes to financial entries without proper tracking, it’s difficult to trace who has done what. Protect your business with a solution that supports and enforces well-defined roles and processes and gives you tighter control over critical functions, such as payments, purchasing, and inventory management.

4. You are reactive when you need to be proactive.

Sure, your basic accounting software can give you a snapshot of your sales performance for the past quarter, but do you know which products produce the highest margins and which customers are likely to purchase the highest volume of those products? Instead of looking at reports of past performance, you need insight into current activities and developing trends to move your business forward. The right business
management solution can give you full visibility into what drives your profitability and the ability
to turn those profits into the cash flow that will support your future growth.

5. You can't set up multiple companies or use multiple currencies

Small business not that small anymore? Dealing with more overseas suppliers or distributors. Not all accounting software is made equal. Some are billed per company, others like Financials for Office 365 are per user. This allows you to have more than one business database. 

If you answered yes. Then what next?

If any of those questions left you with a sinking feeling in the pit of your stomach - don't fret. Download the Grow Your Business eBook from Microsoft. It has the next set of questions you need to ask yourself. Or talk to Financials for Office 365 today, our plans have got you covered from 1 to 100+ users, come with in-depth reporting and ability to do some big transactions.