Jun 25, 2020 8:09:12 AM by Garry Davis

Why do I need to replace my accountancy software?

Business Central, Business, Finance, Technology

As businesses have been affected by the COVID-19 pandemic, the majority of people are currently working from home.

This has led to several challenges for businesses. These include:

  • Companies seeing sudden growth and their accounts software is no longer suitable for their needs
  • Finance teams struggling to manage with systems that cannot cope with remote working (particularly legacy systems were access is via remote access terminals)
  • Companies looking to improve automation/streamline activities due to a reduced workforce

In a previous blog post, we wrote about the 11 signs that your basic accountancy system is failing your business.

When you start to look at replacing your accounting software, we would also suggest considering the value of a cloud-based system.

Why is a Cloud-based system good for my business?

At a time of increased remote working, Cloud-based technologies enable businesses greater flexibility and the ability to:

  • Provide comprehensive integration by deploying one integrated solution to manage finance, sales, service and operations along with the ability to connect seamlessly to other application
  • Connect your entire business automation systems and process
  • Automate and secure business processes, improving productivity through easy to follow workflows, audit trails and enterprise-level security
  • Provide an end to end view of your business by centralising your data, enabling you to spot trends, prevent issues and deliver greater customer service
  • Enable & empower mobility by providing the same experience across devices, regardless of location
  • Provides an easy to use system that is intuitive for users.

What should I be considering when choosing a replacement system?

Today’s modern accountancy software no longer just sit as a stand-alone system utilised by the finance department. They are the core from which the business can look at running a company-wide system.

As an example, this sort of company-wide platform – with accounting at is core – will:

  • Enable you to pull systems and processes together automatically, so your staff do not waste their time on this
  • Provide a complete picture across your business with the reporting to match
  • Gets you up and running quickly without interrupting your day to day operations

Why are other businesses replacing their accounting software?

  • 54% To improve process integration
  • 50% To resolve order processing issues
  • 38% To fix data duplication/errors
  • 34% To reduce excess inventory

Source: Nucleus Research: Microsoft Dynamics Enterprise Applications for SMB’s

Identifying the right solution for your business

In a previous blog post, we covered how to identify the ideal accounting solution for your business – which includes a checklist – to help you identify the critical requirements for your business.

This should help you to identify your fundamental needs and, in turn, identify the right solution for your business.

It is always a daunting prospect when looking to change core systems. Hopefully, the above will help you with this challenge.

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