Your small business is growing so quickly that it can’t be called a small business anymore, and your small business financial software isn’t keeping up. Sound familiar?
You can’t afford that lag time. Software failures cost $1.1 trillion in assets every year.
Still not convinced? Here are the signs that it’s time for a software upgrade.
You’ve Reached the Limits of Your Software
Small business software often comes with limits on the number of clients, number of transactions, amount of storage or number of employees. But these things tend to grow as your business does.
The key point of small business financial software is that it’s made for small businesses. Not medium-sized businesses, or businesses that are growing too fast to be small for long.
If you’re no longer a small business, it doesn’t make sense to use a software that doesn’t fit you. Just like it doesn’t make sense to buy shoes a size too small.
You’re Behind the Times
Think about checking your email. Where can you check it from?
As long as you have your phone, you can check it from anywhere you have an Internet connection. Why should your financial software be any different?
Your business doesn’t stop running when you go home for the day. You have payments to process and record. If your system isn’t fully integrated with your accounting software, it will just keep slowing you down.
Your clients won’t have the patience for slow bookkeeping. Neither should you.
Record Keeping is Time-Consuming
If you’re spending more time trying to keep up with your record keeping than actually using your financial software for its intended purposes, it’s time to upgrade.
You can hold your own for a while, but the reality is that as your business grows, your bookkeeping needs will grow alongside it. But your ability to record that information accurately has to keep pace with the growth.
Otherwise, you won’t be able to pull up your finances and know where your company stands.
The easiest way to do this? Find a small business financial software that automates part of the process, or dramatically simplifies it.
Productivity is Lagging
When you have ten employees, you have certain markers of productivity. Your markers of productivity are decidedly different when you have double or triple that number of employees.
A small business financial software might be able to handle the amount of data and data processing you need in the beginning. But as the amount of data grows, and the number of people accessing it grows, the software has to keep up the same level of productivity to be worth it.
If the software can’t manage that, it’s high time to go your separate ways.
Your Accountant Says It’s Time
If the person who handles your money more intimately than anyone says that it’s time to change your software, then it’s a sign.
Your accountant manages your money every day. They know how your business works, what makes a good accounting software and what your business needs from an accounting software.
If anyone is qualified to make statements about your small business financial software, it’s the person managing all of your small business finances on your behalf.
Don’t have an accountant? Then you need to keep your books balanced. A quality software should be able to manage that for you.
Information is Impossible to Find
You have data. Reams of data. Several clients and long-term projects and hundreds of transactions worth of data.
And you need to find one specific piece of data. And you dread having to look for it because you know for a fact that it will take you an hour just to find it.
If so, it’s time to break up with your small business financial software.
It’s not just a matter of convenience for you and your employees. It’s a matter of appearing professional to your customers. They won’t tolerate long lag times or embarrassing mistakes made because you spent so long hunting for information.
Your employees might be the best in the business, but everyone makes mistakes. You can’t afford to have it be a costly mistake.
Human error is the second-largest cause of lost data in business. And everyone thinks it won’t happen to them until it does, whether it’s multiple versions of a spreadsheet or an extra zero.
Advanced versions of small business financial software retain version control so that you can see any small changes made to your numbers. It also keeps everything in one place, so you don’t have to worry about mismatched numbers.
Software that leaves too much space for human error leaves too much space for expensive mistakes.
Audits are Catching You Unprepared
It’s one of the tragic truths of business growth: undergoing an audit. It could be a tax audit, it could be a supplier request, it could be something else entirely.
Whatever the case, you need to be able to provide full transparency to finish the audit as quickly and efficiently as possible.
If your software turns data into miles of documents that your staff has to sort through (taking time away from their normal duties to do so), it’s not the software that will properly prepare you for an audit.
You Need a Security Boost
If you aren’t prepared to deal with a potential cybersecurity risk, you should be–cybercrime is predicted to rise to $2 trillion by 2019.
If your small business financial software isn’t able to support your business and keep your data safe, it isn’t doing what you need it to do.
Think about it. You have transaction history, financial information, employee information, supplier information. Information, in other words, that you don’t want to be broadcasted to the general population for security purposes.
Even if you think your software can hold it’s own, the reality is that cybersecurity (and cybercrime) are constantly evolving while you’re not looking. Almost as fast as your data is growing. If your software is old school, it leaves you at risk.
You Need Real-Time Visibility
These days, accounting never stops, and neither does your business. So when you buy a small business financial software, you need something that will give you up-to-the-minute accurate reporting to ensure your business thrives.
Let’s say that your employee has to provide transaction information to a client. Let’s say that you need to present your numbers to your investors. Or any number of situations that demand an accurate financial report.
If your software can’t keep pace, it’s not the software that looks bad. It’s you.
You Need to Spend Less Time Worrying
Your small business financial software shouldn’t be a source of stress.
It’s not supposed to be something you dread using or something you constantly have to check for fear of errors. It should be a tool for your success, something that makes your life easier.
Plus, the more time you spend fighting with your software, the less time you have to actually run your business. And the energy to come up with exciting ideas? Forget about it.
If your software is causing more worry than calm, it’s time to practice your break-up speech.
It’s Dragging Your Business Value
Here’s the thing. Your small business financial software is a tool to keep track of your numbers, sure, but that’s not all that it’s there for.
By investing in a product that makes it easier to run your business and know where your business stands financially at any time, you’re actually investing in a tool that improves the value of your business.
A software that can’t keep up with you isn’t just wearing out your patience. It’s creating incompetence that lowers your overall business value.
You Need Financial Forecasting
What do you need from your software?
A tool that only tells you where you stand on a weekly or monthly basis, without up-to-the-minute reports or an eye towards your future growth?
Or a tool that keeps your business at the top of its game every day and shows you how your performance will translate to next month, or next year?
The answer is obvious. If you don’t have a software that can’t predict where you’re headed in the next few months, your software isn’t as helpful as you need it to be.
Not just for you as the employer, but for your employees, your investors and your clients. Smart forecasting is essential to success, regardless of the size of your business.
The Small Business Financial Software You Need
If we’re being honest, it’s time for you to update your financial software. Your business is growing too fast to be held back by your money management tools.
ScaleFactor simplifies your accounting, finances and taxes by learning how your business operates and making suggestions based on your circumstances.
Besides automated bookkeeping and smart forecasting, all of your payment and invoicing tools are in one place so transactions can process faster. Plus, there’s a compliance calendar to make sure you’re on track with standard business deadlines.
Ready to get started? Click here to request a demo.