There are many finance systems available for small companies. They are straightforward, simple to use, and often offered for no cost or at highly discounted rates. However, as an organisation expands, its needs change. We examine the warning signs of outgrowing your financial system in further detail so that you can spot them early.
- More reporting requirements
The demands for reporting increase as an organisation expands. Likewise, there is an increased demand for cost and revenue analysis, and reporting in group organisations must include numerous lines of business and operational departments.
Your organisation has outgrown your current system if your accounting team is unable to fully analyse the financial data in it given the complexity of your organisation.
- Growing workarounds and spreadsheets
Numerous spreadsheets and workarounds commonly arise as business demands get more sophisticated. When reporting and analysis are more complex yet there is just a manual workforce, efficiency suffers, and reporting errors appear. If this is happening, your financial system is having a negative overall impact.
- As you grow, valuable management information vanishes
An organisation’s complexity and need for data analysis increase as it expands. Your organisation is suffering from a lack of information, which has an impact on the standard of decision-making, if your financial system doesn’t offer the reporting flexibility and analysis you require. This is a telling sign that your financial system is no longer adequate.
Look for a system that supports multi-dimensional reporting to make in-system self-service reporting possible in order to avoid creating extra spreadsheets and to cut down on the amount of time wasted manually making reports.
- Employees have trouble with remote work
Your working methods should change as your firm does. Your company will become less responsive to its customers and suppliers if you can’t access your financial information at any time, anyplace. This is an important indication that your financial system is no longer adequate. To overcome this, look for a real cloud solution, where all users have 24/7 access from any web-enabled device such Sage’s Intacct solution, for example.
- It is nearly impossible to report across multiple places and companies
Managing inter-company transactions and becoming familiar with reporting for each business and your aggregated position are crucial in multi-entity organisations.
However, it is clear that your organisation has outgrown your finance system if manual month-end procedures result in the use of outdated management information. To guarantee that you are constantly dealing with the most recent data, use a finance solution that features automated processes and real-time reporting.
- There are no alternative currencies
Your organisation has outgrown your financial system if it cannot transact, report, and consolidate in many currencies as a result of its expansion into new geographic areas and multiple currencies.
To meet these needs, seek for a finance system with built-in multi-currency functionality and an out-of-the-box integration to guarantee exchange rates are constantly current rather than utilising error-prone spreadsheets.
- Upgrades and maintenance cause significant interruptions
The cost of IT support, consulting costs, and upgrade fees inevitably pile up if you decide to use various systems and spreadsheets.
These are all indicators that your financial system is out of date. Look for a highly adaptable system that will continue to fulfil your demands as your organisation expands since as it does, so do its wants and aspirations. Sage 200 is one such solution we recommend at Itas Solutions. You can read more about it here.
By choosing a real cloud system, you will also have immediate access to the most recent updates, guaranteeing that the technology you choose is future-proof.
Who we are
Itas is a multi-award-winning Sage partner. Having started in 1995 with just one customer, we now support over 200 clients nationwide. They know we are always there to provide a helping hand, whenever they need us. Trusted by our customers for over 20 years, Itas has been built on referrals from customers and IT professionals that love the expert yet personal service that we offer.
If you would like to know more about how Itas can help your business with finance automation, Sage implementation and improve purchasing control, you can get in touch at info@itassolutions.co.uk, call us on +44 (0) 1824 780 000 or contact us via our website.
