If you are considering upgrading your accounting software, you’ve probably seen the writing on the wall. Maybe you’ve heard rumors of more fully integrated ERP systems. Maybe you find yourself still using cumbersome spreadsheets for tasks such as inventory or payroll reconciliation. Maybe you have witnessed employees entering the same data in multiple software solutions.
Whatever the reasons to start the hunt, here are 5 solid signs that you have outgrown your current accounting software.
You See a Disconnect between Inventory and Sales
Accuracy in inventory is vital to business operations and success, and yet little seems to elicit more groaning from employees than the words “inventory reconciliation.”
With disparate accounting solutions, sales operates off of figures from inventory that they hope are correct, and sometimes contain human error. Accounting and finance personnel or customer service may find themselves in the middle--tracking down incorrect orders filled, inaccuracies on spreadsheets, or other frustrating scenarios.
With a comprehensive ERP solution, inventory, sales and even customer service operate within the same software platform, so updates are done automatically and data is in real-time, equally visible to all.
You are Spending Time Exporting Files and Generating Reports
Accuracy in reporting isn’t just an industry best-practice, it is also the law for tax purposes, vital to business operations, and crucial for accurate decision making. Yet there may be some signs that your existing reporting systems are not working for you, such as:
- Lots of manual reporting and printed files
- Exporting files for view, instead of real-time data
- Needing additional access and having to export files, such as for an accountant to have direct access to files
- Reports needing to be generated, only for that data to get re-entered somewhere else
- Reports being incompatible and manually combined in other software or applications
- Data or reports being inaccessible remotely or on other devices, such as the laptops of sales personnel or smart phones
With a complete ERP system, there’s no separate data warehousing--all data is available to all appropriate people, across platforms with real-time updates.
You are Rapidly Approaching 500+ Employees
True cloud computing is not the same as cloud-based hosting services. When you operate within the cloud, you can upgrade, add applications, migrate data, have broad accessibility, and otherwise expand as rapidly as you desire.
Popular online software applications (which are not the same as cloud-computing solutions) may limit you to 499 users.
You Have or Plan Overseas Transactions
The world is flat, or at least the business world is making it so. If you have operations in multiple countries, have international subsidiaries and multiple currencies, or plan to grow across national boundaries, you need an accounting software that goes with you--making multiple taxations, regulations and languages all possible in the same business software solution.
You Want Greater Visibility and Prediction Capability
Real-time insight into all areas of business, the data, statistics and analytics for each area of business, the ability to make decisions and predictions with current and accurate data--these aren’t just folktales and business hyperbole, they are possible.
When your accounting software solution includes payroll and HR, inventory and e-commerce, sales and customer service, reporting and analytics, all in the same platform, your executives or business owners are armed with greater transparency and prediction capability.
NetSuite Offers All of This and More
There’s a reason why Oracle + NetSuite is the #1 cloud-based ERP solution, used by more than 40,000 organizations--it solves all of the accounting software problems named above, plus so much more.