Is Your Financial Reporting System Holding You Back?

Is Your Financial Reporting System Holding You Back?

Familiarity and fear of the upgrade are primary reasons why business owners continue to use an outdated accounting system. That’s normal.

You are used to what you have and dread having to go through the process of choosing new software, training staff, setting up new reporting, etc. However, let’s look passed that momentary dread and talk about why you should upgrade.

Consider the following questions to determine if it’s the right time to move your financials to a more robust solution:

  • Do you have all the functionality and control you need?
  • Does your team spend significant time outside of your financial reporting software using paper or Excel spreadsheets?
  • Could your finance staff save time by eliminating repetitive manual processing?
  • Can your team work remotely and access your financials to perform common tasks, such as purchasing approvals, from anywhere?
  • How are you handling backup and recovery?
  • What would data loss cost your business?

After you review and think through how your system is working for you, it’s likely you aren’t getting everything you need, timely and efficiently. That’s a sure sign it is time to consult with someone who understands your needs and the software options available to you.

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RELATED eGUIDE: Accuracy  Automation: Best Practices to Make the Most of Your Financial Reporting Process

You are ready to look at options - now what?

Start by speaking with your accountant, as they are in the best position to advise on what you need. Finding the right accounting software will depend on your industry and the complexity of your business. The software you choose should be appropriate now, but also allow for future growth.

Here are a few tips to guide your decision:

Cloud Applications

If you’re not already using cloud applications, look at the options. The access for your staff and your accountant will streamline your entry and reporting processes. Updates are done on the server end, so your team won’t have to worry about keeping the software updated. These are just a few of the benefits of cloud applications.

Industry-Specific

Look at industry-specific software that can handle the nuances of your business. Do you need reporting by product line, department, sales staff, etc.? Granular reporting will help you determine which areas are profitable, which need to be reviewed, and where you may want to scale back if something is not as profitable as you thought.

Add-Ons

Check out the add-on features available that could enhance your e-commerce options or create compatibility with your other software.

Talk to an Expert

This decision should not be taken lightly. Enlist an accounting team to help you determine which software is right for you, help you with installation, train your staff, and set up reporting. A full-service accounting firm with software expertise is your best option to make the most of this opportunity to move your financial reporting to the next level.

Download the white paper:

5 Signs Your Accounting System Is Holding You Back

SVA is Here to Help

Our team specializes in software selection, implementation, training, and reporting. We have experience in various software options and can help guide you to the best fit for your business, your budget, and your future needs.

© 2021 SVA Certified Public Accountants 


Biz Tip Topic Expert: Nancy Mehlberg, CVB, EA

Nancy Mehlberg, CVB, EA

Nancy is a Principal with SVA Certified Public Accountants and helps clients improve their company profitability and protects their interests by clearly understanding their future goals. She works closely and proactively with clients with an emphasis in business and income tax planning and financial reporting.

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