10 signs it’s time to move
up from accounting
1 Your software is
slowing you down
This could be due to increased transaction volume. Accounting software like Xero wasn’t built to accommodate large transaction volumes, so you’ll be waiting a long time for the system to produce reports or run large batches of invoices. Worse still, your data may not match and need manual recoding.
2 You can’t get
when you need it
Some accounting software providers only offer online support. This isn’t helpful when you’re relying on your software for critical day to day operations. Imagine not being able to run payroll on time and pay your employees? You need a solution that offers 24hr local technical support for critical issues.
3 You don’t have local
International companies like Xero support multiple countries and add-ons offer varying levels of technical support for different regions. A locally based systems partner knows the local environment and how your software has been customised, so they can help you with specialised expertise when it matters most.
4 Your add-ons are
Large businesses using accounting software usually need add-ons to meet their needs. The license fees and IT support time required to integrate all of these add-ons means the costs quickly add up. Your total cost of ownership may be higher than investing in one system that meets all of your needs.
5 You can’t access
Multiple add-ons mean your data is sitting in separate databases and might not sync in real-time. Manually pulling together multiple reports from different add-ons wastes time and increases errors. Using unintegrated reports means you’re always looking in the rear-view mirror.
6 You can’t control
Basic accounting software like Xero don’t offer role-based user access levels, so you may lack safeguards against fraud and can’t provide audit trails in the event of data breaches. Apps require additional logins, so repeatedly granting or revoking access across multiple apps can increases errors. You need a software solution that offers role-based user access levels out of the box in one platform.
7 You’re still manually
Standard accounting software generally doesn’t have sophisticated permission functionality and the ability to set up automated workflows. This means you could be manually approving requests and have no way of adequately controlling workflow approvals and levels of authority.
8 You need multiple
Accounting software is designed to only manage one business. While there are workarounds, they’re far from ideal and create reports that aren’t accurate or helpful. This is even trickier if there are different ownership percentages across the various entities.
9 It takes days to
You might have multiple staff spending significant time on manual and repetitive reporting tasks, joining data in spreadsheets from various add-ons, which means they don’t have time focus on initiatives that could be growing your revenue.
As your business grows, your processes become more uniquely complex. Add-ons might fill the gaps as you add more products, supply chains, employees and locations to your business. Although off-the-shelf accounting software is limited on how much it can be customised to your needs. A customisable software solution specifically designed for growing businesses can meet your needs now and as you grow.
If you’ve spotted some of these signs within your business,
then it’s time to look for a better way.
You could be ready for MYOB Advanced, cloud business management software designed specifically for
bigger businesses. It’s the next step up from accounting software, with loads more functionality than basic
software like Xero. MYOB Advanced includes everything you need out of the box. Better yet, it’s scalable
and can be tailored to your unique growing business needs.
Find out more about the next step beyond accounting software. Discover the benefits of cloud software
for growing businesses with MYOB Advanced now.