Nine signs that it’s time for new SME finance software

There are many great SME finance software options out there – but as your organisation evolves and grows, you may find that what was once reliable is now restrictive.

We often speak to businesses who are reaching this point and want to make sense of the different options available. That’s why we’ve put together our Ultimate Buyer’s Guide for Sage Intacct – to talk you through the whole of moving to more scalable SME finance software.

One of the first steps is recognising the signs that you’re being held back. How many of these signs do you recognise? Read on to see if any of this relates to you – or if you’re ready to dive deeper, download your free buyer’s guide.

1. Your accounting software is frustratingly slow

If you’ve used the same finance system for a while, you might’ve outgrown it. This happens when your organisation’s data, sales and requirements grow. Finance management systems which aren’t built for growth quickly become a hindrance, forcing you to build manual processes in spreadsheets to get your work done.

Experiencing a system crash and losing data because of outdated software is a nightmare which no finance team should suffer.

2. You’re always short on time for essential tasks

Month-end closing, audit deadlines and VAT requirements shouldn’t take up all your time. These responsibilities aren’t optional, so your finance system should help you accelerate these tasks with reliable automation, instead of trying to meet deadlines with manual processes.

3. You can’t deliver the reports your teams need

Your CEO needs a four-year forecast, your Head of Operations needs a budget for every department, your VP of Marketing needs revenue insights. If you’re building all these reports manually, it’s time to consider a better solution.

Growing organisations need reliable and real-time data; that’s only possible with a modern platform.

4. You’re always fixing errors

Double or triple-checking data isn’t enough to prevent errors. If you’re managing data across hundreds of spreadsheets, risky mistakes are inevitable.

Catching discrepancies shouldn’t be a manual task – especially if your organisation and its data volumes are growing.

5. You’re constantly waiting for other people

Your processes shouldn’t involve endlessly waiting for approvals, chasing payments or manually reconciling transactions.

Let finance management automation take on these tasks, so your finance team can focus on streamlining costs and driving revenue.

6. You’re working long hours to prepare for meetings

Finance leaders and late nights in spreadsheets are a common combination. This shouldn’t be the case.

Get your time back with a finance management solution that’s designed for reporting and insights without needing complicated Excel processes.

7. You can’t easily onboard and manage new entities

Most entry-level accounting software doesn’t have the capabilities to easily manage multiple entities. This makes consolidations and gaining visibility across entities a manual nightmare for finance teams.

If your organisation is expanding through growth or acquisition, now’s the time to get ahead of this challenge.

8. You’re hiring accountants for manual tasks

Expanding your team is sometimes necessary, but hiring to ‘free up’ your current team doesn’t solve the root challenge.

As your organisation continues to grow, inefficient processes will make hiring more expensive than upgrading your finance system.

9. You’ve not got time for strategic planning

If it takes you hours to build a single accurate report – which you can’t manipulate to find new insights – how can you help your organisation in real-time?

Your finance management platform should let you look ahead and plan for different scenarios using reliable data.

Do you recognise any of these signs?

Modern finance teams shouldn’t face these challenges. Yet at Thinc we speak with many finance leaders who are stuck in these situations. If you find any of these nine signs relatable, it’s time to find a better solution.

To learn more about Sage Intacct and download your free buyer’s guide, hit the link below, or get in touch.