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​In Pursuit of Profit

Read our expert article below or sign up to get articles sent to your inbox.​

9/12/2017

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Our Current Accounting sOFTWARE System is Too Powerful for What We Need

 
Picture
Paying for an accounting system that’s more sophisticated than what your business needs doesn’t make sense.

​Yet, many small businesses find themselves in this position.
Business owners are sometimes sold on the juicy features and sleek reports that their accounting software boasts without regard to whether they actually need this functionality. Other times, they end up purchasing software based on the recommendation of another professional without doing enough research to determine that it’s going to be too advanced for their business. Either way, the result is the same – feeling like you had a California King bed delivered to your little midtown loft.

The options and customization available don’t fit your business needs and discerning which you should use takes up too much of your day. Having an accounting platform that’s too big for your business is inconvenient at best and completely overwhelming at worst.

Use these five steps to find an accounting system that’s better suited for your business:

​     1)  Weed Out Unnecessary Features
Identifying your existing accounting software as “too powerful” or “too sophisticated” isn’t enough. You need to identify exactly what you mean when you say these things.

​Hone in on the specific areas where there’s a mismatch, such as:
​
  • ​Invoicing
  • Payroll
  • Billpay
  • Customer records
  • Investments and financing
  • Journal transactions
  • Bank connections
  • Reporting
  • Financial statements
  • Tax forms
​In each area where your business only has basic needs, detail what you do and don’t need. Make a list of features and categorize them into must-haves, nice-to-haves, and unnecessary. Once you can identify where your business has simple needs, you can start looking for solutions that have stripped down offerings in these areas.
     2)  ​Look for Specialization
With enough research, you may be able to find an accounting software that’s designed specifically for your industry or business-type.

As the number of American small businesses continues to rise, many existing accounting platforms have started to roll out small business-centric versions of their current software. Additionally, new software companies are springing up and developing accounting solutions with small business owners in mind to fit their limited needs and budgets. Typically, these come with both reduced features and better support for business owners that may not have financial backgrounds.

But small businesses aren’t the only types of companies that have software catered towards them. Non-profits are another business type that have accounting system options to meet their unique needs. The same is true of independent consultants and freelancers who have very different revenue booking needs.

​From an industry standpoint, churches, restaurants, and law firms are just a few industries that have accounting platforms tailored to meet their individual business challenges. It’s a good idea to look for software that’s been developed for your industry alone so that you can get the informed help you need when you have questions or encounter issues.
     3)  ​Set Priorities
Setting priorities may sound like an unnecessary step, but it can be eye-opening when you sit down and outline what you want to accomplish in the order that you want to accomplish it.

Ask yourself what the most important objective is when it comes to downgrading your accounting software. You may think that you’re looking for an easier-to-use platform when you’re really looking for a less expensive solution. This is a common trap for cash-strapped business owners, but you should never make it all about money. When you simply look for a cheaper monthly or yearly option, you may fail to recognize the cost of downtime during the switch and inefficiency while you get comfortable using a new platform.
     4)  Forecast Future Growth
The biggest mistake that business owners make is being too shortsighted when it comes to their decision-making. While the software you have currently might be too complicated for your needs today, it may prove to be the best solution moving forward as your business grows. Remember, accurate forecasting is essential!
​
Use historic performance data, important business metrics, and strategic planning to determine where you expect your business to be next year, as well as 5 and 10 years from now. If your business needs are going to change soon, it may not make sense to evaluate other solutions now. If, however, change is going to be further into the future, you’ll likely want to alleviate your pain points now.
     5)  ​Re-evaluate Your Needs
Most business owners assume that the only way to solve the problem of an overly powerful or complicated accounting system is to jump to another platform. However, it may be less expensive and more sustainable in the long-run to bring in the right expertise to manage your accounting or teach you how to use it correctly. An experienced senior accountant   with proven financial acumen can help marry your accounting system with your business’s needs.
Bringing in a professional doesn’t have to be too costly either, especially if it’s a part-time position or retainer agreement. Find out more about hiring a senior accountant or bookkeeper to run your integral financial functions.
​
We can help keep you better understand how to improve your system and evaluate whether it is time to make a change. Contact Eric Moore, ASP Practice Leader here. 
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