Craig Such, chief executive of Yorkshire tech firm Azzure IT, on why growing businesses may need to upgrade their outdated accounting software.
If your small to mid-sized business is using accounting software, such as QuickBooks or Sage to manage your business, you may be asking yourself whether you need to upgrade it in order to support your own growing ambitions.
You’re not alone.
A business challenges survey of 208 small to mid-sized businesses was conducted by UK-based digital transformation company Azzure IT earlier this year, and found that 75% felt that digital transformation was either ‘important’ or ‘very important’ to meeting current boardroom challenges.
To find that such a vast majority of firms feel digital transformation – and improving existing ways of working – is crucial to moving forwards into the digital age, is encouraging and welcome news, but nonetheless the next step is passing on the expertise these firms need to make the jump.
Most businesses tend to reach a tipping point, where the tools that supported them when they were starting-up, are now hindering their ability to grow their expanding business.
There are several common signs that indicate your business has outgrown your existing accounting software:
Difficulty keeping up with growth.
Lacking the control and visibility needed to track performance.
Spending more time being reactive when you need to be proactive.
Being unable to support a mobile workforce.
Customer satisfaction is decreasing because you aren’t meeting expectations.
The good news is that, due to the impending wave of digital transformation coming to small to mid-sized businesses, there has never been a better time to replace an outdated accounting system with an Enterprise Resource Planning (ERP) or Customer Relationship Management (CRM) solution.
An ERP solution, such as Microsoft Dynamics 365 Business Central, can help businesses manage their financials, supply chain, manufacturing, operations, reporting, human resources, sales, etc, and enable and empower all these departments to talk to each other and work together.
In our experience, the four-core board-level benefits sought from an accounting and ERP solution are: Productivity, Financial Control, Business Insight and Mobility.
Businesses can see the benefits of increased productivity right from the initial implementation of the system with Microsoft Dynamics 365. The implementation of this ERP system couldn’t be easier, with Microsoft Dynamics’ rapid start tools allowing a faster, lower-risk implementation and migration of existing data.
This results in less time spent waiting for a new system, therefore improving productivity, business insight and processes. Microsoft Dynamics’ ERP system also has that familiar Microsoft Office feel, requiring minimal training for your staff to feel comfortable with the new system, and the role-tailored interfaces and integration keeps your people informed, connected and productive.
Microsoft Dynamics 365 allows you to take control of your finances in a more advanced way than a simple accounting system, enabling you to control your costs, make smarter buying decisions and seek more opportunities for growth and re-investment.
It also comes with built-in business intelligence and reporting features that puts data into context, to allow you to make swifter business decisions, which can be connected to anytime, anywhere, and on any device with real-time reporting and collaboration tools.
Fitting, as the small to mid-sized businesses we surveyed in our research felt that enhancing the way they operate was ‘crucial’ to business development.