It can be tough to know when it’s time to move to a new business software solution for one’s day-to-day processes. Most of the time the need to upgrade to new software happens gradually, with minor annoyances and incompatibilities creeping in a first before revealing larger functional problems later on down the road.
Even so, most of the time there is no inciting, clear incident that indicates it’s time to try something new. On top of that, the difficulty of moving to a new system and the ways that kind of move can disrupt workflow can incentivize sticking with familiar, underperforming systems.
While there may never be an obvious indication that the time has come to move your financial processes to cloud-based accounting software, there are usually a number of red flags that have you looking around for better options.
Here are some of the indicators that it might be time to make the switch:
Does your business require a level of flexibility that you do not currently have due to your locally hosted accounting software?
One of the primary benefits of cloud-based software is the flexibility it offers businesses with regard to where and when work can be performed. If you’ve ever needed access to financial data but been out of luck because you weren’t onsite to access your data within your closed network, cloud accounting solves that problem and makes working on the go seamless.
What is the cost of your current accounting system?
You might be inclined to answer that there is no cost associated with it if you own your locally hosted, on-premise accounting software, but what of the cost associated with lost working hours due to the bottlenecks inherent to the IT infrastructure and the staffing to maintain it? Locally hosted software inherently limits access to its data, which regularly results in lost work time due to somebody needing information that only the accounting or financial gatekeeper has. Cloud-based accounting software clears the congestions and creates streamlined authorized access to data. Additionally, cloud-based accounting software features unique automation options to further save your business work time.
Have you ever had issues with data integrity?
Locally hosted accounting software is typically secured and backed up by measures implemented within your IT department. Businesses often underperform in regard to data security and redundancy measures which could constitute a major liability waiting to happen. All of your accounting data with a cloud-based solution is backed up automatically and kept secure behind layers of enterprise-level encryption. If you’ve ever had problems with data loss or data breaches, a move to cloud-based accounting might make sense.
Most cloud-based accounting systems operate on a software-as-a-service (SaaS) basis, which means that rather than having to pay for the full software suite out of pocket, you can subscribe to only the features that you need and pay monthly. The upshot of this is that you can get going with a new cloud-based accounting system straight away with no major outlay of cash, and because of the SaaS model you can always add or remove features to affect the cost at any time.
When it comes to accounting and financial management, running and growing a company can be a challenge. That’s particularly true if you don’t have the right cloud accounting software that’s built for your business.
Too often, finance teams get trapped with manual workarounds, spreadsheet overflow, and unintegrated software systems. With Sage Intacct, you get the cloud accounting software that’s built to manage and automate the financial arm of your business.