11 signs your accounting team needs new software
When your accounting firm is struggling to attract clients, mired in slow processes, and inefficient, the software may be the culprit. Today, tools that drive automated invoicing, AP automation, and customer management can solve those problems and drive profits.
Technologies can improve many basic accounting processes. Your firm no longer needs to work with outdated tools that do not integrate and save you time.
Here are 11 signs your accounting team needs new software.
1. Automating redundancy
There are many rote processes in accounting – invoice processing, payroll management, and expense account management. Why not simplify these processes with software?
Accounting automation saves time and money, reduces mistakes, and simplifies work. It also lets you deploy staff to more critical and profitable work. Invoice automation, AP automation, and other accounting automation software improve every aspect of your operation.
Imagine entering customer information just once and using that data to track payments and purchasing habits. Automate your payments and invoice generation for every customer. Manage aging accounts and vendor histories quickly without cumbersome, manual tracking. Accounts payable software lets you reduce errors and save valuable time.
2. Lack of real-time reporting
Your accounting firm, and its clients, expect real-time insights to drive business decisions. Without the right software, accessing accurate, real-time information is difficult. Outdated software cannot provide you with data, organized in actionable ways, that allow for better decisions.
Propel your accounting firm forward with AP automation solutions that give you information when you need it.
3. Too many spreadsheets
While spreadsheets are the bread and butter of most accounting shops, today your business needs more. That’s especially the case if you’re relying on human-created spreadsheets.
You need tools that include automated calculators, detect data entry errors, and can convert data into usable reports and graphics. If you’re using spreadsheets too much, it’s time to look for new software.
4. Complex tax filings
Tax-related responsibilities eat up tremendous hours for most accounting firms. Consider how you can accelerate processes at tax time with AP automation tools. Software that links your receipts, reports, and expenditures to tax management saves time and drives revenue.
Modern software also allows for better tax compliance. As IRS regulations evolve, ensure you have software that integrates or partners with tools that update tax changes
5. Poor cash flow
Cash is king in every business. Managing cash flow helps your firm pay its bills and employees. Struggles with cash flow can disrupt current operations and future plans. By installing AP automation software, you can improve the cash flow projections and know your cash positions better.
6. Security risks
Every business today faces the specter of cybercrime. The risk of being hacked or held hostage is significant.
Cloud-based, secure AP automation solutions help keep your data secure. The consequences of a cyberattack are significant. First, there’s the cost to recover information and communicate to clients and employees. There’s also the lost operational time as you recover compromised systems.
However, another major risk is reputational harm to your firm. For accounting firms, client data is sacred. If your firm is perceived as vulnerable, you will have trouble keeping existing clients and attracting new ones.
Cloud-based AP automation software protected from cybercriminals reduces the risk of damage.
7. Lack of mobile access
Your accounting staff, like employees everywhere, is increasingly mobile. As the ongoing pandemic shifts work to home and remote locations, your software must adapt.
Your AP automation software needs to operate on mobile devices and across wireless networks. Apps need to be accessible no matter where your staff is located. Data downloads must be fast and render well on laptops, smartphones, and desktops alike.
With improved access to financial data, staff can work from anywhere effectively and efficiently. Without a mobile solution, your accounting firm will lose productivity and customers.
8. Lack of connected systems
Too many accounting firms suffer from a patchwork of outdated technologies. A lack of integration is expensive, resulting in costly patches and workarounds.
You need an AP automation system that connects to other systems, with shared data and reporting. Integrating your systems allows everyone to have a single source of information to make decisions.
9. Inability to customize
While there are many standard components to accounting, your firm likely does things differently than others. Too many accounting packages use a cookie-cutter approach to AP automation.
If your staff is frustrated with the lack of customizations available, it’s time to look for a new solution. Look for a product that can meet your firm’s unique needs for fields, functions, and capabilities.
10. Need for compliance
Companies today need to comply with regulatory mandates at the regional, federal, and state levels. That means reports that track data and financial processes to demonstrate compliance.
Your software needs to accommodate these extensive compliance demands.
11. Inability to scale
As your business grows, you need AP automation software that will grow with it. The lack of scalability in business software can hinder your growth. Data capacity, storage, and functionality issues due to size should not prevent your firm’s expansion.
Databases and storage solutions need to scale quickly, without delay, to be responsive to growth in customers, sectors, locations, or employee users.
AP automation can transform your accounting business. Finding the right solution can save you time, money, and headaches.
At Rossum, our automated accounting solutions help you process thousands of documents in seconds. Our computer vision technology reads invoices to improve data capture and accuracy. To learn more, contact us today.
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