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Three Red Flags Your Accounting System Is Failing to Support Your Business

Three Red Flags Your Accounting System Is Failing to Support Your Business

The goal of every business is to grow, but often its accounting system gets left behind. Many finance departments are working with technology half as effective as it could be or using outdated systems that only pile more work onto employees’ plates.

You can save yourself the hassle by being proactive and keeping an eye out for “growing pains.” If any of these three red flags apply to you, it’s time to start looking for a new solution!

1. You’re Spending Late Nights at the Office

Numbers tell a business a lot, offering valuable insights that can keep the company growing. But a growing company with higher demand for data puts pressure on your accounting system. You and your team are going to either spend more late nights at the office crunching numbers, closing books and strategizing, or hand over your work to the technology you utilize — doing more with less.

But if your accounting software is too manual, too outdated or too small to be effective, your team will have to put in the work to make up for it — and again that means more long hours at the office. Count this one as a red flag twice over.

2. Your Top Talent Have One Foot out the Door

The demand for top accounting and finance talent is high, making retention all too important a consideration for businesses. One way organizations can retain top talent is through engaging and meaningful work. But when your business relies on a manual and outdated accounting system, the work is cumbersome and disengaging. If you’re starting to lose your top talent, that’s a giant red flag you need to make changes to your accounting system — or risk losing even more.

3. You’re Not Able to See the Big Picture

When you’re overworked and employees are dissatisfied and eyeing the door, you’re not able to provide the insights your business needs to stay successful. Your organization can’t act quickly on information it doesn’t have! People, processes and technology all work together to create the big picture, get the job done and prevent your business from faltering while you watch your competitors succeed.

If you’re facing any of these challenges, what can you do to help your business thrive and succeed? The right cloud solution can support and accelerate growth by providing real-time reporting, managing multiple entities and locations, implementing more efficient processes and reducing costs through automation. Modernizing your technology means fewer manual tasks and a faster system that actually fits the size of your organization.

Wipfli can help your business identify where your gaps are and create a tailored solution that increases efficiency and allows your employees to focus on other, more important tasks. Contact us to learn more.

Author(s)

Mahoney_Shereen
Shereen Mahoney, CPA
Partner
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