How Do You Know When Your Company Has Outgrown Its Small Business Financial Software?

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Small business financial software operations, such as Quickbooks, are used by many small businesses to manage their accounting operations. Businesses use this solution because it can be fairly easy to use and inexpensive. Although it may seem like the perfect solution, small business accounting software can have its problems.So how can you tell that your company has outgrown its financial software before you see a decrease in productivity and an increase in data entry errors? Here are a few things to look at in your financial software so you have time to change it before you lose valuable time and money.

Your Small Business Financial Software Makes it Difficult to Audit

Certain small business financial software, like QuickBooks, does not allow you to maintain audit trails, which could put you at risk. QuickBooks does allow you to turn on and off audit trails, but true small business financial software offers history logs and transactions can’t be deleted. These solutions have the ability to catch internal fraud and can reduce vulnerability.

Your Small Business Financial Software Puts Limitations on Products

You know you have outgrown your solution when you find yourself doing the complex math on your own and you find data manipulation outside the software. Although your financial software was designed for the small business, the system is limiting you when you need to account for many data elements. A real and useful small business financial software has a user-defined account structure and provides a chart of accounts that meets all your specific needs. There is no more need to worry about and seek external solutions, and there are many other types of software for accounting that will grow with your company rather than hold you back.

Your Small Business Financial Software Provides Insufficient Reporting

Most small business financial software offer an internal report writer and access to standard reports that are specifically designed for non-profits and small businesses. You can provide funding source reports that review the fiscal year as well as a report on the contract period. In order to successfully manage your business, your small business financial software needs the ability to produce and maintain multiple budgets that account for all the elements of data. This will also help to ensure there is no overspending in the budget. It is valuable to find financial software that provides your company with reporting that is adequate for your needs.

Your Small Business Financial Software is Unable to Perform Accounting Tasks

In good small business financial software, allocation management is a standard feature and a true accounting solution that is developed for small business and non-profit financial management. With this, you can evenly distribute and allocate costs.

Your Small Business Financial Software Lacks Technical Support

If a small business financial software only offers 30 days of technical support, you know how fast it can run out. With quality small business financial software, a high level of support base is included, along with a staff of experts who know how to help and satisfy the needs of your small business or non-profit organization.

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