Most small-to-medium businesses (SMEs) start out with a basic system to carry out their accounting functions which, generally, can meet their business needs. However, as businesses grow, so does revenue and the number of employees. On many occasions, this means that a basic accounting system does not have the capacity to meet the increasing width and breadth of accounting functions. When this is the case, the existing accounting system becomes an instigator for enterprise-level inefficiencies – I think we can all agree that this is not the key to business success.
Below are some crucial signs that your business is starting to outgrow its accounting system:
You may be finding that your current system contains discrepancies of cost figures across various functions. It may even be incorrectly calculating your costs altogether. When there are inconsistencies in system data, this risks the integrity of the data and will inevitably result in a headache for everyone involved (employees and vendors alike!).
If users are unable to effectively operate and control the existing system as well as receive information from the system that aids their decision-making process (system performance), the business cannot achieve ergonomic human-computer interaction (user interface). A lot of time and effort is wasted in trying to operate an unresponsive system, which could be allocated to a more productive task. As the saying goes – time is money.
Successful businesses understand that automation is now our present and future. Again, why exert time and effort manually generating reports (where there is room for human error!) when a newer, more efficient system could automate the reports for you?
You may be finding that your current system is inaccurately reporting stock levels. This has a ripple effect on the rest of the business. Best case scenario – time and effort are forfeited to ensure the inventory data corresponds with physical stock before an error is made with shipment delivery. However, in many cases, businesses suffer the loss of a client due to inaccurate inventory levels and, consequently, incorrect shipments.
If your current accounting system is separate from your point-of-sale (POS) system, you may find that the seamless flow of information from one system to the other is compromised.
A successful accounting system that is a ‘good fit’ for a business should provide a holistic view that is calibrated from various accounting functions. If your existing system provides only insights that are at a ‘micro-level’, then users cannot make informed and strategic decisions.
Microsoft Dynamics 365 Business Central (formerly Microsoft Dynamics Navision) is the standard Enterprise Resource Planning (ERP) system of choice for countless successful businesses. Business Central is a powerful ERP software that streamlines, automates and integrates business functions (accounting is just one of many!) at an enterprise level to create organisational unity and optimise business process efficiency.
As a proud Microsoft Certified Partner in ERP, Austral Dynamics are qualified experts in providing our clients with the resources and platform to enable digital transformation. To ensure businesses utilise Business Central to its full capability, Austral Dynamics offers custom installation, consultancy services, maintenance, training and support.
Contact Austral Dynamics today for a free demo at (+61) 2 9763 2040