As your construction business grows, your accounting system may not be able to keep up with your needs. While change can sometimes be challenging, consider how much money and effort you’re spending on an accounting system that isn’t working. As soon as you notice yourself still making an effort to keep track of your finances, it’s probably time to switch or upgrade your accounting software.
“All of your business operations, particularly your accounting system, must work properly to optimise profitability. The foundation of your accounting operation revolves around your financial accounting software and hardware. Outdated or lack of features you need can have a negative impact on your business,” advised small business financial management expert and lender Shane Perry of Max Funding.
Here are eight tell-tale signs that you need to upgrade your accounting system because it’s preventing you from reaching your full potential.
1. Outdated Features And Functions
Your accounting system is outdated if it operates on desktop-based applications that are updated yearly and you have not purchased for or activated the updates. If the system has been sunsetted, it suggests the seller no longer maintains it. You face the threat of the system malfunctioning, becoming buggy, being hacked, or breaking permanently.
The money spent on keeping the outdated system can be better spent on upgrading, finding a new alternative or switching to a cloud-based system with automated upgrades.
2. Poor Automation
As your construction company grows, so do your accounting system’s demands. You’ve outgrown your accounting software if you’re having trouble managing your accounts or need to perform more manual input to fulfil important tasks. All of this additional labour is exhausting and a significant contributor to data mistakes.
3. Insufficient Reporting And Analytics Features
If your existing accounting system isn’t providing you with the insights and analytics you need to manage your construction business more efficiently, it’s time to upgrade. Better data translates into better decision-meeting, and if you’re losing money given the lack of data, it’s time to upgrade your accounting system.
4. Incompatibility Of Systems
Thousands of applications exist to enhance the main functionality of accounting systems. Additionally, if your existing accounting system doesn’t have any applications created to integrate, you may be losing out on valuable features.
5. Excessive Maintenance
You should upgrade your accounting software if the one you’re currently using is error-prone, resulting in too many requests for technical help, or if your information foundation isn’t capable of operating it effectively. Calling technical assistance or troubleshooting difficulties costs you or your staff time—and time is of the essence.
6. Too Many Restrictions
Flexibility is critical to the success of your construction company. Your accounting system isn’t functioning for you if you can’t get it to operate according to your individual needs. You may need to tweak and adapt the main features of your accounting system, given the complex nature of your organisation. If your software is too inflexible to enable you to add new features, you should update to a more flexible system.
7. No Mobile Capabilities
The twenty-first century is characterised by accessibility, availability and convenience. It’s critical to have accounting software that can catch pace with smartphones, iPods, iPhones, tablets, and an endless series of other devices consistently at our disposal.
Accounting software is optimal when it can be used everywhere, at any time, particularly for businesses who need to check their information or produce estimates on the road.
8. Not Consistently Updated
Many clients would prefer to do business with construction companies that regularly update and enhance their systems and software. Suppose your accounting software provider isn’t providing regular updates. In that case, it might indicate that the company isn’t doing well and servicing for your software will be withdrawn anytime soon. It’s time to upgrade your accounting system if it hasn’t been updated in months or even years.
Will You Settle For Jurassic Accounting Software?
Do some, or Heaven forbid all, of these problems apply in your present accounting system? There is no doubt that you need to get out of this situation. Staying with an outdated accounting system might be costing your business money and energy while also posing a danger to its growth.
How Beams Build Can Help?
Beams Building Estimation & Management Software believes that it’s critical to have an accounting system that can adapt to your changing company and meet your diverse needs. We brought to you BEAMS fully integrated Estimating, Scheduling and Accounting system to deal with all your accounting and financial management offsite and onsite.
Book a demo or contact us with your questions or concerns.