Business leaders are so focused on growing their business that they often neglect the infrastructure needed to support their growing business needs. But, how do you know that you’ve outgrown your current system? Business leaders experience a number of pain points which communicate that it may be the time to upgrade to a more scalable solution, such as Dynamics 365. We’ve compiled a list of 6 such signs and how Dynamics 365 helps you overcome it:
Data Entry, Reporting, and Updating is slow
With the continuous increase in demands, the software systems become slower. A slow performing software acts as a hindrance to your business growth. If you’re continuously waiting for your information to process or reports to be generated, there is a good chance that your software is not able to handle the pressure. Also, if your system freezes occasionally for no apparent reason, that is another sign of your accounting system being outgrown.
Manual entries take up a lot of time
When businesses grow, teams spend most of their time in re-entering sales orders in their accounting software or copying any kind of data between different systems to work on budgets, forecasts and cash flow. These are the signs of accounting systems being pushed out of their capabilities. You should only need to rely on a single system to perform all tasks independently if you want to reduce the heavy drag on time and resources. Also, re-entering the data manually increases the risk of user error.
Reporting is inadequate
An accounting software can store all kinds of information but faces challenges when it comes to presenting the information in the right format. The template-based reporting functionality is very limited to the basic information and as the business grows, the need for a sophisticated, comprehensive, customizable and easy to interpret reports increases in order to suit different business units and purposes. The answer is a fully integrated business management system, like Dynamics 365, that stores and presents the information in the easiest way possible.
Real-time reporting is difficult
Having access to the real-time data is critical to the success of every business. Not having the ability to view your data in real-time increases the risk of errors and missing opportunities to correct errors before they cause too much damage. The right ERP solution can give you your real-time data at your fingertips. It helps business managers make important decisions, effectively manage cash flow and continue to support future growth.
The Data is scattered across multiple systems
The basic, entry-level systems can only support a small number of users. If your accounting system prevents multiple users from operating simultaneously or if it freezes when multiple users are working, there is an urgent need to upgrade your software. Microsoft Dynamics 365 can integrate with 3rd party programs for you to access all your customers, vendors, supply chain, manufacturing, inventory, project, HR and financial data from a single platform.
Lack of useful insights
For any business to succeed in the long run, managers need to know exactly what’s working and what’s not across all operations. If your current accounting system doesn’t integrate with business functions like warehousing, inventory, CRM, etc. there is a chance that it’s holding your business back. An integrated business management system will give your business a 360-degree view of your business while allowing you to perform a detailed analysis to turn information into useful insights which can be used to make important decisions for business growth.
Did you determine that you’ve outgrown your accounting software?