Are you still using manual methods in the financial department of your business? Have you often thought about upgrading to a newer and faster process of working with your finances, but haven’t had the nerve to pull the trigger? If you are grappling with accounts receivable, budgeting, billing, and other financial woes within your business, you need to upgrade to a more sophisticated financial system.
If your staff struggle to stay ahead of the invoicing and payroll deadlines or if these tasks appear to be too time-consuming, it is because they are. Look at changing the way you look at the financials of your business.
Keep reading for the top six tips for making the transition to financial software.
1. Easier Access
One way to transition to newer and faster bookkeeping software is to let go of the outdated ways of accessing client files. Currently, only one employee can have the physical file at a time. By leaving the manual files and papers behind, you can enter a world of easier access. This includes from home or a different building if you have multiple business locations. Easier access also means happier employees and less time-consuming tasks.
2. Systems Can Communicate With One Another
Another great feature of newer financial software over manual files is the ability of the different systems to communicate with one another. When you update a client file, it not only updates the information in the area you are in but across the entire record. This is much better than having to update pertinent information by hand over a course of a few days.
3. Better Budgeting
A simple and easy way to transition from one to the other is knowing your budgeting will be more exact and current than paper processes. You can see firsthand the differences in income and revenue day to day rather than having to wait for the numbers to be generated by a person on your financial team.
When you need reports generated with a manual process, how long do they take from the time you ask for them to the time they are on your desk? A day or more? With financial software, you can have them in a few minutes to a few hours depending on the type of report you want. This cuts down on the time you are waiting and speeds up the process for implementation. The transition from days to minutes will surely make you happy!
5. Be Prepared to Learn
Whenever you make a large change as going from manual finance processes to a new financial system, you need to be prepared to learn. A process change can be intimidating and challenging. Make sure you are reviewing the software and that the seller is actively involved and invested in the success of your business with the change of financial software. Make sure to select someone who is going to be around to answer questions, as you will have a learning curve when it comes to technology.
6. Be Patient
Last, but not least, is to be patient with all involved in the process of updating to a new financial system. Once a process is in place, it is easy. When you change it, the work becomes frustrating and overwhelming at times. Make sure that everyone who is involved has been educated on the new system and knows who to ask questions of when things go awry.
How Financial Software Can Change the Way You Run Your Business
An Australian business in today’s world can only do so much with a paper and pencil type of financial system. Technology has become essential in the business world. It can make or break a business. One way to stay on top of technology within your company is to transition to a newer and faster financial system.
Whether you want it for better budgeting, easier access, or reporting purposes, you will need to be patient and ready to experience a learning curve over an appropriate period of time. Make sure your business has the best chance at succeeding by updating your financial software.