For most businesses, it never feels like the right time to switch to a new accounting solution. Same goes for payroll or web hosting or banking or anything else that feels like a lot of work. But the truth is, technology moves fast. And that means that the system or solution you have in place for a given business function might be holding you back in terms of costs and time. Since we know accounting best, here are five signs it's time to migrate to a new accounting solution...
Time Spent Bookkeeping is Eating into Your Actual Work
Yes there are daily, weekly and monthly accounting tasks that demand your attention, but once you get in a rhythm, you should be able to knock them out pretty quickly—especially if you're using accounting software that is designed to get you in, get you out, and get you back to work. One of the best ways to test whether or not your spending too much time bookkeeping is to time how long it takes you to do your daily bookkeeping tasks for two weeks. A simple log will help you record your time. Maybe an Evernote or a Google Spreadsheet? At the end of the two weeks, add up all the time spent. If you're happy with the result, you're OK. If you're not (and you'll know if you're not), it might be time to explore a new accounting solution. Since every business is different, there's no hard and fast "you should spend X minutes per day doing bookkeeping tasks." If you bill an hourly rate, you could measure it that way.
You Dread and Procrastinate
News flash: most people don't enjoy accounting. But it's critical to the success of your business. Assuming you're not terrified of numbers, it could be that you dread the actual system you use to run your books. Dread will make you procrastinate and procrastinating will make you fall behind. See where this is going? Have an honest conversation with yourself and figure out why you dread accounting. If it's that the software is hard to use, it might be time to explore a new accounting solution.
Your Accountant is Recommending
If you have an accountant who helps you with your tax prep and they're recommending you switch to a new accounting solution, listen to them! We've talked before about how your accountant is one of your closest allies. They know your business and, on the whole, want to help your business thrive and grow. If your contract web designer recommend you switch hosting providers, you'd consider it, right?
You're Rarely at Your Desk
Business is and has been migrating to mobile, mobile, mobile. You're emailing from your smartphone. You're hosting video conferences on your tablet. You're visiting customers and clients, running the front shop, and working from home (or wherever!) and the idea of being tethered to a desk is flat out repulsive. Well if your accounting solution "lives" on your desk or, more appropriately, desktop, you're going to be less inclined to get your bookkeeping tasks done in timely manner. A new accounting solution—one that's mobile-focused (hint, hint)—might be worth considering.
So there you have it. Four arguments for considering a new accounting solution. If you want to learn more, you can bet we happy to talk! Email us: firstname.lastname@example.org.