Reason #4 Your System is Outdated
According to a recent study by Mint Jutras, 71% of SMBs (small and midsize businesses) are running the first solution they ever implemented at the company. If you consider the importance of accurate financials, the reliance on technology for this data, and the evolution of ERP, this statistic is a little disconcerting.
Let’s consider a start-up firm that implemented a basic accounting package 20 years ago. Over the years, the business evolved, but the processes could not develop along with the company because of the outdated platform. While the software was great for the company 20 years ago, its lack of flexibility and integration caused the company to rely on error-prone, inefficient manual processes.
Another company who was in a similar situation, found this out the hard way. The errors caused by their manual processes, and lack of control due to outdated software, resulted in $180,000 of improper expenses and reimbursements within a six-month period. Unfortunately, mistakes like these are common when running outdated software.
In my experience, if you compare the full costs and productivity implications of continuing to use outdated processes and software, compared to a new cloud-based financial management system such as Intacct, you will be pleasantly surprised at the outcome. More times than not, by switching to software that will grow with you; increase your productivity; and provide access to information anytime, anywhere results in tremendous, positive ROI.