From frustration to freedom: The case for smarter financial management

Although small business accounting software is generally able to accommodate a growing business’s needs in the beginning, it tends to struggle to scale and adapt as their business grows. Because of its inability to scale easily with growth, businesses often face additional challenges that create a ripple effect, causing them to seek “quick” fixes like manual workarounds. Unfortunately, these temporary solutions end up exacerbating the problem in the long run.

Read on to learn why many companies are switching to Sage Intacct, the first and only cloud accounting software provider endorsed by the AICPA (American Institute of Certified Public Accountants). 

1. Tedious manual data entry

As a company grows, the amount of manual data entry increases and quickly leads to reduced productivity and errors. Processes like the month-end close and revenue recognition can quickly become burdensome due to the lack of automation and error-prone processes.  

2. Lack of scalability

Small business accounting software lacks more advanced features that are important for growing businesses to utilize, making it hard for the software to scale with changing business requirements. This scalability issue can lead to delays and system crashes as the platform struggles to handle increased data volumes or cache issues. These complications are risky, and in the worst-case scenario, critical data could be lost.

3. Overuse of spreadsheets

Small business accounting software often lacks advanced reporting features, so businesses must take on more labor-intensive tasks. These tasks can include manually exporting data from their system and performing complicated spreadsheet calculations. This heavy reliance on spreadsheets for supporting financial processes and reporting can trigger inaccuracies from error-prone data and procedures. As a result, businesses miss out on clear and trustworthy insights into their financial operations and reporting.

4. Lack of visibility

As a business continues to add more products, customers and revenue, gaining insights from data becomes more challenging. Data may be scattered across various disconnected systems or spreadsheets and lack real-time updates. These limitations can hold a business back from making timely and accurate decisions since they lack a comprehensive view of their data.