With the US economy slowly shrinking, many small and midsized companies are hesitant to invest in a new financial management system. Typically, there are a number of factors causing this hesitation; a shortage of cash, uncertain market conditions, or just plain lethargic thinking. Whatever the reason, businesses should stop and consider the cost of doing nothing.
Does your existing system…
- Lack visibility into financial and operational data?
- Create a need for extra employees to make-up for inefficiencies and workarounds?
- Lack functionality for core business process, leaving no room for your company to expand?
- Cost you valuable resources to fix bugs, patch errors, and apply upgrades?
If you answered yes to any of these questions, it is probably costing your company more money to stay with your legacy system than purchasing a new system.
The Benefits of a new system
A company can benefit from a new system in many different ways. When a new system is implemented properly companies get better visibility into financial matters through upgraded reports and business intelligence tools. Management can make better decisions because their data is cleaner and more current. Manual spreadsheets and processes are eliminated as the new system will have all the functionality the old system lacked. A new system can also enhance company moral and culture which encourages people to work hard and grow the company. And of course growing shouldn’t be a problem, as the new system will have plenty of functionality to handle the new business.
When is it time to move?
Look at how your current system is restricting your business and if your employees are wasting time and resources. It’s not always easy to quantify the cost but if that’s where we come in. accountingforthecloud.com has developed a TCODN (Total Cost of Doing Nothing) tool to help companies asses if it’s the proper time to make a move. The tool can be accessed for no charge by contacting accountingforthecloud.com by clicking here – Click here to contact us!
