No one, including anyone who wants to run a successful business, wants to miss out on the best available tools. Sometimes, you’re naturally motivated by the drive to excel and be the best. And sometimes, you’re motivated by the fear of missing out (FOMO). As people, when we miss out on a new trend or fad, we can generally live with it and get by just fine. But when your business fails to take advantage of the best available tools, you’re doing more than just missing out. You’re falling behind the curve and your competitors are seeing you grow smaller in their rear-view mirror.
So if you’re running your Small to Medium Sized Business (SMB) on an entry level accounting software like QuickBooks, thinking you’ll still get by, take a moment to reconsider. First off, do you really want to go through the motions and merely just get by? If you need more convincing, let’s take a closer look at some of the pitfalls of missing out on the best accounting solution for your growing business. Because, if you don’t have an accounting solution that works for you, then you’re probably dealing with many, if not all of the following:
Downtime
Waiting for IT to come and fix whatever needs fixing. Why is this still happening? Waiting for IT to fix a glitch or complete an update is so early 2000s. When your accounting solution is cloud-based, updates and glitches are completed instantly, out of sight, out of mind.
Valuable and precious time lost
Time lost that could have been spent assisting a customer, completing a sale or other transaction, or even time spent on proactive analysis to actually grow your business. Who’s got the time for this? While you’re hoping for a glitch-free work week, your competitors, who have already embraced a more efficient cloud-based operating system, are busy growing their business. How’s yours doing?
Redundancy
You spend an inordinate amount of time trying to pull a routine report together because the system is just slow. Reports are meant to help increase efficiency by providing needed answers to pressing questions. When your reports are taking hours, days or longer to produce, any potential efficiency has already evaporated.
Lost Sales
You lose a sale, because of response time. If this happens once, that’s already one time too many. Now if this is a recurring event, your business is experiencing a chronically, ill-fated trend. And the glaring reality: this didn’t have to happen in the first place. When you’re able to secure solid answers to pressing customer questions, it’s because you’re able to extract the information in an instant, so no one was left waiting, sitting on their hands.
Inaccurate inventory
If your current entry level accounting software isn’t managing your inventory properly, you’ve likely already resorted to manual counts and clipboards. If you’re doing this, you’ve already taken a few steps back. Accurate inventory management can mean the difference between being profitable or going out of business.
[Related: Planning is everything: 6 inventory management tips for 2020]
Capital expenditures
If you’re on the fence, or otherwise reluctant to implement a new solution, consider the fact that leaving things as they are, only increases overhead and expenses. You may not want to spend the capital on a new solution, but you’re already losing ground to increased overhead and an inflated budget when multiple operational inefficiencies go unchecked across the board.
Increased customer attrition
If your inbox is looking a little light, and the phones ring less often than before, you know your customers have started to look elsewhere for better service.
Fear of missing out on the best accounting solution is quite real, with real consequences, but it doesn’t have to persist. Implementing the best cloud-based accounting solution is both easy and cost effective.
Mid-market cloud accounting
By now, almost every solution out there is cloud-based, and for good reason. A cloud-based solution gives you real-time data, better collaboration, while reducing your business overhead costs. What if you could . . .
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Extract information with just a few clicks?
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Schedule reports in a timely manner?
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Have 24/7 access to your information with real-time insights into your operations?
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Automatically upgrade to new features with no loss of time?
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Consolidate multiple companies in just one database?
When it comes to a cloud-based solution, consider Gravity Software® (Gravity). Built on the Microsoft Power Platform (aka Dynamics 365 CRM), Gravity is structured to help manage and efficiently operate your business. In short, you’ll never have to worry about your business missing out and falling behind with an outdated operational system. So, if you feel the aches and pains with your existing accounting software, take a look at Gravity and schedule your online demo today!
Gravity Software
Better. Smarter. Accounting.