14 June 2023

“We have spent so much on our accounting software – is it too late to change?”

Change seems to be the only constant in business – it’s inevitable. The problem is that change can be extremely frustrating and time-consuming, especially when it comes to Accounting Software which can be expensive and often comes with a fairly steep learning curve. As a result, it’s easy to hold onto your current system because:

  • You’ve invested a significant amount of time.
  • You’ve forked out large amounts of money.
  • You are familiar with its interface.

Having come so far, you’d be forgiven for wanting to hold onto your current system, albeit sub-par. The question is, at what cost? Is it really the cheaper, easier alternative over the long term? 

Is it too late to change your Accounting Software?

  In this article, we will take a deep dive into whether or not an Accounting Software change is right for you and your business and if it is, how to facilitate a smooth transition.

Begin by asking these 4 key questions

 

  1. Is your current Accounting Software suited and aligned to your business?
  2. Is it giving you the information and results you want?
  3. Has your team resorted to manual workarounds?
  4. Is your system keeping up with your rate of growth?

If you answered NO to any one of these questions, then a change to your Accounting software is likely in order. However, you’ve likely invested a significant amount of time and resources up until this point. Won’t this be a waste?

The short answer is “no”.

  Just because you have sunk significant costs into an Accountant Software system, doesn’t mean that it isn’t STILL worth switching to a more appropriate solution moving forward.  If your business is already struggling with or outgrowing the current Accounting Software, who’s to say things won’t become worse in the future?  Think about the time and stress your Accounting Software’s failings are currently causing. In these scenarios, it takes a lot of wasted additional time from your team to compensate for software technology that doesn’t adequately fit the business’ requirements.  Now consider the opportunity cost of these shortcomings increasing long into the future.  How much more cost will that take? Unless you commit to dealing with these costs perpetually, you have to eventually draw a line in the sand somewhere – as daunting as it may be. That isn’t to say every Accounting Software system is doomed. Some simply can be tweaked and re-engineered to get back on track. However, for the vast majority of growing businesses, a change is often more appropriate for long-term cost efficiency.

In the end, it’s important to weigh up your Accounting Software options

  To do this, differentiate between your must-haves and your nice-to-haves. When it comes to Accounting Software, while familiarity may be nice to have, accuracy, scalability and effectiveness are must-haves and should be prioritised.  Besides, it’s only a matter of time before you and your team become familiar with the new system.

How to make Accounting Software migration smooth

  If you decide to progress with a software migration, it’s important to do your due diligence to prevent the need for another change in the future.  Here are some steps that we at Dexterous recommend you take.

  • Make sure a needs analysis is done. It’s important to decide what a successful outcome looks like: what is it you actually need from your system? To do this, differentiate between your
  • Get input from different levels of the organisation. We recommend reaching out to both those who use the software regularly and any technology-driven staff who understand the behind-the-scenes features for guidance. This may even take the form of a working committee.
  • Undertake parallel runs. Curious to see how the new system performs? Try running it simultaneously with the original Accounting Software. This is the best way to identify its effectiveness or possible efficiencies. After this, you can more effectively consider how the new system can complement or improve your current accounting process. 
  • Run User Acceptance Testing (UAT). Otherwise referred to as end-user testing, it’s important to let the intended Accounting Software users play around with the new software and get familiar with it. This is often the best way to identify bugs and deficiencies.
  • Ensure the supplier implementation team is aligned. It’s important to be clear and aligned on the outcomes of the new software’s implementation. Define what is a successful outcome and decide on a timeframe for deliverables. Also, ensure you are on board with costs both upfront and ongoing. For example, what sort of payment and interruptions are expected, if any, for software updates and changes?

Do you need help changing your business’ Accounting System?

  At Dexterous, we have years of experience in managing Accounting Software system migrations and working with external vendors to help make these transitions as smooth as possible. We can hold your hand throughout this entire journey to ensure that you make the right decision when it comes to your business’ Accounting Software and that the migration process occurs with minimal time delays, costs and disruptions.

At Dexterous, we also go far beyond managing system migrations

  We also provide a turnkey managed finance solution that works for you through a financial, operating and growth lens. This means that we leverage all the latest business tools including Robotic Process Automation (RPA), access global talent and manage your finance department with the local expertise of our Sydney team. We also equip you with a strategic approach and cost-effective function not just to address the challenges of recession today, but to help you thrive and achieve more growth in the future. Reach out to Dexterous and transform your finance department today. For more information, get in touch with us today or connect with us via LinkedIn.