How Do You Know You Have Outgrown MYOB or Quickbooks ??? Part 1
Over the next three articles I will outline practical examples of indicators that your organisation should move to another accounting solution.
However I should first point out that MYOB Account Right and Quickbooks have both revolutionised the accounting software market. It was back in the 1980s when accounting software was an expensive, unfriendly tool for business to utilise. Now accounting software is easily purchased and implemented by even a small one man business, mainly thanks to these two companies’ offerings.
However a the product you purchased to generate invoices and meet your BAS Requirements when you first started business all those years ago, may not be the software your organisation needs to meet its growing needs today. Just like the market you compete in, the needs and wants your organisation has today have changed.
First Sign of a need to change - SPEED
Many time I am invited into a business and witness the delays of processing a simple invoice. On one occasion I rang to pay an account, and spent 5 minutes waiting while the person on the other end of the phone looked up my account balance. My experience of dealing with the company was coloured by the delays in getting simply information, as their customer. Most companies look upon the time that is consumed by their staff, whom they pay good wages to, as just a cost of doing business. However they should also think about the effect on their customer’s experience.
Quality of Reporting
The second biggest reason for change is the ability and ease to attain the information key decision makers need in a timely fashion. Many time I find that organisations have multiple spreadsheets maintained as secondary silos of information to collate the information they require. These could be in the guise of Marketing Lists, Sales budgets or Purchase orders pending to name a few. All taking time and effort to maintain, that would be considerably quicker if their organisation had the specific functions they required in one application.
In my next instalment I will highlight other indicators including the most common reason for organisations to move to a better accounting system.