As the economy continues to improve and businesses expand, they may be limited to address their companies’ needs from a lack of functionality in their existing entry level accounting system. Businesses that begins to diversify and grow in complexity often need more than basic bookkeeping and backward looking reporting to stay competitive, efficient and profitable. The below 4 business scenario present challenges that could be limiting your business as a result of not having the correct technology for your accounting or enterprise business management software.
Such 4 business scenarios include:
1. The inability to keep up with demand: As you expand product lines and enter new markets, your business processes become more complex. With basic accounting software, even the simplest processes, like invoicing and month-end closing can take hours, even days to complete; access to instant information becomes obsolete.
2. You cannot wrap your arms (or head) around your business anymore: There use to be a one-to-one correspondence between your employees and the business functions they managed. Now data moves from desk to desk, and if you don’t have the controls in place to ensure a detailed and accurate audit trail, if multiple users can make changes to financial entries in entry-level accounting software, it is very difficult to trace who has done what. Business, though, can protect themselves with better Business Management Enterprise Solutions that support and enforces well-defined roles and processes to allow for tighter controls over critical functions like payments, purchasing and across other vital areas.
3. You can’t meet customer expectations: If your business is using an entry level accounting system and a whole different set of tools to administrate contracts, track customer interactions or manage delivery systems, a business may not have the correct system in place to track customer interactions and forecast demand. These separate systems that do not communicate to one each other or are “not connected” can result in the inability of companies to meet customer expectations and lost sales. In order to compete in an increasingly competitive global economy, businesses require a well-tuned business management solution to properly manage customer and vendor requirements.
4. Your business cannot scale operations to support business growth: A growing business typically requires more people, more productivity and more collaboration across departments to keep up with demand. If your business is stifled by the number of people who cannot access information, transaction limits, or the size of your database, scaling your business to foster growth with be a massive challenge.
Find out more about the Financial Management Functionality in Microsoft Dynamics NAV