If you have yet to integrate an accounting system into your daily operations, you should know there are many benefits you’re missing out on. In fact, an unintegrated system like QuickBooks can cause you to lose time and money due to a lack of proper collaboration. Here’s a closer look at how an unintegrated accounting system is holding you back as well as your solution options.
1) You don’t have access to big data
Big data is a trending term that is used to describe the data businesses can use to grow their customer base. It can also be used to enhance product and service quality as well as help you determine where changes need to be made. With an unintegrated accounting system, you’re missing out on valuable data. A system like QuickBooks can help you assess last quarter’s overall performance, but it can’t help you pinpoint key customers. An integrated accounting system, however, allows you to view data and collaborate on a real-time basis, helping you identify profitable opportunities.
2) You don’t have a clear audit trail
When your accounting system isn’t up to par, you’re left with a mess of receipts and invoices that don’t make any sense. Collaboration and communication across your audit trail will be fuzzy. A full service accounting program, though, will help you keep track of multiple users who have access to the program, which makes it easy to determine what each user is doing. From the moment a transaction is entered into the system, you’ll be able to monitor the associated processes, including financing, cash collection, etc.
3) Your customer service is suffering
Programs like QuickBooks tend to fail customer expectations. Pulling up a single transaction requires multiple mouse clicks and can slow down your customer service processes. With an integrated system, you’ll enjoy compatibility with transaction tracking, contract development, contact lists and much more. When all of these elements work together with one another, you’ll enjoy streamlined collaboration and communications, which greatly boost customer satisfaction levels.
4) Your accounting system isn’t scalable
As your business grows, your accounting department will too. With a program like QuickBooks, scalability and collaboration is limited. This is why you need an integrated accounting system that is scalable, allowing enhanced access to accounting data, which can be used to direct your other core operations and sharpen your collaboration capabilities.
Understanding Your Solutions
To overcome the obstacles accompanied with an unintegrated accounting system, you should deploy a program like NetSuite or Microsoft Dynamics. These types of ERP solutions can provide insightful views of your accounting data. You’ll enjoy advanced bookkeeping tools, inventory management applications and real-time reporting. Other benefits to be enjoyed include elevated customer relationship management, various deployment options and a unique user experience. Most importantly, better collaboration will take place across all departments.