Finance System Health Check: Is Your Current Accounting System Performing At Its Best?

If you’re running an accounting system for your organisation right now, then it is worth ensuring that your system is performing at a top level. After all, what is worth doing is worth doing well.

So, how can you tell if your system is performing at its best?

The answer is this: run a health check on it. In fact, that’s exactly what you’re about to learn how to do today.

Use these questions to reevaluate your accounting system to see if you need a change of software:

Is data not at your fingertips, resulting in hours of manual data manipulation?

Manual data management is replete with issues such as fraud, errors, and data loss. If your current system does not provide quick and easy access to data whilst ensuring it’s secure, it means it is not giving you the best.

You need a system that offers, not only automated data entry but also the functionality for integrating data from other systems for enterprise-wide access of information in a single place. 

When data is readily accessible, employees are able to move work faster and management can make data-driven decisions more rapidly.

Are you struggling with running multiple applications simultaneously?

One company used to run a heavily paper-based manual system for collating employee expenses. And so they needed to streamline that aspect of their business. They chose a third-party software provider to facilitate the electronic capture, processing, and paperless filing.

Since they were already running SunSystems, they contacted FinanSys to integrate the third-party software with SunSystems as seamlessly as possible to eliminate the duplication of data input and wasted effort.

Integration is a vital aspect of an efficient accounting system. If your current financial platform does not allow seamless integration with other business systems, then you may end up struggling with using multiple applications that do not connect.

This creates an environment for the silos problem to kick in, an environment that impedes your team’s operational efficiencies.

Does your organisation rely on paper/email to approve invoices or expenses?

Paper- and email-based invoice/expense approvals are unwieldy and hard to track, making accounting tasks a nightmare for teams. They create critical bottlenecks, especially for organisations that have a large number of approvals.

If this sounds familiar, then your accounting system is in desperate need of repair.

By implementing a modern system that supports automated invoicing and expense management, you’d be able to reduce costs, increase employee productivity, and improve business performance.

Do you have to manually rekey or upload information from other systems?

These days, organisations are known to generate a massive amount of data regularly. Whether the data is generated through spreadsheets or other sources, you need a system that supports automated data management.

Unfortunately, some organisations are only able to manually rekey or upload the information.

You ought to choose a system that supports the free flow of information from system to system across the entire organisation. For example, with the SunSystems accounting software, users can easily import and export both transactional data and static data from a CRM system. You can also integrate your billing, HR, Membership, Donor, booking or alternate business systems.

Does your organisation struggle to support growing business requirements because of the lack of multi-company and advanced currency functionality?

When you’re just starting out as a business and don’t have plenty of accounting functions to perform or a large amount of data to process, it’s okay to pick just any accounting software.

But as your organisation expands and your business requirements grow, such accounting software could become obstructive to your progress as a company.

The solution is to switch to a financial management system that supports multi-company setup, multi-currency functionality, and advanced financial consolidation.

How is your current system performing?

If you are confident that your current accounting system does meet all these expectations, then you don’t have a problem. But if you answered ‘yes’ to any of the questions, then it might be time to consider switching software.

If you need more personalised help with reevaluating your current financial accounting software, then you should sign up for our upcoming webinar in which we will take you through the process.