As a company grows, they eventually hit an inflection point where it becomes obvious that a change to their accounting software is required. This could be the case where the company has outgrown its initial financial system, such as QuickBooks, or a situation where they are looking to move off outdated and unwieldy on-premises financial software from the likes of Microsoft or Sage.
There are a variety of reasons companies are forced to change their financial system. Some examples include:
- They are struggling with reporting and can't analyze operational data
- Inefficient manual processes are draining productivity
- Dependence on cumbersome spreadsheets to run their business
- The need to manage multiple entities or multiple currencies
- Lack of real-time access to financial data
In the end, CFOs just want to add value to the bottom line. Hanging on to a financial system that slows down month-end closing and other fundamental processes can be a barrier to that goal. Eventually you need to make the decision to move to a system that will foster company growth.
In this short video, Intacct's Taylor Macdonald and David Thikoll from Intacct reseller and implementation partner Silverware, Inc., discuss some of the top reasons why companies move to new accounting systems.
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