Changing Accounting Systems: Time for New Accounting Software?

When considering a change in your accounting system, it is essential to weigh the potential benefits against the costs and complexities involved. As a SIAP partner for Sage Intacct, Windes understands the complexities of modern business finance and accounting software needs.  

Key Accounting Software Factors to Consider

Cost Savings and ROICloud-based accounting solutions like Sage Intacct often offer lower upfront costs and ongoing maintenance fees compared to traditional on-premises software solutions. To maximize cost savings, look for software with automation features that can significantly reduce manual tasks, leading to increased efficiency. Improved reporting functionality can improve financial visibility and help identify areas for cost reduction and optimized resource allocation.ScalabilityCloud-based accounting systems can quickly scale to accommodate growth, whether it is adding new users, locations, or complex financial processes. Sage Intacct offers a flexible platform that can adapt to your business’s evolving needs.FunctionalityEvaluate your current system’s limitations. Are you struggling with specific tasks, such as complex consolidations, multi-entity accounting, lease accounting, or project accounting? Sage Intacct provides a comprehensive suite of features to address various accounting needs in the professional services, finance, and real estate sectors.Usability and Technical FitUser-friendly interfaces can improve adoption rates and reduce training time. Adding technical support resources can also ensure smooth implementation and reduce ongoing maintenance concerns.IntegrationSeamless integration with other business systems, such as CRM, HR, and payroll, can streamline workflows and improve data accuracy. Sage Intacct offers robust integration capabilities and can be customized to fit your specific needs.TimingPlan your implementation carefully to minimize disruption to your business operations. The best timing for an accounting software transition often aligns with your business’s natural cycles. Here are some recommended strategies:

• • The beginning of a Fiscal Year: You can start with a clean slate. Start fresh with no carryover data from the old system. During the fiscal year break, you are less likely to have disruptions or interference with ongoing financial tasks.

 

• • The end of a Fiscal Quarter: This allows you to transition during a period of lower transactional activity. It also allows time for preparation and thorough planning and training before the next quarter.

 

• During a slow period: Your team’s workload is reduced during slow periods, which helps minimize disruption to daily operations. This allows for focused attention and more time for training and system familiarization.

Regardless of your timing choice, key considerations should be to avoid peak seasons. Choose a time when your business is less busy to minimize stress and errors. You also need to plan for adequate training sessions for your team. It is a good idea to consider a parallel run. Operate both systems simultaneously for a test period to ensure a smooth transition. When limited resources or expertise is a concern, seek expert assistance. Work with a trusted accounting software implementation partner like Windes to guide the process. Ultimately, the optimal timing depends on your specific business needs and circumstances. By carefully considering these factors, you can choose the best time to transition to a new accounting system and maximize its benefits.Reliability and SecurityCloud-based solutions often provide enhanced security and reliability, with regular updates and backups.

• • Redundancy: Cloud providers often use redundant servers and data centers to ensure uninterrupted service. This means that if one server fails, another can seamlessly take over.

 

• • Automatic Updates: Cloud-based systems are automatically updated with the latest security patches and feature enhancements. This ensures optimal performance and reduces the risk of vulnerabilities.

 

• • Accessibility: You can access your financial data from anywhere with an internet connection, increasing flexibility and productivity.

 

• • Disaster Recovery: Cloud providers have robust disaster recovery plans to safeguard your data in case of natural disasters or other unforeseen events.

 

• • Data Encryption: Sensitive financial data is encrypted using advanced encryption techniques to protect it from unauthorized access.

 

• • Regular Security Audits: Cloud providers conduct regular security audits to identify and address potential vulnerabilities.

 

• • Access Controls: You can set up user roles and permissions to control who can access specific data and perform certain actions.

 

• • Firewall Protection: Strong firewalls are implemented to protect the system from external threats.

 

• Data Backup and Recovery: Cloud providers maintain regular backups of your data, ensuring that it can be recovered in case of data loss.

Services and SupportA reliable accounting software implementation partner can provide ongoing support, training, and maintenance. If you choose Sage Intacct cloud accounting software, Windes offers a comprehensive range of services to help you maximize the value of your investment.  

When to Consider a Change

It is time to evaluate your accounting system if you are experiencing any of the following:

• • Inefficiency: Manual processes, slow reporting, or errors in data entry.

 

• • Lack of Scalability: Difficulty in accommodating growth or new business lines.

 

• • Limited Functionality: Inability to handle complex financial transactions or industry-specific requirements.

 

• • Poor User Experience: Frustration with the system’s interface or performance.

 

• Security Concerns: Inadequate protection of sensitive financial data.

By carefully considering these factors and partnering with an experienced SIAP provider like Windes, you’ll be on your way to improved reporting functionality and financial visibility. We’ll help you identify areas for cost reduction and optimized resource allocation so you can spend more time growing your business.Contact Windes today to discuss your needs.

Windes is a Sage Intacct Accountants Program (SIAP) Partner. If your organization currently uses or is considering Sage Intacct Cloud Accounting Software, Windes can help implement and manage Sage Intacct tools to swiftly achieve maximum benefit and minimize disruptions to financial performance.