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January 8, 2018
Ask ACE

Here's how you know when it's time to upgrade your accounting software

The Association for Consulting Expertise (ACE) is a non-profit association of independent consultants who value “Success through Collaboration.” The public is welcome to attend its regular meetings to share best practices and engage with industry experts. For more information go to www.consultexpertise.com.

Q: My business is growing. When do I know it's time to move beyond my current accounting software?

ACE advises: You might want to consider the following questions about your current software. Does it:

  • Provide timely and accurate financial information? If not, am I spending a significant amount of time exporting and manipulating data in Excel to gain the financial insights I need?
  • Provide a consolidated view, if I have multiple locations? If not, am I spending a significant amount of time exporting and manipulating data in Excel to consolidate the information?
  • Integrate with other software that my business uses? If not, am I spending a significant amount of time managing manual processes?
  • Allow me to automate my order to cash? If not, am I spending significantly more time to manually manage these process than I would like to? Does the lack of integration and automation result in shipping and invoicing errors and make it more difficult for customer service to research and respond to customer inquiries?
  • Allow me to automate procure to pay processes? If not, am I spending significantly more time to manually manage this process than I would like to? Does the lack of integration and automation result in lack of control over purchasing and spending, or excess inventory?

Consider the cost of not having the right accounting software to support your business may far exceed the price of the software.

Dean Michaud, president of Michaud Accounting Solutions in Scarborough, can be reached at consulting@michaudaccountingsolutions.com

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