As your business becomes more complex, so does the requirements of your accounting solution. Small accounting software like Xero or MYOB AccountRight provides basic accounting functionality which is generally suitable for sole traders or small businesses. Because of its reduced functionality and features, they’re easy to use and are offered at an affordable, appealing price. The downside? A successful small business will outgrow basic accounting software very quickly.
Accounting software lacks the complexity to manage larger business processes and requirements. This results in growing businesses having to rely on manual processes, intricate spreadsheets and various disconnected add-on solutions. Quite often businesses will purchase additional standalone software in tandem with their basic accounting software as a band-aid solution to accommodate lacking features and functionality in their current system. This is a common situation which works, until it doesn’t.
Consequently, many mid-sized businesses come to a stage where processes are complex, challenging to manage and are a hurdle to growth, and will start to consider the transition to a more sophisticated and better equipped cloud Enterprise Resource Planning (ERP) which supports scalability.
ERP software is an end-to-end business management platform that’s designed to integrate and streamline your businesses main activities in a one system. An ERP can manage everything from Finance, Accounting and Tax, Inventory & Distribution, Sales, Manufacturing, Construction, Payroll and more, all in one reliable system.
Unsure if you’ve outgrown your current software?
Download this guide to uncover 6 signs your business is ready to take the next step to cloud ERP software.
Or book your 30-minute software health check to uncover how your current systems and processes might be holding you back.
Thought leadership piece: How to tell if you’ve outgrown your current software
Speak to one of our accountants if you have any questions about the changes in tax for 2023.
