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Wrongly implementing accounting software prevents firms from reaping its benefits. Find out if you are falling for common pitfalls and avoid them with Eleven.
The pandemic has underscored the value of technology in business operations, fuelling the trend of digital transformation. To keep up with the competition, more companies are turning to tools offered by service-as-a-solution (SaaS) providers to boost productivity and efficiency. While adopting accounting software is the first step in the right direction, a common mistake is rushing into technology adoption without a concrete understanding of business needs and selecting the right tools. Consequently, organisations may spend more time and money despite incorporating multiple software into their workflows.
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If your business is thinking of adopting technological tools to support the work of your accounting department, here are some common bookkeeping pitfalls and their impacts that your company will benefit from being mindful of.
When companies seek suitable accounting software, they may often find that many web based solutions in the market are paywalled with hefty fees charged for access to premium features. Out of budget considerations, it is common for accounting firms to use a mix of web based accounting software and manual bookkeeping practices, with constant fall backs on Excel. However, mixing manual accounting in spreadsheets with software tools makes it more challenging to keep data synchronised. This process also creates room for errors during the data transference, which can be costlier and more time-consuming to correct. In fact, based on research by Gartner, companies with poor data are believed to incur losses averaging US$15 million per year.
To circumvent the limitations of paywalled accounting software, subscribing to multiple online accounting software from different SaaS providers is another common practice in the market. While this gives businesses access to a more comprehensive suite of features, the need to master multiple tools can make the learning curve steeper for employees. This can spark off a new set of problems, such as employee disengagement, which costs the global economy US$7.8 trillion in lost productivity each year based on Gallup’s State of the Global Workplace report.
To further complicate the issue, the varying data formats used across the platforms offered by different SaaS providers can present challenges in data integration. Consequently, this creates a need for the accounting team to dedicate extra time towards consolidating the siloed data, which can introduce more human errors in financial reporting. This can be debilitating to organisations in Singapore and worldwide, as firms often rely on these reports to gain a comprehensive view of their financial picture and support decision-making. For companies whose work is contingent on providing services to clients, the inability to pull reports and provide valuable insights can also potentially cause them to lose business to competitors who can offer this value-added service.
As the saying goes, a company is as good as its employees. Thus, contrary to the popular belief that an automation solution automatically sets companies up for success, an unprepared team can easily prevent businesses from reaping their expected benefits. When accounting software solutions implemented are too challenging for employees, this can encourage them to revert to manual accounting practices. As a result, money is wasted on subscribing to software without a corresponding return on investment.
The benefits of adopting technological tools in the workplace can never be understated. However, realising their promised benefits requires companies to have a clear execution plan and understanding of the needs of different segments of business operations. This is compounded by the challenges companies face in finding affordable, multifunction online accounting software that can address all their needs with a single tool.
Committed to supporting businesses in boosting productivity with economical and effective tools, Eleven offers web based accounting software and automation solutions designed to address these pain points. Through our paywall-free solutions, accountants in Singapore can enjoy unrestricted access to multiple productivity-enhancing features. This includes functions such as multi-currency accounting that are typically restricted to premium subscriptions.
With these features combined in one user-friendly software, accountants can easily master and utilise Eleven’s tools to ease their workload. As a bonus, we charge on a pay-per-accountant pricing model, enabling your business to achieve cost savings of up to 70% on subscription fees. By leveraging our experience and solutions, your company can easily accomplish more with less, helping you to stay ahead of the curve. Book a demo with us today to learn how to incorporate our solutions into your business strategy.
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