14th July 2016
Investing in accounting software: can you afford to wait?
Deciding on the right accounting software package for your business isn't an easy task – although here at Integrity, we hope we make the decision a little easier for those in the construction industry.
If your business is just starting out, you're faced with an even larger dilemma. You don't have the cash flow or funds to invest in software that contains all the features you could ever need or want, yet you're understandably reluctant to settle for free software that is likely to create more problems than it solves.
However, by refraining from investing in software, you'll have to spend far more time on administrative tasks. Can you afford to wait?
The dangers of waiting
Waiting for the ‘perfect’ software solution makes sense to many startups. What's the point in plugging your data into a limited system that you plan to replace in a few months?
However, it's important to consider the costs of waiting for the ideal software package to come along:
· You'll have less time to dedicate to growth, sales, and strategic planning if you have to use homemade spreadsheets to keep track of your business.
· You'll be tempted to delay key business tasks until you have software that provides improved visibility.
· It may be difficult to identify the 'ideal' software package – are you waiting for software that doesn't exist?
· Staff may become frustrated by having to rely on improvised, temporary software, reducing morale.
· Your competitors will have huge efficiency advantages due to your lack of software, potentially widening the gap between you.
A different mindset
Instead, change your mindset. Look for software that will be useful now, and will only grow in usefulness in the future.
How does this work?
Find a system that offers different tiers based on business size, with upgrades available as and when the business grows. This'll allow you to grow your software with your business, without paying for features that you don't yet need – or having to migrate your data when you need to upgrade.
You may be even be able to negotiate with potential software providers on price and the types of features included in the entry level package.
It's in your interest, and your software provider's interest, to build a long term relationship with mutual benefits. By explaining your future business growth plans to potential providers, you'll learn if and how they can play a part.
Overall, in today's world trying to start a business without accounting software is tough – unless you're an Excel expert with a template ready to go! For companies in construction, the unique payment structure of the sector makes it even more difficult for homemade software to work.
Integrity Software's construction accounting software offers a number of tiers for businesses in the construction sector. Find out which tier is right for your business and get in touch to learn more.
There's no 'one size fits all' software package. For example, generic accounting systems don't work for everyone. In the construction industry, your payment structure is more complex than those used in typical business transactions. Additionally, those basic accounting systems won't offer construction-specific features such as allowing for retentions and applications.
If you’re involved in a fledgling construction business, you’ll know that you need every tool at your disposal to compete with the established names.