Warning Signs your Accounting Software is becoming a Liability
Migrating to a new financial platform is never an easy decision because accounting and project management systems serve as the backbone of architecture & engineering (A&E) firms large and small. When evaluating the move to a more modern system, firms often make the mistake of focusing on upfront time and costs, rather than long term cost savings and benefits.
If you’re still using a software system such as Wind2, Sema4 or Advantage, it’s time to take a look at what a more modern system can do for your organization. Understanding the limitations of using an aging financial system and the ways more modern software helps solve common business problems can help you determine the best time for your firm to upgrade.
Legacy Red Flags Start Small, Compound Quickly
The red flags in an aging accounting system always start small… a missing capability here, a capacity limit or outdated server there. However, red flags can compound quickly, putting your entire operation at risk. During a recent webinar, we reviewed the early warning signs of an aging accounting system. I’ve pulled out a few of the key warning signs below, but I encourage you to watch the full on-demand webinar to learn more.
Making the Switch from an
Outdated Accounting System
The Early Warning Signs
Access to Legacy Product Expertise is Limited
You may currently have a power user that knows the ins and outs of your accounting system – but what if that person leaves the firm? Any knowledge of how your existing system works will become more limited over time and it will only become more difficult to find people with that knowledge (or that want to maintain an older system!).
The Product is No Longer Supported
When your software is unsupported, you can’t count on the provider to deliver necessary updates to keep your system secure. Think about this – if your server crashes, how much data are you going to lose, how long will it take to get it back up and running, and who is going to help you? A crash or security breach can easily result in a disaster that will be far more time-consuming and potentially more costly to your business than had you replaced it with a new system.
Data and Workflow Processes are Disconnected
Disconnected data and workflows result in unreliable data and a lack of real-time information and analytics. Firms that operate this way only get a sense of where they stand as they are preparing invoices at the end of the month. If this sounds familiar for your firm, you are at greater risk of budget overruns and project failure.
You’re Experiencing Productivity Declines, Budget Overruns and Schedule Delays
When your teams are performing complicated workarounds and having to rely on back office staff for critical information, productivity and projects will suffer. Without timely access to information, your staff is forced to make business decisions using outdated information. If an issue is spotted, it’s often too late to take corrective action. If you’re operating this way, you’re placing your projects at greater risk for going over budget and over schedule.
You’re Falling Behind the Competition
If your competitors have already moved to newer systems, you may be operating at a disadvantage. Modern financial systems are built by taking advantage of recent advancements in mobile, web and cloud technologies. Older systems operate on older technology…and it is often impossible to adapt an older system to the needs of the modern marketplace, which limits your ability to compete effectively. The cost of lost opportunity can impact your firm’s long term profitability.
It’s time to stop putting off your transition to a modern accounting and project management solution and explore all the benefits you’ve been missing out on. The longer your organization remains on an aging system, the further you will fall behind. Don’t wait until your system breaks and you’re forced to upgrade. The potential data loss and the cost to fix will be much greater than if you plan your upgrade now. Hundreds of A&E firms have realized they were spending too much time maintaining the business value of an inefficient, outdated system and have transitioned to Deltek Ajera.
Join Tim Wagner, Senior Service Delivery Manager at Deltek, as he explores how to spot the early warning signs of an aging accounting system, and offers tips for upgrading your software with little to no disruption. Hope Martinique from Ballentine Associates also shares why her firm made the switch and how they’ve benefited since the implementation. Watch the “Making the Switch from an Outdated Accounting System” webinar now.
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