10 Quick Indicators Your Organization Is Financially Archaic And How It’s Hurting Your Growth
Updated: Aug 30, 2020
Here is a quick test to diagnose if your organization is using dated financial systems:
Writing or printing paper checks for bill payments. (and mailing them out for a majority of bill payments.)
Receiving paper bills, stamping, entering, and filing them in an old metal filing cabinet.
Manually invoicing customers using an Excel sheet or Word document along with printing, mailing, or attaching it to an email.
Entering all bank and/or credit card transactions manually.
Transferring folders of bills or check requests from manager to manager for approval.
Primarily receiving payments from customers by physical checks or cash.
Filling out expense reports on a spreadsheet and stapling receipts.
Using a payroll service that does not directly integrate with your accounting software or is charging outrageous fees.
Using desktop-based software rather than cloud-based software
Owning and/or using a fax machine (see 1994).
I want to state that there was nothing wrong with using these processes back in 2005. BUT because of the automation revolution that has taken place over the past few years with cloud-based software, it is actually hurting your organization if you continue in the old ways. Not only are all the resources of financial software companies being put to their cloud systems, but new integrations and automations are added every day.
Using dated financial processes comes at a great cost to your organization. This will be seen in administrative labor hours and management/owner/leader hours. This will also inhibit you from experiencing efficiencies that can greatly help your bottom line. The answer: automate now. There will never be a “good time” to switch over to a cloud-based system, but the sooner you switch the better off your company will be.
Quick Plug: At The Trellis Club, we try and automate as many financial systems as possible. We will create and map out your financial system. We also strive to help every client find the best solution to maximize the value of their system as well as their time. This means the end to paper checks (mostly), the end to double data entry wherever possible, and the end to primarily receiving bills in the mail and filing mounds of paper in a cabinet. It means more accurate numbers as there is less room for error when systems talk to each other. Let us help you get transitioned over. If you are already using a cloud system, we can manage it for you so that you can put your bookkeeping and payroll in auto-pilot.