5 Reasons Businesses Fail at Implementing Digital Accounting Software & Technology Stacks
An efficient, effective bookkeeping technology stack can be a powerful tool for your business’s growth. But the task of implementing it is often more challenging than many businesses expect. It’s crucial to have a good plan in place to have the highest probability of success.
At MBSATA, we’ve noticed that when a new accounting technology stack implementation fails, it’s often because of one of these five reasons. Keep these in mind, and you’ll be one step closer to having a bookkeeping solution that truly supports your business.
1. They don’t understand the problem they’re trying to solve
As with any big business investment, you’re going to get more out of your time and money when you start with “why.” This is especially true when choosing and implementing accounting technology solutions since it can be hard to wade through all the vendors’ sales pitch in order to truly understand the benefit.
Before you start researching bookkeeping software solutions, take the time to understand the business problem you’re trying to solve. Are you trying to save time? Get deeper business insights? Gain visibility into your sales team’s expense reports? Bring together different departments?
Use that key business problem as a yardstick to measure possible software solutions.
2. They try to implement everything at once
An effective technology stack has a lot of moving parts — and this can be daunting for businesses who are trying to implement a top-to-bottom solution.
Instead of trying to do everything at once, take a phased approach to rolling out the tech stack. Start by focusing on your core accounting platform and ensuring that using it is seamlessly integrated into your team’s workflows. Then, use your key business problem to help you prioritize which features to implement next or which additional apps to purchase.
3. They don’t budget time for training
Sure, new digital technologies are supposed to streamline complicated processes your team was doing before. But unless your team gets proper training with said software, efficiency rates are unlikely to change. Employees unsure of how to engage with the new software will keep falling back on the old methods they’re comfortable with.
Budgeting time and money for proper training will boost user adoption rates and keep your digital accounting software technology stack implementation from getting derailed. Make sure your staff knows where to go for help — maybe by appointing one team member to become the expert in the software, or by building a resource library of training materials they can refer to when they’re having trouble. Better yet, request training from the service provider. The provider will have the best people to teach how to use the software (after all, they’re the ones that built it!)
If you have remote team members who will be using the software, be sure not to leave them out of the training loop.
4. They picked the wrong software vendor
With so many software providers out there, it can be hard to wade through them all. This leads to many businesses choosing the first solution they come across, or going with whatever sales team has the better pitch.
The trouble comes when the software turns out to be a bad fit for the business: too expensive, not scalable, or unable to integrate with the tools the business needs. Beyond the time and effort it takes to scrap the first implementation and go another direction, your company may also be trapped in a long-term contract.
This is why it pays to put in the research time upfront. Gather information widely by conducting your research, speaking with various vendors’ sales teams, consulting with an accounting advisory services provider, asking other business owners for advice, and enlisting your team. Understand that there are multiple types of software that could be the solution to your problem, but only one of them is the best fit for your team.
5. They don’t think beyond their original workflows
Even if your main reason for implementing a bookkeeping technology stack is to make your original workflows more efficient, don’t just stop at replicating them digitally. Take advantage of the new possibilities afforded by the application stack that you are using. Ask yourself: What new advantages will you gain by using it? How can you push your business to grow?
This could include increased insights gained from in-depth reporting, time savings realized by automations, and accounting technology integrations that could completely change the way you approach your businesses finances.
Related Content: Top 5 Key Financial Metrics to Push to Executive Dashboards
If you need help thinking outside the box when it comes to how a bookkeeping technology stack can push your business to new levels — or with any step of the process — talk to the experts at MBS ATA.
Our team works with small businesses to design and implement bookkeeping technology solutions that are customized to their specific businesses. Get in touch today to schedule your free five-minute consultation to learn what we can do for you.