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 MBS ATA, we’ve noticed that when a new bookkeeping 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
1. Repeat Invoicing
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 bookkeeping technology solutions since it can be hard to wade through all the vendors’ hype in order to really 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 bookkeeping 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, this new technology solution is supposed to be easier than the complicated method your team was using before. But unless your team gets trained on how to use it, they’ll 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 bookkeeping 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.
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.
5. Your Bookkeeping
Automating all these steps of your bookkeeping will save you time, but ultimately you’ll still be responsible for setting up your bookkeeping systems, reconciling your bank accounts, and managing your bookkeeping technology stack to ensure everything stays working as required.
Why not consider outsourcing your bookkeeping, instead? When you turn to an experienced accounting advisory services professional like MBS ATA, you’ll find a trusted advisor who can help you improve your bookkeeping processes, manage your cash flow, and answer all your questions.
Schedule a free fifteen-minute consultation with our team to learn how we can help save you valuable time, and rest easy knowing your bookkeeping is in good hands.