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The Accounting Tripwire: Is Your Accounting Software Hurting Your Bottom Line?

Jun. 30, 2021

accounting software

Oftentimes in the commercial HVAC industry, contractors are eager to upgrade their technology or invest in a new and powerful field service management (FSM) software. At the same time, those contractors are often unwilling to let go of their outdated accounting platform, which may save them time in the short term but hurt the business in the long game. Unfortunately, there are currently no robust field service management systems that include a native accounting system, which means that contractors must choose a tool that integrates with modern accounting software.

There are accounting integration solutions that can let you integrate a new FSM into your preferred accounting system. On the other hand, contractors need to keep in mind that no good FSM tool will work with outdated accounting software. Because of this limitation, many field managers and contracting companies make the mistake of sticking with what they have or selecting a low-quality FSM program, when they would actually benefit from upgrading their accounting software.

Even if contractors believe they’re saving more money and energy on using outdated FSM and accounting systems, the fact is that it’s often easier and more efficient to upgrade both types of HVAC software. If you’re wondering whether your current accounting software is holding you back, take the following into consideration.

 

Key Features of Modern Accounting Software

Unlike outdated systems, modern accounting software includes several key features that can help your business thrive. These features may include:

Cloud Architecture

Today’s accounting software is often cloud-based, which comes with several benefits. For example, cloud architecture can help reduce the risk of data loss in the event of a disaster, significantly lower IT expenses, and increase productivity. Additionally, cloud-based infrastructure tends to pass down greater cost savings and increased data security. Cloud-based solutions also allow for easier integration with other types of software, including FSM software.

Increased Automation of Financial Processes

Modern accounting software also makes it easy to manage and measure your financial data, without the need for additional external solutions such as reporting tools. Many systems allow for the automatic sync of your bank and credit card transactions to help you seamlessly track income and expenses. This makes routine tasks like bookkeeping, invoicing, time tracking, and more, a breeze. Ultimately, modern accounting software will simplify and streamline financial processes as opposed to making them more complex.

In-depth, Actionable Insights

Clear, reliable data leads to smart business decisions. With the help of a modern accounting system, you can benefit from detailed real-time business insights that help identify potential issues or new opportunities for growth. With access to customizable balance sheets, cash flow statements, and profit and loss statements, you’ll have the tools you need to optimize ROI for your business.

 

How to Fuel Growth with Your Accounting Software

The accounting software your business uses should give you the combined efficiency, ease of use, and access to key business insights needed to help you grow. Good accounting software will help automate your financial processes, give you total transparency into your company’s performance, and help minimize inefficiencies that could compromise operations. And since time is money, eliminating inefficiencies can result in a boost to your bottom line, driving up profit margins. In addition, accounting systems should allow for ease of integration with other tools to help you get the most from them, including FSM programs. If you’re finding that you’re not getting the results you want with your existing system, it may be time to upgrade.

 

Diagnosis: Is Your Accounting Software Holding You Back?

Accounting software could be what’s keeping you from reaching your full potential as a business. If you’re not sure whether it’s time to make the switch to a new system, there are certain ways to determine if your software is a source of inefficiency.

Questions to Ask When Auditing Your Accounting Software

As you attempt to determine whether you need new accounting software, you can ask yourself some of the following questions:

  • Am I spending too much time using accounting software instead of managing my business?
  • Is my accounting software compatible with mobile devices?
  • Does my accounting software regularly crash?
  • Have updates stopped installing for my current software?
  • Does my accounting software include robust automation features?
  • Does my accounting software work with other tools?

Depending on the answers to these questions in your audit, you may find that it’s best to upgrade your system as soon as possible.

 

Considerations When Upgrading Accounting Software

If you’ve decided to upgrade your current HVAC software for accounting, there are certain considerations to keep in mind to help you find the ideal solution. Remember, not all modern accounting software is created equal—find the tool that’s most compatible with your business. Some potential considerations include:

Technology

Ideally, modern accounting software for contractors should use cloud technology. With cloud-based software, you won’t need to worry about what will happen to your data if any kind of system compromise takes place. You’ll remain comfortable in knowing that your data is always backed up, and cloud technology makes it easier to connect your system with other cloud-based applications.

Flexibility

Try to find software that offers ample flexibility. For instance, does the software include features that enable you to effectively analyze and report your financial data? How does the software help optimize workflows for your business? Good software will also ensure that you’re able to gain meaningful insights and use them to improve your operations.

Open Platform

To help get the most from your software, it should also use an open platform. This means the software should be built to easily accept and integrate with third-party applications, allowing you to tailor your accounting software to your specific needs. Whether you’re using separate apps to manage timesheets or online payments, your accounting system’s open platform should integrate with all your tools seamlessly.

Integrations

Trust, but verify. Make sure that the tool you choose has the ability to integrate with other solutions for your business. If the platform is open, this should be doable, but it’s important to confirm whether the software will work with your FSM and other integrations before making your choice.

 

Upgrade Your Accounting Software ASAP if Necessary

If you’re currently happy with your accounting software and find that it’s compatible with your FSM tool, you may not need to change a thing. However, if you find that your system is inefficient, unreliable, or generally outdated, there’s no time like the present to upgrade to that latest technology that can really save you time and money. It may seem daunting to find and select the right accounting solution, but it will likely be easier than sticking with systems that hold you back in the long term. And don’t forget all the money you’re leaving on the table when you’re relying on manual systems. It pays to perform an assessment of your existing system and determine if you need to make a change, which could be the key to driving your company’s growth.

Looking for an all-in-one platform to help drive your company’s success? Schedule a demo to find out how the BuildOps platform for commercial contractors can help you manage every aspect of your business. From service to projects, our groundbreaking field service management platform integrates with today’s modern accounting systems, including Quickbooks, Spectrum, Vista, Sage Intacct, and more.

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