Business owners are a special group. There’s no shortage of problems for the CEO. One of the biggest and most tragic situations I have seen too many times to count over the last 20 years working with CEOs involves getting lured into a “software trap” where a company is held hostage in a place that is debilitating and excessively expensive.
Accounting Software and its Hostages
It is tragic because businesses become absolutely dependent on an accounting software platform that is expensive, complex, and doesn’t perform as promised, or is just operationally ineffective. They don’t have the extra capital and fortitude to face the “experience” of doing another conversion, so they feel trapped.
The siren song begins when providers of these platforms make promises for the “magic bullet,” turnkey, all-in-one, fully integrated accounting system that will transform your business.
The reality is that these accounting software systems typically are not cost-effective for a business, small or large, for several reasons. They tend to be hard to learn, tedious to train people on, and not user-friendly. The bells and whistles promised in the all-in-one package generally come with a bunch of added fees and their implementation can have serious drawbacks. Unfortunately, I’ve seen this time and time again: 90 percent of the time in these situations the software only provides a fraction of the benefits promised, while other big compromises that were unforeseen during the software evaluation process are being made.
It’s natural for business owners to feel held hostage by poor accounting software decisions. Fear of change and lack of experience with a variety of solutions are compounded by the risk and expense of employee turnover and software training.
Detour Around Tragedy
Finding an experienced partner could save your business tens of thousands of dollars. A quick evaluation of your company from an unbiased partner can provide a clear solution for your business needs and help you migrate to a lower cost, easier-to-use platform.
If you’re feeling trapped, now is the time to act. There is a solution to make your accounting seamless and worry-free.
Owner, CFO Network