You are not able to see financial/payroll data from prior years. The way you do so today is inefficient. Files are not archived, or they are but it takes too long. If you can’t get the data, there are negative consequences.
It is difficult to track transactions after they have been posted. You do not have a way of knowing who posted the transaction. You cannot track charges.
You have to re-key information for fixed assets acquired via a purchase order or vendor invoice.
You cannot support multiple depreciation methods. You forget to create new asset records and therefore miss out on tax deductions due to misplaced assets. There is a risk of potential theft if the company has no record of the asset and therefore they might not miss it.