The more your business grows, the more important it is for you to upgrade accounting software.
Continuing to use outdated accounting software compromises a firm’s ability to be competitive in their industry. Accountants and bookkeepers should take the opportunity sooner than later to ensure the firm’s operations are supported by state-of-the-art platforms.
If you are like many other business owners, then you aren’t sure when you should upgrade accounting software. If you think it might be that time, keep an eye out for these signs that it is time to upgrade.
Outdated informaton: Outdated systems are prone to error reports, tax calculations, margin percentages, and much more stemming from incorrect set-ups. If you have no way to keep software up to date, your business can be heavily impacted.
Not customizable: Newer softwares allow you to customize your software to fit the needs of your business. Trying to incorporate your business needs with cookie cutter software is often a waste of time and money.
Not automated: You are living in the stoneage if your software cannot automatically produce a spreadsheet. Manually creating spreadsheets each month is costly to your business, and often produces errors in calculations.
Poor security: Older software have poor security measures that put your finances at risk. With cyber theft being so high nowadays, it is crucial that your business has secure, tamper-proof systems.
Poor connectivity: Almost every business today is switching to cloud-based accounting software. Smart business owners are best served with real-time accounting and bookkeeping. Cloud accounting is best for client to consumer collaboration.
Studies show the #1 reason a business doesn’t update their software is because they stick to what is comfortable. New software means you have to spend time learning how to use something new, creating potential problems and a change from the norm. Although updating can be timely, it comes down to the question – do these negatives outweigh the dangers that will come later?
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