Is your business accustomed to outdated accounting software? Did it ever occur to you that it needs up-gradation for inheriting the relevant features for your business to succeed? If yes, you have arrived at the right spot!
The useful features that come with upgraded accounting software make the working of the employees a lot easier and more efficient, thus, saving both time and money. It is highly recommended to upgrade to the accounting software hosting when you see these signs.
9 Signs Signalling Your Accounting Software Needs an Upgrade
Today, many businesses say that their inventory management system is very manual, which leads to human errors. From outdated accounting software, firms can see ill-effects like:
- Software taking ample time to pull financial reports
- CRM completely disconnected from other systems
- Various complexities in daily accounting tasks
If you do not have the updated accounting software, you cannot expect better results for your business.
Below are the significant signs that show you need to upgrade your accounting software:
1. When you Cannot Connect to the Cloud:
With outdated software, you would not be able to connect to the cloud. This takes away the perks of getting rid of the in-house infrastructure. This could sadly make your business miss out on all the additional features like:
- Remote accessibility
- Advanced security
- Round the clock tech support
Moreover, it hampers the workflow in the long run.
2. Real-Time Reporting becomes Difficult:
Explained in simple terms, real-time reporting means gathering up-to-the-minute data and relaying/conveying it to users as it happens. The information is presented in real-time, helping the managers make quick decisions under heavy time constraints.
With outdated accounting software, more time is exhausted as information is not presented as required in the current time. This increases the chances of profitable opportunities and magnifies the risk of errors.
3. Lack of Useful Insights:
The accounting software that gives a full view of the entire business or its financial status at one glance is more preferable these days.
But if your accounting software is not upgraded, you won't be able to get a detailed insight into each area of work. You may face integration related issues with your current accounting system in the areas like:
The outdated business accounting software would not go into specific pages, withholding your business to make more informed decisions by keeping a 360-degree view.
4. No Mobile Competences:
It is a valid and visible fact that outdated accounting software faces several difficulties, including syncing with the latest mobile support/ updates. This makes it fall behind in the competition. Here are a few warning signs:
- Your accounting software does not provide applications for mobile OS like iOS and Android
- It has limited functionality on mobile devices
- It works on your mobile device but lacks essential features.
5. Does not Integrate with any New App:
CRM and inventory management have very close yet important roles in accounting. Most of the firms use different applications for each of them to run the businesses smoothly.
However, the inability of the importation or exportation of data from other applications increases the burden on the manpower. While most of the modern accounting software now is compatible with the other applications, the up-gradation assures to make manpower contribute to helping hands to the business.
6. Limited Automation Features:
Automation related to a few tough tasks, that too with specialized software, can leave you with more time so that you can plan for your business’ growth. Where good accounting software makes things easier for you, without an upgraded one, you can face issues with:
- Recurring invoices
- Recurring bills
- Default terms and conditions
- Scheduled invoices
- Customer note fields on invoices
- Default email messages for various types of emails
- One-click estimate-to-invoice conversion
- Generating the accounting reports automatically, and more
7. No Payment Gateways:
Have you ever come across any payment incident when you swiped your credit/ debit card in a store but the POS/ billing machine did not recognize your card or showed an issue regarding the internet link being down? This is a simple example of downgraded accounting software.
A payment gateway allows the online store to connect to your merchant bank account. The old platform of accounting software has no option of paying it from the software. This can create a ruckus, making it difficult for the customers to make proper payments.
8. Only One Currency Option:
The outdated accounting software comes with limited currency options. Upgradation brings the multicurrency feature to the forefront, which allows you to assign a specific currency type to the following profiles and accounts of:
- Price levels
- Bank accounts
- Credit card accounts
- Accounts receivable
- Accounts payable
9. Software isn’t Being Updated Regularly:
Your old accounting software might not be getting regular updates. Without the update, there comes errors and bugs, which can lead to the crashing of the software and even limit some of the functionalities.
Why should you Upgrade your Accounting Software?
Data security is considered the top priority for any of the businesses. Added to that, when it comes to accounting data, things are even more critical.
Upgrading the accounting software gives better storage and the ability to take routine backup. This ensures improved security of the data and takes away the extra pressure on the business. The timely upgrades assure that your software is immune from most of the potential threats and bugs.
2. Remote Access:
The cloud version of accounting software allows different users to work on the same file, even from different locations and with different devices. This ensures that employees have flexibility at work. Such aspects maximize the productivity of the business as people virtually connect and work together at ease.
3. Ease of Customization:
The updated accounting software offers better and enhanced features. It helps in the adaptation with distinctiveness, growth, and the change in the style of your business with better customization.
4. Updated Information:
Taxation policies, accounting patterns, rules, etc. are apt to frequent changes. This affects the accounting equations by a wide margin. Your software being up-to-date can ease up the task and adjust to the changes that may occur with different information.
5. More Space for Records:
From storage restrictions to security concerns, businesses and companies have to compromise on several grounds. These limits are now diminishing with the advent of cloud accounting software, such as QuickBooks.
Most of the small and medium-sized businesses prefer QuickBooks Hosting as it comes with:
- Advanced security
- 24×7 technical support
- Back-up services
- Many more additional features
So, upgrading to such software can easily increase your storage space without any hassle of maintenance.
Benefits of an Updated Accounting Software
With the cloud, there is no need for a dedicated team for security and technical support. This saves a considerable amount.
As there is no additional team, the company does not require buying expensive hardware or spend on the expensive security infrastructure. All of these saves a fortune for the business/ company, which can be invested somewhere else.
The time that the business would have invested in the security and technical support of the company gets saved.
Updated accounting software cuts down the rigorous manual bookkeeping tasks. It ensures the smooth workflow of back end transactions as well as the processing of front-end documents.
3. No Time-consuming Back-ups:
The confidential files and data of the business are protected with automated quick backup and recovery solutions. The business companies can be assured of the safety and availability of the data. The data is safe even in case of accidental data deletion or natural disasters.
The benefits of updated accounting software include increased accuracy by reducing or eliminating human errors in calculation. The process of manual bookkeeping involves a lot of mathematical calculations by hand, and an incorrect calculation early on in the process can have a huge impact on the end balance.
Computer systems are virtually incapable of making such errors. However, it should be noted that accounting software is not immune to human errors that arise from data entry or interpretation mistakes. Still, the probability percentage is nearly negligible.
5. Multiple Users:
The cloud-based QuickBooks supports real-time access to multiple users. It is fully compatible with cross-platforms like:
6. Advanced Features:
The most important aspect of a business is the customer support that it offers to its users. With the cloud-based QuickBooks hosting service, you can easily connect with the technical experts via call, email, or chat. The support team remains available to the user all the time and helps them get their issues resolved free of cost.
There are many SMB Myths like business productivity not referring to own the best accounting software but requiring entirely for businesses’ growth. If you have outdated software, you are way far to see better results for your company.
Therefore, keep the aforementioned points in mind and upgrade your software soon. This will help you get the most out of a business accounting software to maximize productivity, hence, ensuring a good return of investment for your business.
If you think that you too have outgrown your accounting software, feel free to contact our experts at our toll-free number +1-855-922-7243. You can also write to us at email@example.com or drop a comment in the comment section below.