The accounting software you choose to use for your business is essential, and there are many options. It may be difficult to find the software that is right for your company, but here are several reasons why you might need to switch.
You and your accounting software have been together for a long time. It has seen you through some serious ups and downs and, while it has its flaws, you’ve been happy together. Until now.
You’ve expanded your business through internal growth or acquisition, but your accounting software hasn’t been able to keep up. You’re frustrated because you can’t get information out in a meaningful way. The accounting business has changed.
If you’re seeing some of the problems below, it might be time to consider an upgrade or an entirely new system.
Outdated or Limited Functionality
Features
Only 18 percent of small businesses don’t use accounting software. If your company is simply using Excel for its accounting, for example, you could be missing out on key features offered by other software. At least 67 percent of accountants prefer cloud-based accounting software, and 58 percent of large companies choose to use it. Most cloud-based accounting packages allow you to import and organize bank transactions, track bills, set up automatic payments and create custom business reports and invoices.
If your software can’t extract data or generate reports, or if the reports have to be manipulated in Excel before you publish them, then you need a new accounting program. If your software doesn’t do this automatically, then you’re wasting time with every report. A sizable 52.9 percent of small to medium-sized businesses believe that their accounting programs must integrate accounting, invoicing and payments.
Inadequate Mobile Support
Sometimes, you may need to check a few numbers on your phone when you’re on the move. It can be beneficial to have easy access to real-time data updates and approvals. Having these on hand would enable you to give this information to associates who need it rather than making them wait until you get to your computer. Numerous accounting packages offer this support, and if your current system doesn’t, it may be time to change.
Workload
When you’re constantly creating functions, doing manual reconciliations or even creating your programs to perform key tasks – or spending too much money hiring programmers – you’re burning time, effort and money doing something you can do automatically with the right program. Accounting programs can often do all of this for you, letting you avoid needless programming.
Inadequate Software
Too Much Maintenance
If your accounting software is error-prone, leading to too many calls for technical support, or if your data infrastructure isn’t capable of running it properly, then it’s definitely time to switch to some new software. Always calling technical support or fixing your problems requires your or your employees’, time, and time is money.
Lack of Support
Eventually, software companies sunset older versions to focus on creating new programs and stop providing updates and support. If this is your current situation, but annoying bugs or crashes still occur regularly, then a new program is probably the right choice. It’s important to do this as soon as possible when your support halts because, as noted above, unreliable software could cause your organization serious monetary harm.
Separate Accounting Software
If you have to use one software package for accounting, Excel for inventory and ordering, and a separate program for customer relationship management technology, then you likely need to look into new software that offers integrated solutions. Always alternating between platforms quickly becomes tedious and takes up more time than you think.
Accounting software choices are plentiful. Across all products, QuickBooks has 5.6 million customers worldwide and Sage Interactive has 6.1 million. Netsuite’s Oracle has 18,000 customers just using its cloud software. Then there are BQE Core, Zoho Books, SBS Financial Suite, Patriot Accounting, Workday Financial Accounting and many more.
Conclusion
Essentially, if you or your employees are having problems with your current accounting software, you may want to consider a change. Constant errors or everyday frustration can easily cause a loss of work hours, leading to a loss of revenue. The tools you use are key to your business’s success, and the software you use to run your business and track revenue is probably the most important of those tools.