What is the correct time to upgrade accounting software?


Date: 08 Apr 2021

What is the correct time to upgrade accounting software?

Accounting plays a very critical role in every organization. Apart from showing the conventional profit and loss statements and balance sheets, accounting data can help your business recognize expansion opportunities and provide you relevant info to make informed decisions.

As your business expands, your accounting and business operations and processes become more complex and require a more robust solution to managing critical financial and business data. Your existing software may have served your business well when it was at a nascent stage.

Now you need to assess if it lacks some essential features to handle your mounting operational and business needs. Discover why maybe it's time that you get your accounting software upgraded.

Top 9 reasons to upgrade your accounting software

  1. Lack of advanced features
The limited scope of use
  3. Accounting has become time-consuming
  4. No provision for reports
  5. No real-time reporting
  6. Compromises data security
  7. No integrations
  8. Current software is not flexible to meet prevailing requirements
  9. No remote access


Lack of advanced features

Your old accounting software only provides essential features that are no longer serving your business goals. If your company now has more inventory, offices/branches, employees, bills, receipts, and sales, you are running the risk of careless financial data management.


Eventually, these can lead to dire tax-related consequences. When you are contemplating switching to a new accounting system, make a list of what features you need. Ask your accounting department what they need to make business operations smoother. This will help when you are comparing different accounting software


The limited scope of use

As your team and dealings multiply, it might become more and more challenging to use software that only permits storing a certain amount of storage for your transactions and data on employees and clients. If you sense that you have reached your accounting software limit, then start browsing for an advanced version and more accommodating one like BUSY Software.


Accounting has become time-consuming

Growing business operations means more financial responsibilities to keep track of. If of late, you have noticed that accounting activities take more time than usual because much information has to be entered manually, then you should consider looking at other options. Look for popular accounting software like BUSY Software that offers total or partial automation of specific data like recurring bills and receipts. With minor tasks out of the picture, now your team can take care of more critical financial facts and figures. 


No relevant reports

Storing data is not enough; you also need a sophisticated system that drafts reports on demand. Having access to reports gives you insights into your business activities and helps you make necessary tweaks if you are overshooting your budget.


No real-time reporting

Real-time reporting allows you to collect all the latest information and interprets it as it is happening. The tool of real-time reporting can be handy as it can help your team to make correct decisions under pressure. With obsolete software, you will end up wasting precious time as information is not processed and ready-to-use in the current time, increasing the chances of losing out on profitable prospects.


Compromises data security

If you are using outdated accounting software, then the chances are that it lacks modern security features. This automatically puts your data at risk, making it vulnerable to cyber-attacks. Unfortunately, if your system is hacked, you can lose some critical and confidential data about your business operations and your employees and customers. There is an obvious peril of unauthorized transactions that can have long-term implications on the organization's financial health. Another downside of using outdated software is that it will ultimately become buggy and crash, which might lead to the loss of crucial data.


No integrations

These days there are so many third-party apps that can simplify many tasks for you. Using old accounting software will restrict you from exploring these options, because of which you can lose out on potential money-making opportunities. For instance, best accounting software like BUSY Software offers to integrate with payment gateways so that you can accept online debit and credit transactions. 


Current software is not flexible to meet prevailing requirements

Ideally, your business software should be customizable according to your business needs. Standard tools might not offer you the real-time data and reports you need for your business. For instance, a restaurant business might need additional features like menu management, inventory management, staff shift schedules, etc. So, when you are shopping for new software, ensure that it suits the kind of business you're in.


No remote access

Accounting software with no remote access can cause many inconveniences when you or your employees travel or work from home. Delays caused by this can unnecessarily bring down the productivity levels of your workplace. So, we think you should invest in an accounting system that gives your team the flexibility to work from anywhere and any device.


The right accounting software, such as BUSY Software, can significantly improve all areas of your business. So if you find yourself and your team bogged down with an outdated system, it is time you make a move and embrace a new one. 


If you want to learn more about BUSY accounting software, or customization available, contact the experts.