7 More Reasons You Need to Upgrade Your Accounting Software

Just like you need to upgrade your accounting software, we have upgraded one of our most popular blog posts for 2017. Here are 7 more reasons to upgrade your ERP software.

Being successful in the Age of the Customer means making sure you leverage the right software tools to create the ideal customer experience. For some companies, this can mean acquiring new software, while for the others, it can mean upgrading existing technologies.  If your business is growing or you have been in business for more than a decade, there’s a good chance you’re due for an upgrade. So which tools do you upgrade first, and should you upgrade? A good place to start is your accounting software. Here are seven signs it’s time to upgrade your accounting software.

You’re not able to run your business on the go.

Are you still having to call someone into the office for help when you’re trying to answer customer questions?  You can easily resolve this problem by upgrading to cloud-based accounting software. Using cloud-based accounting software like Xero and Zoho, for instance, gives you complete mobility; you can stay connected with your data on any device with an internet connection, respond to new opportunities, and thus exceed customer expectations. What’s more, cloud-based accounting software is often much more cost-effective and it’s often easier to use. It’s also one of the most secure ways to store information nowadays. By upgrading your accounting software you’ll stay ahead of your competitors and provide the customer service clients have come to expect.

You’re still using manual spreadsheets to produce reports.

If your accounting system has problems in producing certain types of reports quickly, and you end up creating manual spreadsheet reports, you know it’s time for an upgrade.  Often, smaller companies may supplement their accounting software with Excel spreadsheets. It requires double entry of data and is prone to errors. Why spend so much time producing manual reports, when you can have reports produced automatically, save time, and get more return on investment (ROI).

Your current software is too complex.

Not all accounting software is easy to use, and some systems are way too complex. If your employees have been trained, but are frustrated and are still finding it hard to use your current system, then it’s a good sign you need make some changes. The best accounting software is affordable and easy-to-use.

Your accounting software isn’t integrated with your front-end processes.

We keep saying it–this is indeed the age of the consumer.  If you want to stay competitive in this connected age, you have to stay on top of what’s going on in all aspects of your business.  This means that you need to have a 360-degree view of both customer accounts and customer service. Think about this scenario. A client calls and wants to make a purchase, but cannot remember what they bought last time. If you have all of that information at your fingertips and you can also tell them that the price has gone down and that there are enough of the item in the warehouse, you can pretty much guarantee that sale. If they can go online and talk with someone in customer service and their account history is instantly available to them, you can change an unhappy customer into a satisfied client. Integrating your front-end software with your accounting software can help you close more sales, keep accurate records, and ensure happy clients.  If your system won’t let you integrate, it’s time to upgrade.

You don’t have a comprehensive view of where you’re spending and earning.  

How many details about expenses and accounts do you have in one-off spreadsheets? Lacking an accurate and comprehensive view of where you’re spending and earning is going to catch up with you and hurt you in the long run. The ability to operate cost-effectively relies on your ability to utilize information like payroll and other expenses. You have to know when and where to cut costs and adjust budgets if you plan on continuing to grow. Analyzing your costs and earnings should be easy if the accounting software you’re using is up-to-date and it’s the right fit for your company.

Your current software is not compliant with all laws and regulations.

Does your current accounting software comply with current GAAP, tax laws and financial regulations? It’s time for an upgrade. Since tax and accounting laws are forever changing, by upgrading your accounting software, you can ensure that you are compliant with current laws and regulations. Most cloud-based software will upgrade automatically as the laws change.

Your software isn’t customizable to your business.

Your business is unique, so your accounting software shouldn’t be one-size-fits-all. Your business needs change as you grow. Modern accounting software offers improved features to adapt as you do. You should be able to customize data fields, transaction definitions, invoices, reports, and other functions so that they match your business’ needs. The last thing you need is to get stuck with a bunch of functions and processes that you don’t use. You don’t want to have to buy another system in a few short years. You need a flexible system that can evolve with your business needs as your business evolves.

So the question is not if you need to start upgrading, but when? If you’d like to learn more about cloud-based accounting, integrating software, or customization, contact the experts at Commercient for more information.