Accounting is one of the most critical areas to oversee when running a business. You need to know the capital spent, the revenue earned, and other numbers within a defined period. Without an effective accounting solution, you may experience more losses as it becomes challenging to keep track of your company’s expenses. Therefore, having the right accounting software is critical to keeping your accounting processes in check.
However, like any other piece of technology, your accounting software can also become obsolete. Businesses that continue using an outdated system make themselves susceptible to many potential problems, such as erroneous data, disorganised operations, and even security breaches.
Not sure whether it’s time to let go of your existing accounting software? Let’s take a look at some signs that clearly tell you when your accounting software needs an upgrade.
When to Upgrade Your Accounting Software
Here are five significant signs that show you need to upgrade your accounting software:
Accounting processes demand a lot of time and effort. You have to issue receipts, record transactions, clear your payments, and balance the books, among other things. The main objective of accounting software is to help you become more efficient in completing these tasks and save you time, which could be used instead to help your business grow.
However, if your team is wasting time in carrying out basic accounting tasks, it is a clear sign that your existing accounting software is no longer effective. An upgraded accounting tool will give you access to beneficial features including automation, integrated apps, and receipt scanning to make the processes faster and calculations more precise.
2. Limited or No Real-Time Reporting
Real-time reporting means collecting up-to-the-minute data and passing it on to users as it occurs. With real-time information, managers can make quick decisions with more accuracy. However, outdated accounting software doesn’t offer data in real-time. As a result, you may end up missing out on profitable opportunities and increase the risk of errors.
If your existing accounting solution doesn’t generate the reports and analytics you want to run your business better, it may be time to switch to an upgraded tool. With better data comes better decision-making and if lack of data is costing you money, then it’s time to find a more robust system. Modern accounting software offers you a full view of the entire business or its financial status at a glance. It gives you a detailed insight into each area of work so that you can make more informed decisions.
3. Not Mobile-Friendly
Many companies often overlook mobile-friendliness when choosing an accounting solution. That’s because they mostly have a traditional office-based setup, which means that all accounting tasks are done on-site.
However, working models have transformed considerably today. With remote working becoming more common, you need mobile-friendly accounting software so that you can check and access info while meeting with customers, going on business trips, or simply working from home.
4. Lack of Integration
When you’re using separate apps for different tasks, such as invoicing or expense management, and these apps don’t integrate with your core accounting tool, this means you’re stuck with hours of tedious data entry. The inability to import or export data from other apps increases the burden on your team and may also result in more errors.
However, if the accounting software can integrate with other apps, your processes become significantly more efficient. Integration makes it easier to keep everything in one place while taking advantage of multiple tools, without having to switch between them endlessly.
5. Limited or No Automation Features
Automation is an important part of doing business in the modern world. If your accounting software lacks automation features, you are wasting a lot of time that could be better spent developing your business. Moreover, if your team is manually entering data, it increases the chances of duplication and mistakes.
Automation ensures that as long as you have clean data, the system will never make a mistake. Upgraded accounting software can take the manual data entry out of tasks like invoicing, payroll, expense management, and bank reconciliation, leaving you with more time to plan for your company’s growth.
Keep Your Accounting Up-to-Date with C-FINANCE
In the digital era, accounting software is very significant for any type of business, and it is vital that you ensure that yours is updated and modern, as that would determine how your accounts are recorded and managed. If you’re using obsolete or malfunctioning software, you would most likely face many problems and would also get imprecise or distorted results.
Moving to cloud-based accounting software is a better option as it ensures updates occur automatically. It is also flexible and scalable, allowing you to explore and cater to your existing needs as well as the future ones.
C-FINANCE is an all-in-one accounting software that simplifies your online bookkeeping. You can track expenses, customise invoices, run reports, and automate all accounting processes. C-FINANCE can help you maximise productivity, ensuring a good return on investment (ROI) for your business. If you think that you too have outgrown your current accounting software, feel free to contact our experts. You may also request a free 30-day trial of C-FINANCE to see if it’s the right fit for your business.