Updated: Aug 4, 2021
Using efficient and reliable accounting software empowers organizations to streamline their accounting and processes and is vital to the success of any business. Many companies are still reluctant to upgrade their software, which is a crucial, and potentially costly, mistake in today’s competitive economy. So, if you are still loading your accounting software from a floppy disk, you might want to pay attention to the top signs you need to upgrade your accounting software. With a little humor and borrowing from David Letterman’s Top 10 list approach, you know you need a new accounting system when:
10) You tell a vendor they have to wait to get paid until you pay the higher priority vendors.
This should never be acceptable, and if you are unable to pay your vendors on a timely basis, your accounting software could be to blame. Upgrading to the right cloud accounting software, like Dynamics 365 for Financials, enables real-time and automated cash management, invoice tracking, payment monitoring, order processing, and invoice generation – from anywhere. Unless you plan to start panhandling, it’s vital you address the inefficiencies of your current accounting system and gain visibility to cash.
9) You incur late fees as the authorized check signer is not in the office.
You’re out of luck again as the person responsible for signing the checks is out of the office. The latest cloud accounting software enables automatic payments and approvals with digital check signatures, so you can have checks approved and signed from anywhere and not worry about overdue bills or having the electricity cut off.
8) You have a fire extinguisher next to your desk
If the piles of meaningless paperwork on your desk are creating a fire hazard or the volume of post-in notes have wallpapered your office, it’s time to consider a cloud-accounting solution. You can securely store sensitive documents, invoices, and receipts electronically. Rather than remind yourself with post-in notes, the newest features of accounting systems automate recurring and month-end transactions while collaborating with your team. You can become known for your organization skills and closing the books early. Go green, reduce paper, save time and money, and remove clutter.
7) You feel sick to your stomach each time you run reports, unsure if it will take 4 or 8 hours to generate the reports
Does the thought of running reports – and the unknown financial results – turn your stomach upside down? Unless you’re getting paid hourly, you don’t want to waste an entire day creating reports. Upgrading to the latest accounting software enables you to automate all reporting. With more free time and real-time reporting, you can be strategic about the growth of your business, rather than watching funny cat videos or updating your Facebook status.
6) Your reports are done in Excel
If you are still reporting your data in an Excel document, it’s time to step away from the keyboard. Yes, this is an intermission, and we care about you. While you might be reluctant to retire old accounting and reporting methods, they are slow and inefficient, serving only to cause errors, increase expenses, and decrease productivity.
5) Your IT and Maintenance Costs Are Greater Than G&A Expenses
If you notice your IT expenses are increasing at a greater rate than the national deficit, you need to really think about your current software solution. Moving your financials to a cloud solution awards you with little or no cost for IT services together with data redundancy and the highest levels of privacy, availability and security. While business leaders often believe that their reluctance to implement the latest software solutions saves money, it may cost more due to decreased productivity and the opportunity cost of not using a better solution.
4) Your local hardware store has a better system than you do
If you suspect the old hardware store down the road, which hasn’t been updated since Y2K, has more efficient and sophisticated software than your company, you might want to consider making the switch to the latest accounting software.
3) It takes 3 Days to consolidate your data that is recorded in multiple systems
When you have outdated software, consolidating your data is time-consuming and labor intensive and prone to errors. If it would be more efficient for you to print your records and send them by FedEx, you might want to consider upgrading to a cloud solution, which enables you to access and consolidate your financial data – with a click of the button.
2) Staff productivity is declining and customer complaints are increasing
If your business is experiencing decreased productivity and increased customer dissatisfaction, you either work for the Department of Motor Vehicles, or you need to upgrade your accounting software. Your staff can only perform as well as their software allows them. Consequently, unreliable or outdated accounting software will hinder progress, which will likely result in unhappy customers and poor employee morale. So, if you want to prevent an angry, pitchfork-wielding mob from lining up outside, it's important you upgrade your accounting software to enhance productivity.
1) Your business has experienced significant growth – A Good Thing
The No. 1 reason you want to consider upgrading to cloud-based accounting software is that your business has recently experienced significant growth. As your business grows, you need to gain speed, agility and flexibility to keep pace. While your Fisher-Price accounting starter kit worked in the past, it's time to upgrade. Smaller companies can afford to use old, outdated software. But as your business grows and competition increases, you’re managing more transactions than in the past, including data from other key business systems. It’s time to innovate.
As your accounting needs increase, it's vital your accounting software is up for the challenge. As a leading provider of best-in-class cloud ERP accounting and financial management software, Solution Systems has helped many customers with critical financial and operational insights needed to grow their business – in a wide array of industries. Gain the speed, agility and flexibility to keep pace with today’s demanding business dynamics and innovate your accounting functions quickly and easily to remain competitive.
0). Your staff’s productivity is declining but customer growth is increasing?
As your accounting needs increase, it’s vital your accounting software is up for the challenge. As a leading provider of best-in-class cloud ERP accounting and financial management software, Solution System’s has helped thousands of users with critical and financials and operational insights needed to grow their business – in a wide array of industries. Gain the speed, agility and flexibility to keep pace with today’s demanding business dynamics and innovate your accounting functions quickly and easily to remain competitive. Contact us here