Accounting is indispensable need of every business. Convenience, accuracy and efficiency with the accounting are essentials to maintain the absolute check on the business expenses and profits. And, of all the things human has developed, there is no better solution than ‘software’ for these needs. What’s even better is that it keeps on improving for even better. Thus, it is not surprising that timely upgrading the accounting software is very important for smooth running of the business.
Upgrading accounting software has a quite healthy number of reasons to impress the businesses. Have a glance at top ten reasons of those:
- 1. Security: Data security is considered as the top priority concern among the businesses and when it comes to accounting data, things turn even more critical. Upgrading accounting software gives a better storage and backup ability that contributes to the improved security of the data and peace of mind for the business. Timely upgrades also assure that your software is immune from most of the potential threats and bugs.
- 2. Meeting IT needs: The technology is developing at a very high rate. From devices to the energy resources that your business adopt is shifting for the better. To stay in pace with these changes, your software must be getting abler and better equipped, which is possible only with the right upgrades.
- 3. Remote access: BYOD (Bring Your Own Device) and work-from-home, do these terms sound business-friendly to you? Then accounting software capable of storing data remotely is meant for you. Cloud version of accounting software such as QuickBooks Cloud allows different users to work on the same from different location with different devices.
- 4. Ease of customization: Over the time, your business comes across various changes with the size and modulus operandi. Modern accounting software offer better and improved features to adapt with the uniqueness, growing size and changing style of your business with better customization.
- 5. Fast and instantaneous: The ‘old school’ tools for accounting were accustomed to slow response and freezing issues. But, cut throat business competition leaves no room for delays and waits. There is no denying that hardware plays a crucial role with that, but the part of software can never be underestimated. Hence, the quicker your accounting software works, the more productive will be your accounting team.
- 6. Better reporting: What’s the use of accounting software that fails to explain what it holds? Most businesses are trusting on Excel, which undoubtedly was better than paper-based manual account books. But the software world has changed its rotation pattern. Considering Excel among accounting software in the age of QuickBooks and Sage is hard to digest.
- 7. Updated information: Taxations policies, rules, accounting patterns, etc. are prone to frequent changes and they affect the accounting equations by a big margin. Your software being up-to-date will ease up the task to adjust with the changes that may occur with the different information.
- 8. Better control: Upgrading your accounting software must be aligned to deliver the better ability to monitor and control most of your business. Modern accounting software can offer built-in features to manage employee payrolls, customer balances, etc. So, you can control various accounting operations within the same software.
- 9. More space for records: Traditional accounting software had several limits with keeping the historical records. From security concerns to storage restrictions, businesses had to compromise on several grounds. However, these limits are now diminishing with the advent of cloud compatible accounting software, such as QuickBooks. So, upgrade to such software can easily increase your storage space without any maintenance hassle.
- 10. Cross-application operations: CRM and inventory management have very close relation with accounting. Most of the businesses are using different applications for each of them to smoothen the business. However, their inability to import (or export) data from (to) other applications increases the burden on the manpower. While most of the modern accounting software now compatible with the other applications, upgrading to them will make manpower contribute other helps to the business.
Improving is never a bad process to adopt and upgrading accounting software is just a part of this process. The cost involved in the process and educating the staff with it are likely challenges that come packed with software upgrades. But, as a business leader, it has to be your decision to see if the challenges are really worth meeting.