When Do You Need to Upgrade Your Accounting Software?

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Pratibha Devasenapathy | Aug-13-2020

Introduction

An updated software is imperative for your business and its processes to run smoothly and much more efficiently. As your business grows with time, various processes and systems undergo several crucial changes, that ultimately result in a revised business environment. To stay in sync with these changes in the structure and operations of your business, it is extremely crucial that your software too caters to these needs and evolves alongside your company. Buying bigger software for the “just in case” scenarios is how you waste resources and get tools too large. The ultimate bottom line benchmark for the success of your new tool should be a measurement of how effective it is going to be at growing profitability or reducing costs. Thus, it is wiser to look out for the signs that would alert you to upgrade your software.

So, how do you know when it’s time to upgrade your business accounting software to a more powerful package? If the following items fit your situation, you may want to look into upgrading.

You’ve reached your limits

Small business accounting software is meant for just that – small business. They often come with limits as far as the number of transactions, number of clients, number of employees or the amount of storage they can handle. As your business grows, so will your number of transactions, clients, employees and the amount of storage you require. If you’re reaching the limits of your current software, then it’s time to upgrade.

Record keeping is time consuming and outdated

If you’re spending a lot of time on record keeping, and you still can’t stay on top of your accounting data, it may be time for an upgrade. As your business grows, the amount of information that you need to keep track of does too. However, when you don’t have all your information recorded accurately, you can’t look at your financial reports and you can’t track your company’s finances.

It’s time to find a new accounting software tool that simplifies or partially-automates the record keeping process, and you can spend your time analysing and coming up with ways to improve your business instead of struggling to keep track of it.

You’ve fallen behind the times

In this day and age, you should be able to access your accounting data from anywhere, anytime. Integrating your entire system with your accounting software can help make it easier to record, easier to analyse and easier to improve. Regardless of where you or your employees work from, having an accounting system that can be as mobile as you are can help your business grow further, and allow you to take care of bookkeeping, accounts and billing faster.

Your accountant recommends an upgrade

Your accountant’s job is to help you with your business accounting. He or she understands how your business works as well as how your accounting software may be holding you back from growing and expanding. If you’re unsure of how to improve your current system, your accountant can be a great resource, and may be aware of how software can improve your accounting process. A more integrated system may be just what you need.

Your accountant knows you and your business, and they are an expert when it comes to accounting, so if they’ve suggested that you upgrade your software, you may want to take the advice into consideration. If you happen to be using Tally.ERP 9, you can even get in touch with your local Tally partner and get more details about Tally upgrades.

You can’t find the information you need

Accounting software helps you keep track of things from employee payroll to the number of sales per customer. If your current system has become unorganised, inaccurate or even slow and clunky from maxed out memory, then it’s time to look for a better alternative.

Conclusion

An updated software will help your business reach its ultimate goal and maximise profits in the most optimum way. A business solution software must be so flexible that it lets you explore and cater to your current needs as well future. An accounting software must have the capability to bring a new perspective towards how business owners run their business and manage their accounts. It’s important that your software grows with your business and improves business forecasting by visualizing different business scenarios and analysing provisional reports for sound financial planning.

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