Outdated Accounting System

The benefits of moving to an automated accounting system are tremendous and offer a quick return on investment. Accounting software eliminates time consuming processes and improves data accuracy. Companies who automate their accounting processes see improved cash flow and better decision making.

If you have already implemented accounting software, it can be easy to become complacent and assume that you’ve done everything you can to automate your systems. However, no marketplace remains stagnant and your company shouldn’t either. An older or outdated accounting solution can slow down your company and interfere with your efficiency. You should consider a new system or an upgrade if any of the following apply to you.

There are inefficiencies and inaccuracies in your processes.

If your accounting team is doing a lot of manual work or using extra spreadsheets, your accounting software is not doing its job. A good accounting system will ensure the financial integrity and accuracy of your business with features that reduce errors, streamline data entry, and enable real-time reports.

Your financial reports are consistently late.

When your financial reports are late because you can’t easily get the information you need, it is time to update your reporting process. Having better reporting systems includes the ability to analyze data quickly with graphical dashboard reports and at-a-glance business metrics.

When your accounting system is integrated with other business software, you will see even greater benefits. An integrated IT system such as Acumatica Cloud ERP and Sage 100, provide a common technology platform and database enabling information integrity and accessibility. Data transparency allows visibility and insight as you empower all levels to make better decisions and act responsively to changing business needs. For more information on using enterprise resource planning system (ERP) software to speed up your financial reporting, visit this recent blog.

The cost to maintain and support your system has increased.

As systems age, the cost to maintain them increases. This is often due to trying to run outdated software on older technology. Upgrading obsolete industry-specific software may seem like an expensive, time-consuming proposal, but doing nothing may cost you more in the long-run. Older technology may be slowing you down and impacting productivity. Updated versions of applications are often easier, faster to use and require less support.

You are planning to upgrade your system technology.

Often upgrading hardware means that you will need to upgrade your software to take advantage of newer capabilities. This is a great opportunity to increase company performance and eliminate inefficiencies.  Cloud accounting software like Acumatica enables you to run your system on any platform you choose.

Your system does not support company growth.

As your company grows, you will need to support more transactions, more customers and additional users. Your accounting system should be scalable to adapt to company growth and future requirements.

You have purchased or merged with another company.

When you have more than one accounting system, there is an opportunity to change to new software. Relying on separate accounting systems can create redundant processes and increase the chances of data inaccuracies.

Your data is not secure.

Sensitive functions and reports should be protected. Your accounting system should be able to create an audit trail and offer controls. When changes are made within your system, there should be a clear trail you can follow to see who made the changes, when they made the changes and why.

You need to add new functionality.

Software vendors have continued to add new capabilities to their products such as mobility. Sometimes all you need to do to add this functionality is to add another module to your existing system. For example, Sage 100 was designed as a fully customizable solution to enable you to choose the modules and platforms to best suit your needs.

If you are ready to consider a new accounting system, ASI can help. Contact us for a free accounting and ERP software consultation.