When Should I upgrade my Accounting Software?

image_2.pngThere’s a reason we prefer our comfy, worn-out old slippers to trendy/modern new ones until after we have them on our feet for a few moments. The truth is, in the fast-paced world of accounting software, new companies are always emerging, and old companies are always upgrading their offerings. If you don’t – or won’t – keep up with the inevitable changes in accounting technology, it can be detrimental to your companies growth and speed to market in the long run.

With the recent rise of automation and 3rd-party integration, your accounting software should be working for you, not the other way around. If you feel you are spending too much time balancing the books, or if you’re tired of being tied down to a locally-installed software, it might be time for a change.

(David Letterman's top 10 reasons to change)

Limited Automation

Your accounting software should be saving you time. If your current system forces you to manually enter the information again and again (email messages, report fields in Profit & Loss Statements, etc.), then it is time for an upgrade.

Common modern automation includes scheduled invoices, recurring invoices, recurring bills, default Terms and Conditions and customer note fields on invoices, default email messages for various types of emails, one click estimate-to-invoice conversion, automatically generated accounting reports, and more.

The more automation your software offers, the better. These features will save you time and allow you focus on running your business again.

No Recent Updates

You want to work with a company that consistently updates and improves their software. A lack of updates can either demonstrate that your accounting software vendor’s focus is elsewhere, or reflect the fact that the company is doing poorly and support for your software may be discontinued shortly.

No Mobile Capabilities

With iPhones, iPads, Androids, Kindles, and an endless list of other devices constantly at our fingertips, it is important to have an accounting software that can keep up.

The best accounting software is one that you can use anywhere, at anytime—this is especially true for businesses that need to access their business records or create estimates on the go. If your current accounting system doesn’t allow for mobile invoicing or out-of-office access, it’s time to start shopping for something new.

No Payment Gateways

Does your company rely heavily on invoices or do any business online? If so, integrating your accounting software with payment processors is an absolute must.

Gateways like Paypal or Stripe allow your customers to make direct payments via electronic invoices; making transactions convenient from a customer’s standpoint and you get paid faster.

Only One Currency Option

If your current accounting software does not offer multi-currency support, you are limiting your clientele and are missing out on a huge available internet business.

 After you concluded reading this article, you may have realized your current accounting system doesn't have any, or God forbid all, of these features; It's time...

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