Is it time to upgrade your accounting software?

As your business grows in size, turnover and age, the time will inevitably come when you need to upgrade your accounting software system. Here, accounting software whiz Michael Pendred explains how you can make this upgrading as pain free as possible.

As your business grows in size, turnover and age, the time will inevitably come when you need to upgrade your accounting software system. Here, accounting software whiz Michael Pendred explains how you can make this upgrading as pain free as possible.

Whether the size of your business or the functionality of your system has changed, accounting software systems are like clothes – one size certainly does not fit all, and no matter how great they are, sometimes accounting software just becomes outdated. There are a number of ways that you can to tell if it's time to consider updating your accounting software system; here are a few tell-tale signs to look out for: 

  • Poor security: In today's world of cyber theft, it's crucial to have a secure, tamper-proof system.
  • Weak reporting data: The more that can be shared online to reporting agencies, the fewer man-hours of repetitive transcribing are necessary, which lead to less human error.
  • Outdated information: Tax laws and systems consistently change. Without a way to keep software current with local and federal requirements, software becomes obsolete quickly.
  • Not customisable: Again, one size does not fit all in accounting software. There are many situations that are the exception instead of the rule. Trying to fit your business needs with cookie cutter software is rarely worth the effort…or pain.
  • Lack of customer care: If there is not easily accessible help available to you for both training and troubleshooting, many wasted man-hours will inevitably be spent on trying to reinvent your digital wheel. 

If any of these problems sound familiar in your business, then I dare say that it sounds like it’s time to update your accounting software. But with so many accounting software packages available, where do you start in deciding which one to invest your hard-earned in? In order to ensure you are replacing your system with the most useful, best serving and longest lasting software possible, follow the below steps before making your purchase. 

To read this article in full, which includes five hot tips from Michael on how to choose the right accounting software package for your business, keep an eye out for the soon to be published February 2014 print or digital issue of My Business. 

Michael Pendred is Managing Director of Horizon Business Systems. 

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