Once upon a time, maybe tracking all of your financial and accounting data in an excel spreadsheet was all it took. Then, as you grew, you probably graduated to an accounting software tool. But, as you continue to grow, so does the need for better organisational tools. 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.
1. 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.
2. Record Keeping is Time Consuming and Behind
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 of 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.
3. 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.
4. 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, like MYOB Exo or MYOB Advanced, 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.
5. 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.
So, is it Time to Upgrade?
The right accounting software can help improve all aspects of your business processes, so having the right one is critical. If you find yourself in this situation you might find some of our other resources helpful:
- Which ERP solution is right for you? Cloud or Onsite?
- How to successfully implement a change of Accounting Systems
Or you can get in touch with one of our consultants who can help find the right software package for you.