Your business is growing, and Quickbooks just doesn’t seem to be doing it anymore. But an accounting software upgrade can be expensive. How do you know when it’s time for your company to take the leap?
1. Your Software is Too Slow
Tired of waiting hours for your software to load? Outdated accounting software tends to be slower, and might not be compatible with new machines. If your outdated software is seriously slowing down your business, maybe it’s time to think about an update.
2. You Can’t Access Your Software from Outside the Office
There’s a reason Intuit has estimated that 78% of US small businesses will be fully cloud-operational by 2020. Among a host of other benefits, cloud-hosted applications tend to be more efficient because they allow you to access information in real-time, from anywhere. Being able to work from home, or wherever you are, will make your company more efficient and ensure that your accounting always gets done on time. If you’re planning on expanding to multiple locations, moving to the cloud will make your migration process a lot easier.
3. You’re Using Multiple Applications to do One Job
Your accounting process is a mess because you’re using so many applications. Spreadsheets are everywhere. It takes weeks to train new employees on your system because it’s so complicated, and you find that errors are happening more often than ever before. If this is the case, it might be time to move to a more comprehensive ERP (Enterprise Resource Planning) solution like NetSuite’s accounting software.
4. You’re Worried about Security and Compliance
Out-of-date software presents some major risks. You can’t afford not to be up-to-date on the latest tax law, or have security holes in your application. Updating your software will leave your business less vulnerable to cyber-security threats, compliance penalties and critical errors. Be sure to also choose a software with some kind of back-up option, as you wouldn’t want to risk losing any of your data.
5. You’re Spending a Fortune on IT
It’s important to consider that you might actually be spending more money by NOT upgrading your software. Keeping on extra IT personnel to manage outdated systems is a waste of business resources, and all that time spent trying to wrangle with inefficient software or backtracking to fix your errors may be costing you.
So, are you ready for a software upgrade? If you’re running on a limited budget, it might be best to upgrade to the latest version of your on premise software, or invest in a basic cloud-based version of what you already have. But if your business is growing faster than your software can handle and you need more functionality, it could be time to think about upgrading to an ERP with a more complete offering.