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5 Signs that Its Time to Invest in New Accounting Software

accounting software tips

Legacy accounting software can be a huge hindrance on your growing business. While these old systems were useful in the past, they have now long since been outpaced by newer technology that enables a business to run faster and more efficiently.

If you are having trouble with any of these five signs below, hire Sage Intacct consultants for your business so that you can get access to the best accounting software available on the market.

1. You Haven’t Upgraded in Years

Without the right resources, it can be difficult for a business to keep up with software upgrades for their legacy accounting system, especially if there is an issue of exiting customizations or integrations. Instead of dealing with the costly and time-intensive upgrades needed for related software, databases, and operating systems, companies often forego upgrading their accounting software. This can result in security and performance issues that can majorly slow down operations.

2. Your Software Doesn’t Integrate Well

Out-dated legacy accounting systems don’t integrate well with other enterprise solutions, meaning that a company may lack efficient collaboration between multiple departments. If costs are spent to integrate, there’s the issue (as previously mentioned) of upgrading that could break the integration, meaning more costs spent on maintenance.

3. Your Legacy System Doesn’t Support Growth

As your business grows you may be expanding into new markets and business lines, meaning you will have to deal with different tax jurisdictions, currencies, sales channels, regulatory frameworks, and product costs. Old accounting software isn’t built to handle the addition of new entities quickly, especially when experiencing growth through acquisition. Trying to stitch together multiple business units becomes a pain and you end up spending money on hiring new people to deal with the volume.

4. You Can’t Keep Up With New Business Requirements and Regulatory Compliance

To remain competitive, businesses may adopt new revenue models and business structures like using a subscription-based model which is becoming increasingly popular. On top of this, there are constantly new regulations coming out that require financial compliance. An old system isn’t equipped to meet with these operational changes, meaning that you are forced to use manual processes in order to comply.

5. You Aren’t Able to Fully Track Your Business

Transparency is integral to a company’s success – you need to be able to keep track of your financials, inventory levels, operations, and statistics. Unfortunately, legacy systems lack insightful financial reporting that will allow you to see the big picture and determine the right direction for your business. The result is that you may end up relying on third-party reporting and analysis tools that will cost you extra.

Sage Intacct: The Solution You Need

Rated in the Top 50 Products for Mid-Market 2019, Sage Intacct is an accounting solution that uses cloud computing to provide robust financial management for businesses that want to improve performance and accelerate their growth. Don’t get stuck with a legacy solution that is holding you back – find your nearest ERP consultant and ask them to set your business up with the best financial solution available on the market today.