Upgraded accounting software is key to ensuring the efficient and smooth running of accounting operations. As businesses progress and scale, they require additional resources and full-fledged solutions to accommodate changing business needs and competitive business environments. The accounting tasks have also become more complex and volumetric, and regular softwares cannot allow businesses to grow and scale at the same time.
This is why it is imperative for businesses to regularly analyze their needs and consider upgrading to new-age tools that meaningfully contribute to the profitability of the company.
Here’s a 3-step guide to help you upgrade your accounting software
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Find out if it’s time for you to upgrade your accounting system
Here are 3 tell-tale signs that an upgrade is imminent:
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- Your current accounting system is inhibiting your scalability plans. You are unable to onboard any more clients or perform any more transactions—nor can you store any more records. In short, it has reached its limit.
- Your accounting system is eating away at your resources, time, and money. This is an indication that your data entry tasks are manually done, due to which you struggle to maintain records and hardly have little time for anything else.
- Your accounting system is outdated and unable to accommodate your business needs. You would like to access certain records at a certain time but are unable to do so since your accounting system is not cloud-based. You are unable to integrate with other systems and third-party applications or connect your bank accounts to your system.
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Consider your current and long-term needs
Once you’ve decided to upgrade your accounting system, analyze your business needs and figure out what your expectations are from the new accounting software.
- What are the functionalities you need?
- What is your budget?
- Do you have long-term scalability goals?
- Who will use the software?
- Do you need your software to be able to integrate with other solutions?
- Which areas of accounting do you seek to automate?
- Are you looking for an on-premise solution or do you need cloud-based accounting software?
There are a host of solutions available in the market at different price points.
It is recommended to opt for cloud-based accounting software to stay ahead of time and thrive in the current competitive atmosphere. A cloud-based solution will ensure real-time access to your records at any time, from anywhere in the world. It generates real-time detailed reports to give you financial clarity and ensure you make data-driven decisions for success.
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Talk to your accountant or an outside consultant
Another sign that you should update your software is if your accountant tells you so. You can also consult an outside accounting specialist to analyze your current accounting needs and suggest if it’s time for an upgrade.
Since accountants stay updated with new technologies, you can rely on them to steer you in the right direction. Let them know about your scalability plans, if any, your current business needs, and what you expect from accounting software. Based on this, they will assess your business and help you choose the best accounting software for your business.
Modern, cloud-based accounting software like Dext is an imperative solution for businesses looking to automate manual, repeatable accounting tasks and cut down overall business costs. The best accounting software online provides round-the-cloud access to your financial records and helps you remain compliant with evolving government regulations and policies. It also helps in the sustainable scaling of your business.
If you believe it is time to ditch your conventional accounting system in favour of new-age, fully-automated accounting software, we recommend you try out Dext. It is designed to boost organizational efficiency, boost productivity, and reduce business downtime.
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