outdated accounting

3 Warning Signs Pointing to Outdated Accounting Software

Do you feel like your financial software could —or should— do more? Does it lack essential functions for promoting growth, or is Quickbooks struggling to keep up with your daily operations?

As your business grows, your accounting solution should scale and grow with you, but this isn’t the case with older, outdated software. Accepting that it’s time for an upgrade is a tough but necessary pill to swallow. Recognizing the limitations of your financial software is the first step toward taking charge of your business.

So how do you know when you’re due for an upgrade? Let’s explore these three warning signs that suggest it’s time for a serious change.

  1. Rapid Business Growth

Growth is good, and we want you to grow, but it’s also sure to highlight areas of your business that need work — such as outdated software and limited capabilities. Expansion contributes to a profitable business, but if you don’t prepare to handle rapid growth, you will ultimately hurt your bottom line and prevent your business from reaping the benefits.

As your business grows, multi-entity consolidations will be key to understanding your financials from both an entity and a corporate level. Outdated systems have difficulty connecting your separate business entities into one unified solution. With split operations, there is an increased risk of inaccurate, error-prone data and a considerable loss of productivity.

  1. Lack of Financial Visibility

Spreadsheets can only tell you so much at a glance and cannot address complex accounting issues. Without a streamlined, comprehensive look at what your business is spending and earning, you may face the following challenges:

  • Unattainable real-time performance tracking
  • Time-consuming process for creating manual reports
  • Data errors and reporting inaccuracies
  • Lost revenue opportunities
  1. Compliance is Difficult to Maintain

Your system should work for you, not the other way around. With robust software capabilities, the headache of maintaining compliance is a thing of the past. It’s hard to keep up with changing laws and constant updates of current GAAP (Generally Accepted Accounting Principles) standards and financial regulations. If your accounting system can’t keep up, it’s time for a change.

Many businesses will put off upgrading their system for as long as they can to offset the cost of more capable and advanced accounting software. However, putting a necessary upgrade on hold is even more damaging to your potential profits, while noncompliance leaves your business vulnerable to major fines and litigation.

Sage Intacct: The Software You Can Trust

With the right software, you’ll save hours on manual work and say goodbye to endless spreadsheets. Sage Intacct, the leading financial management solution, automates your financial statements, giving you true insights into your business’ real-time performance.

Sage Intacct delivers powerful, customizable dashboards at your fingertips. With easy viewing of both high-level and granular data, you’ll be able to instantly generate reports that reflect a more accurate snapshot of your business.

Stop letting outdated financials and underwhelming software hold you back. Contact us to learn more about how Sage Intacct takes your business to the next level.

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