Is it time to review your Accounting Software?

March 16, 2020

 

Now more than ever, with the rise of automation and timesaving cloud-based apps, your accounting software should be working for you.

As technology moves forward with the newest time-saving technology, there are still some businesses who are using dated versions that are no longer supported. This not only puts your business at risk, but also your customer's businesses as well.

We’ve created a list of the four signs that your existing business accounting software might need to be reviewed.

1. You’re spending more time on basic accounting tasks than you are running your business.

  • You spend nights doing manual data entry (Bank reconciliation, Accounts Payable)
  • You pay your staff late and there are inaccuracies with managing their holiday pay.
  • Your Cashflow is hurting because you don’t invoice customers on time.
  • Filing returns with Inland Revenue (GST etc.) takes more than 15-20 minutes,

How many hours are you spending per week? Some Cloud Based App’s could potentially save you four-plus hours a week. 

2. Your Accounting Software is no longer being upgraded.

  • You’ve been told that your existing software is no longer being supported.
  • Your technology doesn’t allow you to integrate with other time-saving apps.

The greatest concerned for ‘unsupported software’ is that it is vulnerable to being hacked, which is a concern if you hold your customer's bank information. Therefore, you want to be using a technology company that is constantly being updated to improve its software.

3. Your Accounting Software doesn’t operate on mobile devices (iPhones & iPads)

  • No out of office access, which is important for your business’ Disaster Recovery Plan (DRP).
  • Unable to check customers details while on the go (including invoicing/receiving payments).

The best accounting software is one that you can use anytime, no matter where you are, especially for businesses that need to access records or create estimates on site.

4. Your Accounting Software has little or no automation features

  • Everything is manual, from sending invoices to managing your expenses (receipts)
  • Reconciling your bank statement takes hours not minutes.

Not only does automation save time, but it also reduces mistakes. Most good automation includes scheduled invoices, recurring invoices, or one-click reporting.


Nexia New Zealand can assist you in reviewing your existing Accounting Software. Please do not hesitate to contact our Information Systems specialists to discuss our ‘Business Software Health Check’ service.

 

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