Upgrading your Accounting Software

Things change, sometimes the solution you started off with no longer meets your business needs or strategy. This is nothing new as we look for better ways to report, streamline and operate our business.

The exciting news is that you are not stuck with the one accounting system for the whole life of your business. Your accounting system should change as your business changes or grows. How you convert to a new accounting system depends on your business, your needs and what you are looking for in a new accounting software.

A good way to understand whether it is time for an upgrade is to ask yourself some of the following questions;

  1. My business has become more complex and I am unable to get the right reports from my system
  2. I have some awesome third-party applications I use but my current accounting system can not integrate
  3. My chart-of-accounts is no longer aligned with my business
  4. The price continues to increase but unsure what I am getting for it

You can migrate to a new accounting system whenever you want and at any time throughout a financial year. We have extensive experience in creating a strategy for each client as unique as their business. Although it is always easier to migrate to a new accounting system at the start of a new financial year, here are some other strategies to think about;

  1. Cut over on a specific date with opening balances and refer back to your old accounting software
  2. Capture data from the start of the financial year with summary information up to cut over date
  3. Capture data from the start of the financial year with detailed information up to cut over date

Each strategy has its advantages and disadvantages and we encourage each client to design one which best fits their business and needs. Taking into consideration your annual reports, tax returns and any other required record keeping. Depending on the accounting system being used, information is still readily available for free or a subscription model.

Before you start your conversion journey it is important to choose an accounting software which best fits with the business strategy and processes. When selecting an appropriate accounting software, clients should consider;

  1. How will it help grow the business
  2. How adaptable is the new accounting system, does it integrated with the applications the business needs
  3. Will it provide the right reports needed to run the business including any statutory obligations
  4. Is it user intrinsic

Accounting software provides different levels of functionality, from entry level with limited transactions to multi-currency, multi employee top of the line functionality. It is important that when an accounting software is looked at, one is chosen not only on what the business needs today but ensure it will meet future functionality.

We specialise in software conversion and integrations and partner with the best in the market and are sure we can design a solution that will suit each unique business. Ask us which software application best fits your business now and in the future.

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