Are you experiencing issues with your finance software?
It might be time to switch to a newer, better solution. But that’s easier said than done for countless business owners and managers: you have a company to run and a limited budget to work with. You may feel like you can’t justify investing in new finance software, especially on a regular basis.
But there are several important reasons to upgrade finance software, and we’ll look at the top five in this post. To help you make the best decision, we’ll also share four essential points to consider when looking for an upgrade.
What are the Benefits of Upgrading Your Finance Software?
Here are five key benefits of upgrading your software:
Get Access to the Latest Features
If you still rely on finance software from five or more years ago, there’s a high chance that you’re missing out on some amazing new features capable of making your work easier.
For example, your current software might lack in-depth data analysis features, so you can’t browse through historical data easily (or at all). That may prevent you from gaining a valuable insight into past and future patterns.
Upgrading to newer finance software will empower you with cutting-edge features and enable your team to make more informed accounting decisions.
Increase Your Security and Peace of Mind
Good security is paramount for companies on all scales today, as hackers have more sophisticated techniques and tools than ever. For example, around 60% of Canadian businesses were targeted in ransomware attacks as of early 2022.
Fortunately, upgrading your finance software means updating your security. Developers behind reputable products work hard to implement the latest security features and measures, which gives them a competitive edge. Ultimately, better security means that your financial data will be safer and more secure.
Improve Your Efficiency
If your finance software is forcing your team to work slower and less efficiently than you know they should be, it’s definitely time to upgrade.
The most up-to-date finance software allows you to automate various processes and complete tasks sooner. You’ll free up valuable time and resources, and you can work more efficiently.
Provide Employees with a Better Experience
Clunky, outdated software is likely to frustrate and annoy your employees. Whether they find it too hard to navigate menus, struggle to customize their dashboard, or get bogged down with endlessly repetitive manual tasks, your employees may dread having to work with your current finance software.
Upgrading to a new product with a wider range of features and a better user interface will give your employees a stronger, more satisfying experience. They should work more efficiently and be more productive overall when they have access to the latest, greatest tools.
Tips for Choosing New Finance Software
Finding the right finance software for your company can be a challenge when there are plenty of strong products on the market. You may be tempted to go for the cheapest option if you’re concerned about the cost, but you should spend a little more time exploring the possibilities before you commit.
To help you make the right decision, here are four simple tips.
Know What You’re Looking for Before You Start Browsing
You need to know why you want to upgrade your finance software and what you hope to achieve before you invest. Think about the difficulties you and your team experience with your current software. Think about what tasks are most important and how a new set of features can help you complete them faster.
Create a wish list and brainstorm ideas before you start exploring your options. That can make your search much easier, especially if you have a busy schedule to handle at the same time.
Managing vendors is another important aspect when selecting the right software or system. Take advantage of a complete VRM guide.
Be Flexible with Your Budget
Your business has a budget to work to, and it’s crucial that you make a responsible choice when shopping for new finance software. But you may be limiting your options unnecessarily if you set a tight budget before you check out the range of products available.
If possible, try to be a little more flexible with your budget if the best software for you is a little more than you planned to spend. But only if it’s fair and reasonable to do so.
Clarify the Most Important Points
Some of the top points to keep in mind when you’re searching for new finance software are:
Comprehensive Reporting: Gathering and analyzing data is crucial to make intelligent, informed financial decisions.
Automation: Automation tools are a fantastic addition to your finance software. They can help you save time and effort usually spent on manual tasks.
Strong Technical Support: Good technical support will help you get the most out of a product.
Cloud Access and Backup: Cloud-based finance software can be accessed across different devices for added convenience and reliability.
Effective Security: Good security will defend your company against common threats and keep your financial data out of the hands of unauthorized users.
Easy and Convenient to Use: The best finance software has a user-friendly design and a simple interface. You and your team will be able to navigate it efficiently.
Customization Options: Customization is a valuable aspect of new finance software. You can set it up to work as you need it to, with a bespoke configuration.
Consider these points when exploring the market, and you’ll be more likely to pick your ideal product.
Work with a Professional IT Team
One of the simplest ways to find the right finance software for your business is to leave it to the experts.
A managed IT services provider will identify and recommend high-quality software based on your business’s unique requirements. They’ll install it, offer advice, and ensure you receive the support you need to get the most out of it.
NETWORTH offers dedicated managed IT services for businesses across the Greater Toronto and Southern Ontario area, including software procurement. Get in touch to find out how we can create a bespoke package for your company today!