Why You Need to Update Your Accounting Software

Why You Need to Update Your Accounting SoftwareRead the Warning Signs, and Save Time, Money, and Valuable Resources by Updating Your Accounting Software

When it comes to technology, there are those who can’t wait to upgrade. These are the compulsive buyers. They will preorder the latest iDevice months before it’s released, and still upgrade to the latest model a year later.

Then there are the neophobes, or those with a fear of the new and novel. These buyers will go years without an upgrade, no matter how worse for wear their devices are. Or they’ll wait until the last minute—until the wheels have literally and figuratively fallen off the wagon—to buy something new.

In either case, we can take away one thing: All technology ages, and that includes accounting software. And while it’s ok to want to get the most out of your software investment, there will come a point when your outdated accounting software will stop saving you money and start costing you not only money, but time and resources.

To help you sort out the difference between updated and outdated software, consider the warning signs.

  1. You’ve been using the same software for more than five years.
  2. Your software isn’t compatible with your tablet or mobile device.
  3. Data displays in rows, not easy-to-follow displays. Or worse, your “software” is spreadsheets.
  4. Your software can only be used by one person or accessed on one computer at a time.
  5. Reports take hours to generate.
  6. You have to back up data manually.

Case and Point: If Your Cell Phone is More Efficient Than Your Accounting Software, It’s Time to Upgrade

Outdated software is a costly inconvenience for your business, nonprofit, or government agency. And it’s an inconvenience that prevents you from keeping up with the modern demands. Take accessibility, for example. Your employees need to access the software on their terms. But outdated software often isn’t compatible with smartphones and tablets.

Software is a reflection of the time in which it was created. Upgrading to higher caliber software can fix flaws in your current system. Evidence of this can be found in your current software’s visual appeal. If your software’s interface looks like an Excel spreadsheet, there’s a good chance it functions like one too. Updated software can be navigated through dashboards, and graphics ensure you have a 360-degree view of your financials.

Finally, if your software is outdated, it leaves you vulnerable to security threats and erroneous data. Just look at what happened to Home Depot. In 2014, Bloomberg Businessweek reported Home Depot suffered a security breach of customer data after the retailer failed to activate “a key, unused feature of its security software … that would have added a layer of protection to the retail terminals where customers swipe their cards.” With 56 million people put at risk, Home Depot faced a $62 million recovery bill. Cyber security is a threat all organizations face; yours is no exception.

Additionally, outdated software may not be equipped to deliver audit trails when you need them. When facing an audit by the IRS or a third party, you’ll need accurate audit trails to back up your accounts. Without secure audit trails, your software opens the door to people seeking to commit fraud or embezzlement from within your organization. With outdated software, your numbers just won’t add up.

Don’t Wait for a Catastrophic Error — Update Your Software With Cougar Mountain!

The tricky thing about outdated accounting software is that it will continue to function years after it’s expired. But is having software that “merely functions” better for your organization than software that is accurate, that performs, and that keeps up with growing demands and drives your success?

If you know your software is outdated, but don’t know how to take the next step in updating your software, contact Cougar Mountain Software! Our accounting software experts will help you figure out exactly what you need today and what you will need in the years to come.

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Cougar Mountain Software develops leading on-premises accounting solutions. Our hallmark software, DENALI, is specifically designed to scale to clients’ needs while maintaining an unbreakable audit trail.