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Legacy accounting systems are just that – legacies. If your business is growing, likely, your accounting system is no longer cutting it. Legacy accounting systems were designed to meet yesterday’s needs of businesses – but today’s businesses have different requirements. Fast-growing and forward-looking businesses like yours might need a system that meets the accounting challenges of today and tomorrow. Here are the tell-tale signs that your business has outgrown its legacy accounting system.

Are you looking to upgrade your accounting and financial strategy? Talk to our experts today.

You're using multiple accounting systems

As your business grows, you might find yourself relying on multiple accounting systems to meet your needs. This can create inefficiencies, or duplicate data entries, which can lead to mistakes. If you’re using multiple accounting systems, it’s time to streamline your process with one integrated system.

You're using manual processes

Manual processes are incompetent and can lead to damaging errors in your financial planning. For instance, you might misreport important information because you’re not paying attention! Automating your accounting processes will save you time and help you avoid mistakes.

Your reports are outdated

If your accounting system is generating reports that are based on outdated information, you might be making decisions based on inaccurate data. The use of legacy accounting systems also requires a large investment of time and productivity to produce accurate reports. Upgrading to a new system will give you real-time insights into your business’s finances. It will streamline and speed up reporting.

You don't have visibility into your data

If you can’t view your financial data in one place, it’s difficult to get a clear picture of your business’s finances. If you don’t have a clear picture of your business’s financial health, you cannot make informed decisions. You can make educated business decisions based on the information provided by an integrated accounting system.

You're struggling to keep up with changing regulations

Legacy accounting systems might not be able to keep up with changing regulations. A new system will help you stay compliant and avoid penalties. Additionally, you might want to consult accounting experts who are much more updated on any changes in accounting regulations and tax compliance.

are you still using outdated technology for your accounting?

You're not using the latest technology

If you can’t view your financial data in one place, it’s difficult to get a clear picture of your business’s finances. If you don’t have a clear picture of your business’s financial health, you cannot make informed decisions. You can make educated business decisions based on the information provided by an integrated accounting system.

You're not getting the support you need

Legacy systems lack the support that may be required in case accounting issues arise. If you’re not getting the support you need from your accounting software provider, it might be time to switch to a new provider. Many software providers offer 24/7 support, so you can get the help you need when you need it.

You're using multiple Excel spreadsheets to manage your finances

If you’re like many businesses, your financial accounting starts by being managed in multiple Excel spreadsheets. This means that each sheet deals with a different aspect of the money machine and can lead to errors when trying to do important tasks such as balancing accounts or recording purchases easily without having duplicate data entry on various pages with no way for anyone involved (you included) know what’s going on. A new accounting system will help make everything more efficient while also providing peace of mind knowing all numbers fit together properly.

If you’re nodding your head in agreement, you know it’s time for an upgrade. A new system will help you streamline your financial processes and give you the insights you need to make informed decisions about your business. Not sure where to start? Contact us today. Our team of experts will work with you to find the right system for your business – one that meets your current needs and sets you up for success in the future.
Upgrade your financial health before it’s too late. Talk numbers with us.

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