It’s Time to Update Your Accounting Software

When you’ve immersed yourself in the same accounting software for years, it’s easy to become complacent. There’s a reason we prefer our comfy, worn-out old clothes to stiff, trendy new ones, after all.

The truth is, though, in the fast-paced world of software, somewhat of a complete transformation has taken place. Software development has exploded and advances in technology have transformed how businesses – big and small – can manage their company, including their accounting software.

If you haven’t updated your accounting or business software in a while, then now might be a good time to do it. (And if you don’t have accounting software or are still using random Excel files and a box of receipts, it’s definitely time for an upgrade!)

Why would you upgrade?

There is a range of different reasons for upgrading your accounting software. Below are the top three reasons why it might be the right time to upgrade.


Most software is now cloud-based, which means you can work where and when you want to

Everything is in the cloud nowadays, but what does that really mean and how does that help with your accounting software?

First of all, it means you can access your accounting software from anywhere and on any device. Whether you use a smartphone or tablet, a PC or Mac, cloud-based software lets you keep on top of your business finances wherever you are.

You also don’t need to worry about using the wrong version or backing everything up. No need to worry about using the wrong tax tables. Software updates and backups are all taken care of in the cloud.

You can also easily give advisors access to your data, like your accountant and bookkeeper, who can view and work with you on your latest data.

It makes everything so much simpler and more efficient to use.


Easy app integration, automated bank feed payments and other time-saving features

If we use Xero as our example, this software has been developed from the ground up to work in the cloud and within your web browser or mobile app. Xero uses the latest technology to automate and simplify the accounting process with some real success.

Some of the examples of this include the following:

  • Automated bank feeds directly fed in from your bank and with machine learning automatically matched to sales or purchase invoices or assigned to cost accounts
  • An app designed for your team so they can access their payroll information, apply for leave or record their timesheets, all from their own phone
  • A batch payment system for supplier payments with automatic links to your bank account to process the payment
  • Invoices which can be performed could say created instead of performed from anywhere, with links to payment gateways and automatic reminders

It’s not just what’s available from Xero directly. This is where the available software has exploded. Because the software is in the cloud and has been developed using API (a simple way to connect different software), other software developers can link their software into the software, like Xero.

At the time of writing, there are over 500 apps available that can be linked with Xero. This includes apps for your point of sale, stock, ecommerce, job management and everything in between.

This is a game changer for business owners. It gives you access to top-end operational software (which historically would have only been available to large businesses) that links directly with your accounting software, saving hours of time in managing your business.

This includes apps that will read digital invoices and automatically enter them into your Xero file against their supplier account, saving hours of processing time, or apps that will link your online store or point of sale and transfer your sales across automatically.

The latest accounting software can save you time and help you manage your business better.


The latest accounting software is easy to use and understand

For example, Xero is designed for the non-accountant. It’s easy to use with a clear and concise layout.

And as we’ve already suggested (instead of discussed), you can also invite your accountant, bookkeeper or advisor to collaborate with you on your business in real time to get the support you need.

How we can help

If you think it’s time to look at updating your accounting software, then please give us a call. We can review your situation and advise you on the right software for your business. Then we can help you set it up, give you training on how to use it and support you going forward.

If you’d like some help, then contact us today to find more.

Related tag: Business Accountants Gold Coast