When Is The Time To Ditch Your Time-Worn Small Accounting Software |
Posted: February 1, 2018 |
Most businesses, big or small are adopting cloud-based technology and software services replacing their traditional on-premise software. When it is regarding an accounting software, businesses need to know about the new cloud-based accounting system and how they are far better than the usual accounting software. Envertis, as one of the reputed name in the field of ERP development in Australia, houses a great team of Odoo functional consultants who bring here the downsides of using the conventional accounting software in businesses, and why it is time to update the system to an ERP accounting system.
#1 Restricted modifications Traditional accounting software is purposely made into a restricted stubborn system and hence do not allow any kind of modifications on them later on. This means there would not have any scope to alter their chart of accounts. The chart of accounts is a pivotal business aspect as it keeps essential financial details including assets, liabilities, equities, revenue, expenditures. Thus, businesses when expand, their chart of accounts will change too. While the old system will never accommodate the new things in the chart of accounts, an ERP accounting software which is flexible and adaptable will take of the changes.
#2 Inadequate features Old legacy accounting systems are software with generic features and incorporating other exclusive features for the ease of accounting process are either too costly (require major upgrade) or not possible at all. On the other hand, an ERP software with accounting module comes with a wide spectrum of high-end features. Even if there is need for incorporation of additional features, it can be easily done like Auto-download of bank transactions, Automatic backup, Automatic scheduling and sending of invoices. #3 All-time and easy access to data While it was not possible to have 24*7 access to the data in the old accounting software for executives in the organisation, it is one of the greatest benefits of modern ERP accounting systems. Thus, executive of the finance department who is off from the workplace or has to work after the working hours can easily have access to the data from anywhere due to cloud-based storage. #4 Advanced security Another great advantage of using an ERP system is the top-notch security. The security level in cloud-based accounting is obviously high for which entrepreneurs can heave a sigh of relief. On the contrary, in case of the offline software, they have to keep a continuous check on the data as they are saved manually on a device. There are quite chances of losing data by malware or virus attacks. Though on-premise accounting software served businesses organisations greatly over the past years, they are now more efficient as most of the processes in business are expanding and getting mechanised. Moreover, for the sake of development of business, entrepreneurs are going cloud so that they can have overall control on all their processes. Thus, it is sensible now for businesses to drop their age-old system of accounting and make it cloud based with the help of a great ERP solution.
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