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Four Benefits of Updating Financial Software

October 11, 2016
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Photo by Olu Eletu on Unsplash

Photo by Olu Eletu on Unsplash

An update is usually exciting. It’s a clear sign that you’re moving forward and progressing into the future. Updating financial software, however, can be much more stressful than other updates, and it’s little wonder. After all, your financial software handles your money. Any error or loss during transition is especially costly. The benefits far outweigh the any worries, however, and custom software development services offer more than you may expect. Custom software development services can develop exactly what you need, leave doors open for future updates, and even move you a step ahead of the competition. Your financial software is crucial to the success of your business, so it’s important to hire the best. The list below presents just a few of the many benefits you derive from updating your financial software.

Revenue


As your income shifts and you begin to accept new sources of revenue through alternate payment methods, you need financial software that can keep up. Credit cards have recently adopted chip technology. Credit cards themselves are still a fairly new technology, and they only became widely accepted within the past two or three decades. Many shoppers now buy products online, using not only adapted credit card technology, but also new payment methods like PayPal. Old financial software needs regular updates in order to stay current. Eventually, however, all those patches and little fixes can turn what was once a straight-forward system in a Frankenstein-like monstrosity your employees will come to dread.

All that patching and tweaking can also make it difficult to access simple reports. How easy is it to access daily revenue reports, real time numbers, and performance comparisons? The more difficult simple tasks become, the less productive your employees will be. Even the most experienced employee will have to waste time jumping through hoops once your financial software outlives its usefulness. Eventually, you will lose money from not only updates, but also from lost hours of labor.

Improved Access


A new system isn’t just easier for your financial and bookkeeping teams. It’s also easier for you. Does your current software use Cloud technology? Can you access your financial system on the go? Can you collaborate with employees in different cities while looking at the same numbers and charts? Since today’s business world requires work beyond the traditional office space, it’s imperative that your financial software supports multiple users accessing the system from different geographic locations.

This also saves labor, of course, which saves money. Improved access leads to greater employee productivity. It’s also easier to spot inaccuracies when multiple users can access the same information at the same time. It’s important to see what’s happening with your money in real time.

Automated Processes


Computers are meant to ease labor and speed work. Some outdated financial systems are little more than a spreadsheet tacked to a contacts list, and that’s a true waste of potential. With the right features, your financial software can actually replace some part time positions, saving money and working faster than a human could. At the very least, advanced financial software frees human employees to perform more advanced work. Rather than assigning employees to writing up lengthy reports, you can order your software to create periodical reports that employees can then examine and prepare for presentation. It’s better to have employees hunting through the numbers for subtle patterns of loss and gain, looking for opportunities to grow, than to bind them to mundane tasks.

System Integration


Updating your financial software can help prepare your business for system integration. Of all internal investments available for today’s businesses, system integration is by far the most rewarding and long lasting. Software products are moving as a general trend towards integrated systems, and eventually isolated systems will be so outdated, no updates will be available for them. System integration has particular benefits for financial software. Rather than relying on a series of emails and phone calls to relay vital information between departments, or depending on daily reports, every department can have access to real time numbers. Your financial team can see exactly what’s happening at the point of sale, and outside departments, such as marketing, bookkeeping, etc., can see what’s happening in finances. Integrating your systems makes every system more accurate.

The benefits are obvious, and many create opportunities for further development and improvements. Updating helps you save money, generate more revenue, and operate more efficiently. It’s important for your financial software to keep up with the latest payment methods and revenue streams. Patching an old system will only prolong the inevitable, and you will continue pouring in funds that would be better invested in a less demanding system. Custom software development services can give you exactly what you need, and the finished product will not hemorrhage labor and funds the way your old system would.