As a business owner, it’s easy to make accounting and payroll software a low priority. After all, you are busy making sure sales are up, costs are down, profits are high, and everyone is staying productive. Unfortunately, it’s so easy to fall behind if you don’t stay abreast of technology, and when that happens you can quickly lose the benefits that the software was supposed to provide in the first place. Here are ten reasons why keeping your accounting and payroll software technology current is crucial to the successful operation of your business.
1. Hardware Compatibility: The old dot matrix printer still works fine, humming away in the corner, printing your invoices dot by dot. Hey, you can’t hear each other speak over the noise, but you’ve become accustomed to it. So, why move? This is an all-too-common scenario, whether it’s a printer, computer, or a long list of other hardware devices. For a business, hardware is an important component which allows you to print invoices, save valuable files, communicate with customers, and much more. The older your software system gets, the less likely you will be able to keep on performing those functions in a timely manner, and eventually you won’t be able to at all. The software you are using plays a huge role in the hardware you are able to operate. Compatibility with new hardware is why it’s important to keep your software up to date.
2. Safety and Security: The good news is that we are now able to communicate much more quickly within a business, and also with outside contacts such as vendors and customers. E-mail, instant messaging, and a host of other modern technologies make communication much faster! But the downside is that there are also many more security threats. Keeping your software technology current helps keep your data safe from hackers!
3. Time Savings: If you’ve been doing things the same way for many years, it’s easy to believe that your way is the fastest way available. After all, learning a new system does take time. But in the long run, things like running reports, processing invoices and keeping track of data are generally done more quickly with newer technology.
4. Company Image: How do your customers feel when they receive and view your invoice? Is it printed on nice paper with your logo and a custom message? Or is it printed on thin paper with tear marks on the sides, barely legible because of printing issues? Do not discount the fact that what your customers receive from you impacts their image of you. Having newer technology allows you to print documents and perform other functions that look much more professional than they did years ago.
5. Customer Satisfaction: What happens when your customer asks to view all of their sales from you for the past three years? Are you able to help them, or is your historical data limited? This is one example where your technology affects your customer satisfaction. By moving to newer technology, you can improve your customer service and meet the needs of your customer more quickly and easily.
6. The Green Factor: Older programs often require the printing of documents such as reports, financial statements, invoices, orders and other documents. Newer technology offers the ability to keep track of and send such communications electronically, saving many trees per year!
7. Crucial Updates: If the software technology you are using is extremely old, chances are your program is no longer being updated or enhanced by the company who developed it. You may think your program doesn’t require any more updates because it’s been around for so many years. The truth is that updates and enhancements help keep your software compatible with everything else on your computer. By not receiving updates, you will experience more and more problems as other technology moves forward. Moving to newer technology can assure you get the updates to keep your company safe and secure.
8. Support and Help: Many older programs are no longer supported, meaning there is no help available in case of questions or problems you may have with the software. While you may know the software well, there are always questions that arise with the advancement of other technology you are using. Maybe you installed a new printer or need help getting a time clock working with your software. Or perhaps a new employee started who is unfamiliar with the program and has questions. In cases like these, having support available is crucial to the function of your business.
9. Compliance: These days even the government is starting to require companies to have a certain level of technology. Certain government forms must now be submitted online, and no doubt that trend will continue. Older programs often cannot handle the newer tools necessary to stay compliant, and moving to new technology will be needed to meet those requirements.
10. The Band-Aid Factor: If you have ever had an extremely old car, you are all too familiar with the process of fixing one thing after another until you are worn down, and your pocketbook is empty. Trying to get anything old to keep working can become tiresome and can also become extremely expensive. Because you are keeping so busy trying to make the system work, you may not even be aware of how much time and money you are spending to hold everything together. Moving to newer software technology can seem challenging at first, but it is typically the best option for your business in the long-term.