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5 telltal​​​e signs that you need to upgrade your accounting software

Updated: Dec 26, 2018

Here are five tell tale signs that you need to upgrade your accounting software:

1. You are spending too much time on financial record keeping, or worse still you aren’t keeping the financial records up-to-date

As the business grows, so does the amount of financial transactions. Often business owners start recording their financial transactions in a book or spreadsheet. This makes a quick analysis of the financial results very difficult. If you find that you are spending too much time keeping the books, the first port of call should be ABSS / MYOB accounting software that makes the job so much easier.

2. You can’t get the information you need

You know you are lacking good information when your sales are going well, but cashflow is still an issue. Or you set targets at the beginning of the year, but you’re not sure that you are going to achieve them. Or you would really like to know sales per customer so you can ensure your marketing strategies are in line with customer needs. If your current system is not providing the information needed to make informed decisions on a range of business performance measures, then it is time to step up to the plate and upgrade.

 3. You dread GST form 5 time

If your business is registered for GST, then you will be required to complete a GST form 5 quarterly. Many business owners leave this to the accountant, but with a good accounting software like ABSS / MYOB accounting software that is well set up, you only need to push a couple of buttons (or mouse clicks) and your GST form 5 will be ready to go — imagine the accounting fees you will save (market rate estimate $500 per submission)!

4. You spend a day doing the payroll

Payroll used to be easy when there were only three employees. Now you have ten; each one has a different Superannuation provider; and after you have calculated the payroll, CPF and other allowances or deductions, you still need to actually pay your employees. Save time with ABSS / MYOB accounting software that keeps track of all the relevant information for each employee and can generate the payments to them through a direct link to your bank account.

5. Stock shortages are becoming the norm

You know you need an upgrade when stock records are not being kept up to date and you find yourself ordering new stock when you sell the last item. ABSS / MYOB accounting software will provide you with the ability to manage stock more effectively — your accounting software will match sales to stock items and then you will easily know when it is time to order.

We all love an upgrade, especially when it makes life easier. Upgrade your accounting system to ABSS / MYOB accounting software and start enjoying the benefits.

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