Transferring data from an old financial software program to a new one may be a huge undertaking, so it’s understandable that many companies are hesitant to do it.
However, continuing to utilize software after it has become obsolete can lead to a major costs for your firm.
Cybersecurity concerns are more likely to affect outdated legacy software, and the financial and reputation consequences of a data loss can have a significant impact on a company’s bottom line.
Below, we discuss some risks of using outdated finance software, which suggest that you switch to more robust and advanced software.
Inaccurate and Slow Reporting
Financial reporting can only be precise if you have access to real-time, up-to-date data. When you reach the point where software limitations compel you to manually enter and re-enter data every day, the chances of making an error increase tenfold.
Furthermore, the longer you use an out-of-date software, the greater the danger of being left behind by your competition. Getting information from an outdated software can be a hassle, and the process is prone to error and delays.
No information Sharing
With old financial software, there is no single point of contact because different departments use different software. Furthermore, because the separate systems do not share the information, there is no real-time coordination.
Advanced financial software allows integration with enterprise resource planning (ERP) and customer relationship management (CRM), improving data processing, data access, and real-time information sharing.
With old software, there is little or no sharing of information, so there is no real-time coordination.
Growing businesses tend to accumulate extra software to do specific tasks. Multiple independent software systems can become extremely unmanageable as your business grows.
Legacy tools and software are hard to use, and getting consolidated data and reports can be a headache. Advanced financial software doesn’t suffer from these problems. It is a single, integrated software that features analytics to provide real-time access to financial data. Moreover, user-friendly dashboards display all the data that you need to manage and monitor your business.
Remote Work and Mobile Access
Businesses have learned from the COVID-19 epidemic that they need to be able to remotely connect to their business software at any time and from any place. The COVID-19 epidemic made working from home a necessity.
Out-of-date financial software will be unable to adjust to these changes and will hold you back.
We live in times where technology is continually changing. Every day, new devices and features are released; inefficient and old platforms are phased out, and software built for such technologies is no longer supported.
Organizations that invest carefully in upgrading their out-of-date financial software can avoid the hazards listed above while also boosting productivity and effectiveness. If you want to explore the options for your company, get in touch for an initial discussion.