With the implementation of IFRS and new accounting standards, businesses have become more aware of what they need to measure and report. Many firms in the UK are now aware that their UK accounting software is not up to date with the latest financial reporting standards. The good news is that upgrading your accounting software is not difficult, and there are plenty of packages out there that meet all of your needs. With so many options available, what should you look for when upgrading your software? There are numerous reasons why you should upgrade your accounting software right now. Here are six reasons why you must upgrade your UK accounting software sooner rather than later…
1. You May Be Breaking The Law
If you are currently using a UK accounting software package, you may be breaking the law. This is because many of the current accounting systems do not fully meet the new accounting standards. You may be required to use IFRS for SMEs if your turnover exceeds £10m. If you’re using an accounting software and you’re not sure if it’s compliant with the latest standards, it’s best to check. If you’ve been using the same UK accounting software for a few years, it’s likely that it will not meet the new standards. If this is the case, you should upgrade your accounting software as soon as possible.
2. Your Business Is Growing
If your business is growing, it’s likely that you’re going to need to upgrade your accounting software. If your accounting software was designed for a SME, it may not be able to cope with the additional data that comes with growth. It’s important to find an accounting software that can scale as your business grows. Alternatively, you may be better off finding a new solution from scratch. If you’re experiencing issues with your current UK accounting software, it may be better to upgrade.
3. Your Current Software Is Outdated
If your accounting system is outdated, it’s probably time to upgrade. If your accounting system is more than five years old, it may be holding you back. If your system is outdated, it’s likely that it will not meet the new accounting standards. It’s also likely that it is slowing down your business, making it more difficult to produce accurate financial statements. With an outdated UK accounting software, finding new customers and retaining old ones may also be more challenging. If you’re experiencing issues with your current accounting software, it may be better to upgrade.
4. It Will Be Easy To Migrate
If you’re upgrading from one accounting software to another, you may need to migrate your data. Migrations are rarely easy, and they can create a lot of issues for businesses. If you’re choosing a new accounting software, it’s important to ensure that it will be easy to migrate from your current solution. This will save you a lot of time and worry during the transition.
5. It Will Offer Better Reporting Capabilities
If your current accounting software is not giving you the reporting capabilities that you need, it’s time to upgrade. If you’re using a software that was designed for a small business, it’s likely that it will not be able to produce the reporting you need. When it comes to accounting software, there are two types of reporting options; real-time and historical. Real-time reporting is a type of online system that allows people to view the data as it is being entered. This real-time data reporting is great for businesses that need to view data as soon as possible. Historical reporting is a type of system that will store the data for later viewing. If you’re currently using an accounting software that offers real-time reporting, it is probably time to upgrade.
6. It Will Automate Tasks And Boost Productivity
If your accounting software is designed for a SME and does not offer any automation features, it may be time to upgrade. Small businesses have a lot of administrative tasks, and many of them are repetitive. Automating tasks that are performed often can save you a significant amount of time every week. Accounting software that does not offer automation features will be difficult to use. It’s important to find an accounting software that will automate as many tasks as possible. If your accounting software is holding you back and making your job more difficult, it may be time to upgrade.
Conclusion
It’s important to keep your accounting software in UK up to date. If it’s outdated, it may not meet the latest accounting standards and it may also be slowing down your business. If your accounting software is not keeping up with your business, it’s time to upgrade. There are many accounting software packages out there that meet the latest accounting standards. It’s important to choose the right one, once you’ve decided what’s best for your business. With that in mind, Dext accounting software brings to you all these benefits and more – check out the tool and get started soon!