In today’s cash-challenged business environment, many companies consider their current accounting software sufficient. No matter what accounting solutions are presently employed, “They’ll just have to do” is the frequent retort of company executives and managers. Let me cite three primary reasons why this may be a bad idea:

1. Companies need to score “style” as well as “substance” accounting software points. Essentially, this means being able to instill confidence in anyone examining the books as well as providing comprehensive, up-to-date data. Think about the IRS auditor conducting a tax audit. If the accounting software is robust and current, the auditor is more likely to gain confidence in the respondent’s accuracy (very important style points). Conversely, outmoded accounting software or sloppy hand entries may convey an attitude of being unwilling or unable to offer accurate records (even when this isn’t true).

2. The right accounting software can save you money from the get-go, paying for itself rapidly and becoming a virtual profit center. For example, accounting solutions that optimize handling of accounts payable can pinpoint timely payments that maximize use of that money as long as possible. If a company pays some vendors too soon to maximize interest capture, and/or pays tardily and accrues late fees and penalties, it’s easy to see where accounting software can either be costly or cost-saving.

3. Accounting software/CRM linkage can make or break the sale. Having a seamless conduit between accounting services and a customer relationship management program can help make the sale, both in terms of quality of information provided and making a good first impression (again, style points). Conversely, faulty or failed connections inevitably will lead to loss of existing customers as well as hamper acquiring new ones—particularly when a competitor has robust accounting software in place.

Get protected. Get proactive. Get new accounting software now, if you need it.

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