When do you know that it is time to move on from your old accounting system? Popular applications such as QuickBooks, as well as any processes that revolve around the heavy use of Excel sheets, are sometimes labeled as "legacy" solutions for being outdated. But in reality, this term is vague, and you might not realize how limited your tools really are until you run into an actual accounting problem such as:
- An unsupported application version: On-premises forms of QuickBooks are well-known for losing official support after only a few years once their successor versions are released. Critical functionality may be lost until new software is purchased and implemented, which is often costly. Your organization could get trapped on the hamster wheel of having to manually keep up with QuickBooks updates.
- Limited ability to access data: Relying on QuickBooks and Excel is a recipe for informational silos. The data you need at the end of each month might be trapped in an isolated spreadsheet that no one can find or that is riddled with errors. Pulling up this info on a mobile device, or sharing it with key stakeholders such as a board of directors, may also be difficult.
- Rising support costs: Do you struggle to ensure that your apps stay up and running? Have you been set back by an outage? Do you constantly have to rely on IT to fix technical issues and/or run reports? These are signs that the scope of maintaining your on-premises accounting system may exceed your team's technical resources for dealing with such problems.
- Missing or insufficient features: In lieu of real-time access to information, comprehensive reporting capabilities, and true automation (e.g., QuickBooks does not automatically update some accounts' due to/due from balances), finance teams may have to rely on Excel to fill the gaps. But this only increases the chances of data entry errors, revenue leakage, and reduced productivity across the company.
Think of your legacy accounting system as a car that you have had for many years. It probably still works in a lot of cases, but it could reveal its age and limitations at any moment. Trying to comply with the updated revenue recognition standards of IFRS 15 and ASC 606/ASU 2014-9 is a good example of a situation that would stretch a traditional solution to its limits. It would be the financial equivalent of having to make a 300-mile road trip with the "check engine" light on in your car the whole way.
"Legacy systems increase the chances of data entry errors, revenue leakage and reduced productivity."
More than a tune-up: Why cloud accounting software is the perfect upgrade for your systems
Why should you switch to a solution such as Intacct? For starters, it is always up-to-date and deeply supported. Outdated software and hardware are no longer your concerns since the service provider and an implementation partner such as Arxis are there to guide you.
Using a legacy accounting system can be like driving an old and unreliable car.
Beyond that, you get access to a truly automated platform that helps you handle even the most complicated accounting operations. Intacct can:
- Automate multi-entity reporting and closing, including any associated currency conversions, inter-entity transactions, and local tax operations.
- Provide an abundance of customizable reporting options so you can get accurate insights into your finances and avoid having to tediously pull info from Excel all the time.
- Simplify consolidations as well as new entity creation; with the press of a button, your teams can also produce the reports that they need to ensure full auditability.
- Offer sophisticated revenue recognition capabilities so you can navigate the transition period to the latest rules and guidelines under both the old and new systems.
- Keep up with industry trends by always having a current feature set and a scalable, modern cloud-based infrastructure.
Cloud financial software is a huge leap forward on its own over legacy systems, but it can be even better with an implementation partner such as Arxis. Arxis works closely with you from initial consulting to ongoing training and education, taking into account your particular requirements and helping you plan your solution. An Intacct Premier Partner, Arxis has a wide range of industry-specific expertise, whether you are a non-profit or a professional services organization. Find out more about project success here and get started on leaving QuickBooks and Excel behind.