Using an accounting system that can′t handle your business needs can be detrimental to the growth of your business. Check out these three myths about accounting software and see if your business is being held back.

Myth 1: It′s better to stay with my current accounting system than spend time and money on something new.

It may be tempting to stick with the accounting program your business has been using for many years. Moving to a new system takes time and effort, and it also means your accounting team will need to learn the new system. After many years of using the same system, users have likely become comfortable with it. As the system has aged and become outdated, users may have built work-arounds to make up for the lack of features. Because these work-arounds become habit, they don′t seem to be additional work, but in reality, there is likely a better way. Newer technology can eliminate work-arounds, eliminating manual work and reducing errors. Implementing a new system can help you provide better customer service, and can also help you increase profitability when you know where your profits are coming from.

Myth 2: All accounting systems offer basically the same features.

If you search for the term ‘accounting software’ you will find a multitude of systems available. You can be sure that none of those systems are exactly the same. All accounting systems offer a unique set of features. If you are working with a system that does not contain the features your business needs to operate efficiently, you are holding your company back from growing. Imagine the time you could save by emailing invoices, importing bank transactions, or being able to manage two inventory locations. These are just a few of the accounting system features that can propel your business forward because of the time-savings. In-depth reporting can also make a difference to your bottom line. By seeing information relevant to your business, you can make adjustments to increase your profitability.

Myth 3: If the software is good enough, I won′t need support.

No matter how good a software system, support is extremely important. Using software without support can lead to confusion and costly mistakes. The software support team can help you learn new processes and ways of doing things you may not have thought about, which can in turn help you streamline processes and increase revenue. They can answer any questions you have or help you solve problems. When you make a mistake and time is of the essence, you will be thankful to have a support person walk you through the process of fixing it, rather than guessing and getting it wrong. Indeed, support may just be the most important consideration for your software purchase.

Using an outdated software system or one that does not meet your business needs can hold your business back. Now that these myths have been busted, have a look at your system with fresh eyes and consider how you can grow by moving to something that fits your business better.