Is it time to upgrade your accounting software?
You purchased desktop accounting software when you started your business and have been using it for a few years without much thought about whether you should switch to a newer version. It works fine and meets your needs so all is good, right? Not quite. If you’re using 2013 (or earlier) now’s the time to upgrade it by purchasing the 2016 version. Why? The general rule is to stay within three years in order to keep your software up to date with operating systems and hardware.
To give you an idea of what you can expect with an upgrade, QuickBooks Pro will be used as an example since it’s very commonly used.
The good news:
- it’s easy to transfer all of your data from your existing version of QuickBooks to the new one. As you install the new version, a “wizard” will guide you through the process and your data will seamlessly transfer (remember to back-up your data before starting this process).
- you will not have to go through a learning curve with the new version. Core transaction processing (i.e., creating invoices, paying bills, writing cheques) is consistent. Although new features and functionality have been added to make these processes easier, you’ll be able to quickly navigate and work with your new version.
- the cost of purchasing a new version isn’t significant; it’s often on sale (I’ve seen it for around $130) so watch out for promotions.
What can you expect with QuickBooks Pro 2016?
Here are a couple of the new features and functions that have been added:
- bill tracker: a dashboard showing payments provides you with information such as due date, status (overdue, open) and amount due for bills. This is an efficient and useful tool for cash flow management.
- fiscal year-to-last month report filter: this function is available to use on any report that allows you to filter for a specific date range. This new function will save time preparing customized financial reports.
For a complete list and comparison to prior year versions, click here. Even if you’re using the 2014 or 2015 version, look at the new features and evaluate the advantages of using them; it might be worth the upgrade.
Perhaps now’s the time to move to a cloud-based system. Check out this recent post on whether you should use online accounting software.
2 Comments
Thank you for the info Sarah, it is very useful. I will check out he online account software post as well as I’m thinking of moving everything to the cloud.
I’m glad you found this post helpful. Online accounting software definitely has advantages and most business owners are moving to online solutions. It’s important to know that the online versions aren’t the same as the desktop. Features, menus and interface are quite different so there will be a bit of a learning curve.