So you’ve decided to switch to using accounting software for recording your business financial information instead of any other traditional accounting system, such as using spreadsheets or journals? The question that must be buzzing in your head now is: when is the best time to integrate it into your business?

Businesses these days are making the shift to accounting software to take advantage of its various benefits. Without a doubt, it is the right move for your business. However, there is no set-in-stone rule that determines when to implement it.

Below, we will discuss the factors that go into deciding when is best to change accounting software.

1. After Finding the Right Software

The first step to choosing the time to implement the software is choosing the right one for your business. You will need easy accounting software for small businesses that encompasses all the necessary functions and features to enhance your business transparency and growth. Not every accounting software out there is ideal to be used for bookkeeping purposes.

Most of them only provide minimal features to manage your business. Such software should be avoided as it does not add value to your enterprise. When you have found the appropriate software to enhance your business properly, then that’s when you can start using it.

2. At the Year-End

Many accountants think that the most convenient time to switch to accounting software is during the year-end. The reason for this is that the year-end offers businesses an opportunity to start clean with a new financial system for the new financial year, keeping the records consistent and easy to reconcile next year-end. This task should be specifically assigned to the company’s accountants, as not all employees will be available to handle this task. Doing this will save you time and money.

3. When the Traditional Bookkeeping Method Fails

Most organizations are still clinging to the traditional accounting method. Many of them fail to realize when to transfer the financial records from the ledger to the new bookkeeping software. A strong indicator that it is time to switch is when the present accounting method is no longer living up to expectations.

For example, if the current bookkeeping procedure takes too much of your time away from other work, or if your accountant is not available full-time, it is time to find a solution. You can search for accounting software that offers scalability and specific functionality to help tackle the traditional recording procedure’s challenges to your business.

4. When it Fits Your Business Growth Plan

Every business has a growth plan. These are strategies mapped out to drive the upward growth of the brand. Most businesses incorporate accounting software as an integral tool to track and promote this growth.

If your business is going to benefit from incorporating the software, then it is time to make the switch. If you are still unsure when to make the switch, consulting your financial advisor can be very helpful.

5. After Prioritising the Resources for Training

Most accounting software requires training before it can be expertly used to achieve a goal. Without the training, the software’s full potential may not be fully utilised. In addition to training during the initial rollout, it is important to hold ongoing training sessions periodically for your accounting employees to make the most of the software for lasting success.

Ensure that you have the resources necessary to train your accounting staff to use the software before committing to the switch.

6. During Your Business Expansion

One of the ideal times to switch to accounting software is during a period of growth in your company. A company’s growth is associated with the expansion of the customer base, purchases, and entries made in the record. A ledger may not be enough to handle the increased financial transactions.

Using the best accounting software in Malaysia is a confirmed way to meet the demands of your growing business and further drive the growth to new highs. This virtual recording tool is essential to the growth and longevity of your business.

In a Nutshell

These are the most critical factors to determine the optimum timing to switch to accounting software. Whenever you decide to start using accounting software, the most important is to ensure that the software has all the features you need. Your in-house accountant or financial advisor can be a great resource to consult when choosing the right software for your business. For more information, feel free to get in touch with us.