The paradigm of the corporate world is evolving rapidly. With the advancement in technology, every sector is witnessing development through changes. A ton of human labor is being replaced by technology. The finance industry is no exception. Accounting software has always been an integral part of the industry. Almost every company relies on these software for the herculean task of finance management. Everyday more and more companies are switching for the better. Professionals always prefer softwares that are up-to-date with the present era.
Why switching Accounting software is important?
Though switching from an offline mode to an online accounting software can be pretty intimidating. It can take a huge amount of time and effort to manage your company’s finances in a completely new digital environment. The switch from one software to another often turns out to be a nightmare.
Despite the challenges, there are plenty of reasons why a company decides to switch from one software to another. Let’s talk about them real quick.
- Lack of Updates: Staying relevant to the current market structure is crucial for financial management software. A lot of software available in the market lack relevancy and this makes them outdated. The absence of new-age technology is a big disadvantage for such software. Features like cloud sync, real-time collaboration, online support, data protection, etc. are considered the key features in finance managing software of this digital age.
- Costing: Much online accounting software in India have steep annual subscription fees. For small companies, it can be a negative slope.
- Technical difficulties: User interface and user experience are the two most vital selling points for software. Offline accounting software has an age-old reputation for being complicated as compared to online accounting software. The professionals don’t like to undergo the extra pressure of handling complicated software after tackling challenging finance management.
- Security: Protection of data is often compromised by outdated software. The lack of cyber security features is one of the key reasons why companies are switching to more advanced online accounting software in India for their financial management.
Threats and Challenges faced while switching
Switching to a new software also comes with a ton of new challenges. As most of the software, despite having similar functionality, has different environments. It gets difficult and intimidating at the beginning to familiarize oneself with the elements of the new software. In this case, with great power comes great challenges. Now, let’s look at some of the challenges faced by professionals to adapt to new software.
- Change in Environment: As discussed earlier, professionals often find it hard and time-taking to adapt to a completely new software environment. Getting familiar with the new user interface results in a completely different dataset of user experience. Nowadays, almost every software company is focusing solely on the user experience based on their user experience research. So, hopefully changing software won’t be a big problem shortly.
- Data Breach: While switching from one software to another, data breach often turns out to be the most common problem faced by the company. Due to the lack of data management and storage problems, outdated softwares often fail to retrieve the entire dataset needed for the switch. Tracking down the traces of transactions or investments can consume a lot of time.
- Insufficiency of Time: Finance management professionals stay under a lot of pressure while managing multiple things in their field. Learning completely new software can eat up a lot of their valuable time.
- Security Concerns: Cyber security has become one of the most vital features in Accounting software. If the new software loses any kind of data then that can be hectic for the professionals to recover.
Though the cloud-based software industry has grown by leaps and bounds in the past 5 years, as more and more companies are migrating to the online accounting software in India, reaping the benefits of cloud accounting, still there are many myths surrounding the cloud structure
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- It offers you tension-free data migration from your previous software. With RealBooks, forget data breach worries.
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