Ever since computers first hit the consumer market in the 1980s, businesses have embraced the time-saving aspects of this new technology - once they learned how to make it work for them. The "new" computers were clunky and required a fair degree of knowledge in programming to make them useful until the first suites of pre-loaded software programs entered the market.
Suddenly every business could create document templates for form letters, track reports on spreadsheets, and communicate electronically.
Unfortunately, some businesses seem content to remain in the past, stubbornly clinging to technology that no longer completely meets their needs and is likely costing them money.
The wrong impression
Many of today's consumers grew up with technology, learning to count backwards by watching the timer on the microwave. Even the majority of baby boomers have embraced (or resigned themselves to) living in a wired world.
Customers are used to remaining connected, booking appointments in one click, and paying their bills online. If a business cannot or will not deliver these conveniences, consumers will not hesitate to find a company that better suits their lifestyle.
According to a recent Microsoft study, 68 percent of consumers find modern technology vital to a business's success and 57 percent think that businesses using modern technology are more competitive.
Can you really afford to lose clients simply because they perceive your business as being out of touch with the times?
Time is money
From the standpoint of your service, upgrading your software can save you time.
How long does it take you to bill your clients or take care of regular accounting tasks? When your employees enter their time, do they complain about the process? When it comes to reporting and analytics, can you quickly find the information you need? The frustration and lost time adds up, and it costs you.
For example, the average bookkeeper might spend 50 hours out of the year entering credit card transactions into their accounting system. With technology like bank and credit card feeds that automatically sync this data for them, this process will only take an hour per year. That’s a whole week of work that the bookkeeper suddenly has back! They can then work on building their business, rather than just maintaining it.
Crashes don't just affect the stock market
Older technology tends to break down more frequently than newer software does. Sometimes, it is a simple issue of your software not playing nicely with newer versions. Other times, it is a matter of parts, customer support, and programming knowledge being unavailable for older technology.
If your system is obsolete and it crashes, do you have a recovery plan for all of the lost data? Bear in mind that your inventory and personnel records, time sheets, taxes, and other information vital to your business' smooth operation will likely be lost.
Newer technology, especially programs that are cloud-based, is far less likely to crash and have catastrophic consequences.
Security comes with a price tag
Outdated software equates to outdated security. You only have to watch the evening news to see how malware and viruses cripple the business world around the globe. From a client's point of view, data breaches can lead to stolen identity issues that will plague them for years to come.
If your company uses on-premise software, you either need to personally ensure your data's safety or hire IT workers to help. If you use cloud technology, however, the software vendor takes care of everything with the latest techniques and industry standards.
Upgrading your software can alleviate security breaches, making your company's data and your clients' information more secure.
The solution is right at your fingertips
Switching systems might be daunting, but sticking to the old ways is costing you. BQE CORE is the latest in project accounting technology, and its award-winning implementation, training, and support services are here to help you make the move. Accounting, project management, and other essential tasks are a breeze with CORE on your side. The cloud-based software provides the security and backup your business needs to keep running.
CORE saves you time and money, and lets your customers know that your firm is poised to meet their needs today and well into the future.