Let’s start by asking – what is legacy technology?

Simply put, legacy technology is outdated technology that remains in use, despite the availability of newer systems. It is “comfortable” and viewed as “reliable”, yet not always efficient.

When it comes to comparing your legacy accounting system to newer options out there, a few key considerations to make are:

  • Does your accounting system have very specific and deep experience in your industry? There is always the latest, greatest, cool technology that changes at a very rapid pace. Industry knowledge is much harder to find, so when you have it, you should be very careful to walk away from it.
  • How does your accounting solution view integration? For years, solutions could be isolated, the keeper of all your data and ultimately become very difficult to move away from. In today’s business world, system integration and data analytics are critical to your business processes. You can no longer survive with a data silo approach. Solutions today need to provide mechanisms to incorporate into the larger technology ecosystem. If your vendor resists or says the solution cannot integrate with other solutions or processes, you should view this as a red flag and consider a move.

As the size, complexity, and pace of your business grow, the frustrations can grow with it. That legacy accounting system you relied on to manage finances and operations has, over time, gradually become a hindrance to growth and efficiency. But in a highly competitive business climate, you can’t afford spiraling overhead costs, functional limitations, and unnecessary risks.

How does your legacy accounting system stack up against Sage Intacct? Look at the below signs to see if your accounting system is holding you back and learn what to look for in a cloud-based financial management solution that can transform your business.

Disconnected Systems and Processes

Finance works best when it works seamlessly with other departments and functions. Unfortunately, legacy accounting systems often aren’t well-integrated with other business tools and systems —including commercial applications and custom-developed software. This often leaves your finance department trapped in manual processes, spreadsheets, and cumbersome workarounds as you manage conflicting formats and rekey the same data in multiple systems.

Sage Intacct allows you to:

    • Take advantage of pre-built integrations with key applications
    • Integrate with on-premise or cloud applications
    • Integrate in phases

Business Expansion – Does your Legacy System Grow with You?

As your organization adds business units and expands into new markets and geographies—or even add entirely new lines of business—the burden on finance can quickly become overwhelming. Soon enough, you’re handling new subsidiaries with more currencies, tax jurisdictions, regulatory frameworks, sales channels, and product costs. And if you’re growing through acquisition, the added complexity isn’t gradual—it’s immediate. It’s a good idea to look into the capabilities of your current accounting systems and determine if they can accommodate these results of a growing organization.

Sage Intacct allows you to:

    • Enforce shared chart of accounts across entities
    • Share workflows easily, anytime, anywhere
    • Streamline financial consolidations quickly
    • Shorten month-end close

New Business Requirements & Regulatory Compliance

As your organization continues to grow, many businesses are experimenting with new revenue models and structures to keep up with customer demands and expectations. Many companies are adopting the subscription business model, but that is introducing new demands on your finance team and accounting systems, as billing and revenue recognition requirements are much more complex. If your organization has made this change, your legacy accounting system wasn’t designed to handle these new rules and requirements, and workarounds using excel spreadsheets leaves your organization vulnerable to a host of audit risks and billing errors.

Sage Intacct allows you to:

    • Quickly add new capabilities made available by rapid vendor innovation
    • Deploy new capabilities without rewriting integrations or customizations
    • Support flexible subscription models by letting you buy what you need, as needed.

Old Accounting Systems Release

Software infrastructure often takes back seat on the priority list. Many companies haven’t updated their accounting systems in years, which can leave them open to significant risks. An outdated or unsupported platform can equal unreliability and downtime, not to mention the overhead and high costs of maintaining an on-premise legacy system.

Updating legacy systems can be difficult, costly, and disruptive to your organization’s operations, especially if you lack the IT resources to upgrade related software, databases, and operating systems. As a result, many organizations manage the risks with time-consuming workarounds.

Sage Intacct allows you to:

    • Take advantage of remote upgrades deployed and managed by Sage Intacct – no outside IT resources needed
    • Zero downtime and quick deployment – so your business doesn’t skip a beat

In closing, Sage Intacct delivers the automation and controls needed for accurate billing, accounting, and reporting that to reduce errors, stay audit-ready, and scale with your business. As the #1 cloud accounting software available, it’s no secret why Sage Intacct is the only AICPA preferred financial management solution.

Need to take your ERP solution a step further? LBMC can also provide a variety of other specialty solutions that integrate with Sage Intacct, such as Avalara, AvidXchange, BI360, Nexonia, Scribe, SalesForce and IntegratorPlus. To learn more about Sage Intacct and how it can transform your business, click here now to contact LBMC Technology Solutions.