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Is Now the Time to Change Your Accounting Software?

Hand flip wooden cube with word "change" to "chance", Personal development and career growth or change yourself concept

Making good decisions is important for your small business. Not making decisions can be risky, it can also be frustrating for you and the rest of your staffs. Once a decision is made, then you and everyone else will likely feel relieved. Choosing when to change your accounting software is an important decision. It may not be obvious to you that you need to change your accounting software or it may be screaming at you in the face. Whenever you think that you need to change your accounting software for your SME business, take a look at the accounting software solutions that ABSS offers. We’re here to make your small business accounting easier.


Motivations to change to ABSS Accounting Software

As your small business grows, you should start to reach ‘inflection points’ when it becomes obvious that you need to change your accounting software. You may have outgrown the original financial processes that you started with, like ABSS software, or other reasons that may include;

  • Struggling with reporting 
  • Finding it difficult to analyse your operational data
  • Manual processes that decrease your productivity
  • Expanding your small business to multiple entities or multiple jurisdictions

The bottom line is adding value to your SME business. Hanging on to a financial management system that slows down month-end closing and other fundamental processes can prevent you from optimising business growth. Eventually, you will need to make the decision to move to a system that will enable your business to flourish. ABSS accounting software can help your business do this.


Happy New Year!

Once you have recognised the need to change and identified the best software aligned to growing your business, deciding when to change, and how to change, are other important decisions for your business. Your goal should be a smooth transition that adds value without causing disruptions or stress. Think ahead, don’t leave decision-making too late. The last quarter of your financial year is a good time to survey and try out different accounting software packages before choosing which one to change to.

Year-end, also known as an accounting reference date, is the completion of an accounting period. At this time, your small business will need to carry out specific procedures to close their books. Make it a Happy New Year by using ABSS accounting software to make your year-end, and new financial year, hassle-free.


Fine-tuning with ABSS Accounting Software

Year-end adjustments, accounting procedures carried out at the end of the financial year, are key procedures for creating your company’s financial statements such as balance sheets and profit and loss statements. The number and nature of year-end adjustments will depend on how thoroughly you do your bookkeeping throughout the accounting year. Common year-end adjustments include;

  • Depreciation and amortisation charges to fixed assets
  • Reclassification of entries such as long-term debt that may come due within a year so that can be reclassified as a short-term debt
  • Adjustments based on external audits so that your company can correct entries that reflect a different assessment of your inventory
  • Accrual of unrealised expenses and revenues

Try out ABSS accounting software for fine-tuning your year-end accounting procedures.


Smoothing your transition to new accounting software

Cash flow is vital for any small business. Now there is financial support available for changing to ABSS accounting software. Financial support includes business grants, SME grants and government funding for entrepreneurs, including Productivity Solutions Grants (PSG). Just take a quick look at IMDA’s website for more information about financial assistance for your SME.

Another benefit of deciding to change to ABSS accounting software now is that you can purchase it with a one-time payment, unlike other accounting software that requires you to pay a subscription every month. You can get financial assistance for this, and smoothing your transition to ABSS accounting software, by applying for a PSG that contributes up to 70% of the cost of buying a new software.

Try out changing to ABSS accounting software for a better new financial year. 

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