The Importance of Updating Your Accounting Software


The Importance of Updating Your Accounting Software

As the height of the tax season approaches, and our work at GGFL reaches its annual peak, we are reminded how important it is for our clients to be using up-to-date software to store and transmit their financial data.

We understand that it’s easy for clients to forget, or decide that the existing software appears to be working just fine, but the risks are great and can dwarf the relatively small cost of upgrading.

Accounting software is updated by the vendor periodically – usually, at least annually – and versions are typically supported by the vendor for a limited time. For example, only the last three version-years of QuickBooks Desktop are supported. In the case of Sage 50, only the current version-year is supported. (For both programs, support is kept open a few months into the new year to allow users time to upgrade).

If anything goes wrong during that supported period, the vendor is there to help fix the problem, and will provide automatic updates, fixes, and add new features. Once the supported period expires, the customer is on their own, and their data may become vulnerable.

Updated, supported software means a safe and secure home for a company’s financial data.

At the receiving end, updated software means compatible systems, and that the marriage of your financial data with your accountant’s software is seamless and time efficient.

When we – or any other accounting firm – receive financial data on unsupported software, we can encounter corrupted files and all manner of problems that take time to fix and, in some cases, cannot be fixed. This extra time can be a considerable drag on resources at both ends, and any additional work done by your accountant will be reflected on your invoice.

In short, using outdated, unsupported software is not worth the risk and can cost more than upgrading.

QuickBooks and Sage 50 are two of the most popular accounting software platforms on the market, both offering small business packages and other options, including the increasingly popular online software as a service (SaaS) solutions available on subscription, with automatic upgrades included.

At GGFL, we are ready to advise clients on software options, and will help in whatever way we can. It’s in both our interests to be on the same software page.


Read our recent articles

For your business and personal finances.


Authorizing GGFL as Your Representative with CRA

There is one simple, but important step business owners can take to help make their… Read more


2024 Federal Budget Highlights & Commentary

On April 16, 2024, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland,… Read more


The Bare Facts on The New Bare Trust Reporting Requirements

BREAKING: Relief for Taxpayers as CRA Cancels Bare Trust Filing Requirements for 2023. CRA announced… Read more


Let’s Connect

Reach out today to discover the
opportunities behind your numbers

Contact Us