Last updated: 19 Nov 2024 10:00 Posted in:
The fear of losing financial data is the major barrier to upgrading from legacy accounting systems, according to research from software provider iplicit.
Some 42% of finance decision-makers admitted that they are reluctant to change their accounting system because they fear they will lose critical historical data – a rise from 23% in 2023.
Some 14% of respondents cited historical data loss, with 12% saying they had to pay to use historical data as major barriers to changing accounting systems.
This idea is being fuelled by several accounting software providers that are using fear as a tactic to hold on to their customers. Punitive right-to-use licences and resistance to assist in migration away from current systems often leaves finance decision-makers concerned that the pain of change is greater than putting up with the challenges of staying with the legacy software.
Commenting on the findings, Lyndon Stickley, CEO at iplicit, said: “The fear of losing historical financial data should never be a barrier to adopting more advanced and effective accounting software. It’s time for finance leaders to overcome, break free from oppressors, and switch to an accounting software provider that isn’t going to hold you hostage by charging you to access essential historical data.”