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Managing Director, Michael Rich said more than 300,000 Australian and New Zealand businesses are using accounting software they have outgrown resulting in enterprises being deficient of vital information they need to perform their core business activities.

"Our experience has indicated that in many instances financial reports are between four and six months old with inadequate stock and debtors control, poor system security, over-reliance on spreadsheets and too many manual procedures. Accountants' auditing and banks relying on reports is also a potential danger", Rich said.

"Most of these businesses employ more than five staff and often have managers who have never experienced a major downturn, which can make them complacent about their financial systems."

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