You have issues with the application because it wasn't developed to run on Windows versions higher than Vista. I have checked the official website and the only versions of Windows where you can install the application are Windows XP, Vista, 2000, and 98. There is nothing mentioned about Windows 7 or Windows 8.1.
In Windows 8.1, right click the installer or the executable file and select Properties > Compatibility. Choose Windows Vista from the list and then tick the Run as Administrator option.