Managing your business’ accounts is not always an easy task, especially when you have to make sure that all of your numbers add up. Incorrect reporting could be the difference between you reporting a profit or a loss.
That’s why it is essential that you choose a system that works for your business. Here are 4 tips on how to select accounting software that is right for your business.
- Talk to your accountant and staff
Whether you have one or a team of accountants, it is important that you ask them what key features they look for in accounting management solutions.
This is because they:
- Know the ins and outs of your financial processes
- Know what functionality is required
- Will be a key person in the setup process
- Can offer personal recommendations on what software to use
Ensuring that your accountant is happy with the software will also help make the integration of it much smoother.
- Decide on a budget
Although ease of use and functionality are two key points when investing in accounting software, cost is also an important factor to consider.
Besides the software itself, when you’re putting together a budget, you will also need to take into account the cost of:
- Installing the software
- Maintaining the software
- Initial and on-going training
- Upgrading your current computer hardware if required
- Consider using ERP software
Do you use one piece of software for your accounting and different software for other aspects of your business? If so, you could be making life harder for yourself than it needs to be.
A fully integrated ERP system can help bring data from multiple business functions into one place, so you get a complete overview of your business. So not only can you oversee your finances, you can also manage sales orders, purchasing, warehouse management and much more; all in one place!
- Prioritise essential features
To ensure that you get the most value out of your new system, you should make a list of the key features that must be included. This will be personal to your particular business, but may include:
- Real-time processing (no daybooks)
- Audit trails
- Fully integrated cashbook
- Automated or manual bank reconciliation tools
- Third-party integrations
It might also be useful for you to create separate lists of must haves, could do with and not needed features.
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