If you are thinking about implementing a new Accounting software for your business, then you should gather all the facts before you make the decision as to which accounting software to buy, and more importantly, which service provider to buy it from.
Nowadays, accounting software performs more than just book-keeping functions. As a decision maker, you should consider the impact of implementing the software in the purchasing, receiving and sales department, besides the accounting department.
If you are a small setup (with less than 5 employees), then you need to consider also whether the system can be operated by the existing staff under your employ. It will save you much needed resources.
Top 10 Questions to prepare your Business for the new software
Before you evaluate the features of the new accounting software, you should spend more time evaluating your own business processes.
1. Identify tasks which are routine in nature, tedious and is time consuming to perform. These tasks can be automated easily. Eg.preparing customer statements
2.Identify the tasks or activities that causes the highest error, or produces inaccuracies that can affect your business operations.For example, errors in invoice computation
3.Identify the information that, if become easily available, could have boosted productivity and profitability. For example, analysis of gross profit by salesperson .
4.Identify the accounting and non-accounting information that flows through the different departments in your company. Separate the must-have information from the 'good to have' information.
5.Make a list of requirements that is unique or special about your company or its operations, for example, do you require serial number tracking
6.Identify the number of users that will be using the system simultaneously
7.If you have branches, is it necessary to have remote access?
8.How much are you willing to invest in the whole project
9.Assess the level of accounting and computer experience of the users.
10.Besides delivering financial statements, what else do you need your accounting software to do :
Create Invoices for Goods / Services
Purchase order
Track Inventory
Handle foreign currency transactions
Job Costing & project management
Budgeting
Tracking Accounts Receivable
Tracking Accounts payable
CashBook
When you meet your consultants, you are prepared
3 comments:
Thank you for sharing this blog. The tips are very useful. It is very important that you choose the right account software so you can be prepared anytime. Will share these to friends.
Using accounting software saves hours of time compared to handling the books manually and is usually more efficient than using spreadsheet. This is because accounting software reduces or eliminates redundant data entry..
Business Accountant
It is important for organizations to manage records effectively. A bookkeeping software helps to manage records easily. It is also important to choose a good bookkeeping software. This post is very helpful for choosing bookkeeping software.
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