When I meet with prospects, I find that most of them just use their current accounting system to pay bills, collect accounts, and report their income to the government and bank. Some businesses are content with this, but it’s only because they are unaware of what a good accounting software can do for their business.
It’s important to use your accounting software to its fullest extent and take advantage of all the features to help your business. A good accounting software has many benefits, including:
- Usability. An easy to use and intuitive interface.
- Customization. Adapts to your business needs and current processes.
- Scalability. As your business grows, your accounting software should have the capability of expanding with additional users, features, and reports.
- Making better decisions. Access to critical data and reports so that you are informed and can make the right strategic decisions.
- Accurate information. An integrated accounting software lets you enter information once without the hassle of verifying data from multiple sources. It also cuts down on the amount of errors.
- Cash flow management. Having accounts receivable, accounts payable, billing, and inventory integrated into one system lets you manage your cash flow efficiently and contributes to the growth of your business.
So how do you choose the right accounting software for your business? Here are some things to consider when deciding on a new accounting software:
- Do your research. There are numerous accounting software packages and it can be difficult to know which one is the best option for your business. Find out which accounting software is specific to your industry and business size.
- Know which tasks or processes you want to automate. Identify what you need in your accounting software, work with your department managers to understand which tasks can be automated or improved upon with an accounting software.
- Vendor training and support. Ask the vendor what type of support they provide and how often they upgrade their software.
- Sensitive data and software security. What type of security measures are implemented to protect your financial data? Does the software provide login authentication or data encryption?
- Budget. What are you willing to spend on the right accounting software for your business? Don’t forget to factor into your budget any monthly or annual fees.
Posted on August 28, 2013 by Al Romeyn | Permalink