If your current business accounting processes are running out of steam or your business is simply growing too big for the standard accounting package you currently use, upgrading is the logical next step.
Whether you’re a small start-up or a complex enterprise, you’ll be met with myriad of software choices. Let’s look at five no-nonsense tips for choosing the right accounting software package for your needs:
- Identify extra features you may need – most businesses will need the basic out of the box finance package as a given which usually includes accounting, sales and purchasing management, asset registering and payroll. But do you also need stock control? What about intercompany reporting?
- Make sure the new software integrates with your existing processes – Let’s face it, your staff are used to doing things in a regular way and while it’s still effective, why change it? Some of the better accounting software products such as MYOB EXO Business will fit into your existing business processes and also help improve them.
- Multi users and security – Dealing with sensitive company financial data should be limited to those who have the rights to do so, but going a step further, you need to be able to limit what each user can access. For example, a junior accounts person should be setup with a restricted login with less access privileges than the chief financial controller.
- After sales support and training – learning your new accounting software and sorting out inevitable teething problems are made easier with quality support and training. Phone and email support are essential as is face to face training involving all relevant staff. This help can be particularly useful when software updates need to be applied.
- Speak to others in your industry – at your next networking function, actually raise the subject of accounting software. Now, you may think it’ll send people running for the toilet of a drink refill, but you’ll be surprised how many people will tell you their experience. They’ll often recommend business software experts who helped them.
So, there we have 5 brief but very important considerations to take into account (bad pun intended) to help you make the right decision. Making the wrong choice of software can lead to headaches further down the track and even worse, you could end up making some bad business decisions because of it. Take the time to weigh-up the functions and features you need and look for a product which comes with upgradable modules you can ‘snap’ in as and when you need them.
If you’re looking for a consultant who can scope, design, implement and configure a business accounting software solution specialising in MYOB EXO, try Horizon Business Systems, a Perth based, MYOB Platinum Partner.
- What’s New In TurboTax 2011 (2012tax.org)
- TurboTax Free Edition Takes The Hassle Out Of Filing Your Taxes (2012taxes.org)