It can be difficult to manage your business’ finances. You could make the difference between reporting a profit and a loss by reporting incorrectly.
It is crucial that you select a system that suits your business.
Also check– Free accounting software
Talk to your accountant or staff
It doesn’t matter if you have one accountant or a group of accountants. Ask them what the key features are in accounting management solutions.
- Learn the intricacies of your financial processes
- Find out what functionality is needed
- Will play a crucial role in the set-up process
- We can offer recommendations for software that you should use
It will make integration easier if your accountant is satisfied with the software.
Set a budget
While functionality and ease-of-use are key factors when you invest in accounting software, it is important to also consider the cost.
- Installation of the software
- Software maintenance
- Training for both initial and ongoing
- If necessary, upgrade your computer hardware
- ERP software is worth considering
Are you using one software to manage your accounting and another for managing other aspects of your business?
You can not only manage your finances but also purchase orders, warehouse management, and many other functions all from one place.
Prioritise essential features
You should create a list of key features to ensure you get the best value from your new system. It will be specific to your business but could include:
- Real-time processing (no daybooks)
- Audit trails
- Fully integrated cashbook
- Bank reconciliation tools, manual or automated
- Integrations with third-parties
You might also find it useful to make separate lists of must-haves, features you can do without, and non-essential features.