FIVE QUESTIONS BEFORE CHOOSING FINANCIAL AND ACCOUNTING MANAGEMENT SOFTWARE

1. Will accounting software expand as my business grows?

Carl Reader is known as “The Startup Coach” and is the author of The Startup Coach and The Franchising Handbook. He has some very interesting opinions on how to look at the credentials of the company that markets the software.

Carl says, “Determine the software vendor in 10 years. Analyze the level of capitalization of the company. Do you have enough funds to be competitive for the future? Do you have the people, infrastructure and systems to do you expect to be able to keep moving? ”

“And in 10 years, will it remain the same company or will it be likely to be absorbed or will it change its economic model, which could imply an awkward transition?”

You expect your business to grow. As you do this, the functions expected of you as an owner will become more sophisticated, as will the need to learn more about running a business.

That’s why good accounting software will grow with you, with additional packages from the same vendor coming into play as your business sets new requirements, such as payment or payroll processing.

2. Can the right people access the information they need?

Carl explains, “All teams need to have a solid understanding of financial data. The more employees understand how their actions contribute to the company as a whole, the better.”

This underlines how far the past is, when financial data was jealously guarded by those who “needed to know”.

In a modern, forward-looking business, financial data is shared with those who need it – instantly. For example, a sales team may have access to a panel with practical information on the company’s finances, which will help them in their work.

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It is a type of culture that promotes success and growth and its accounting software is essential. The ability to create custom reports or panels is a necessity, as is the ability to easily share them with key stakeholders.

The best financial software takes a democratic approach to financial data. Obviously, not all data has to be shared, but letting the right people know the relevant information can be a real revolution for a business.

Ask the software vendor of the following before purchasing:

  • Is my accounting software designed for financial professionals only or is it intended for the whole company?
  • And how easy is it to share key data with those who need it across the business?

3. Will the pace of future technology keep pace?

Roger Knecht is president of the training organization based at the Utah Universal Accounting Center. He is an expert on the benefits of accounting software for businesses of all sizes.

Regarding future technologies and their impact on businesses, he explains: “Accounting software helps entrepreneurs to be more present in their activities”.

“With the use of artificial intelligence (AI), we are only at the first phase of this evolution to provide entrepreneurs with the accounting information they need so that they can use and use it. understand to make more informed decisions. ”

Blockchain is another extremely promising technology on the horizon from an accounting perspective.

Its best known application is cryptocurrency, such as Bitcoin, etc. Many companies around the world are already accepting cryptocurrencies and governments are experimenting with the technology. It is also used to make investments.

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It is still too early for an accounting software to deal with cryptocurrencies (most software only focuses on legal currencies), but it is not unreasonable to ask if the accounting software provider is paying attention. to the same tech landscape as you, or even where you stand on future technologies such as blockchain.

Ask the vendor if you have a phased approach to existing technologies, such as mobile devices and the cloud.

4. Does the software help me with regulatory compliance?

Adam Prince is vice president of product management, compliance and migration at Sage. Especially when it comes to accounting software, he comments: “Compliance with regulations has never been more important.”

“Taxes, labor laws, data protection and other aspects should be top priorities for any employer, regardless of company size, and all are motivated by the pace of digitization.”

“But the right software helps you get it right without stress and without having to worry about all the details.”

No one said it’s easy to do business, especially if you’re a new entrepreneur, when you rack up the legal obligations you need to meet.

The most obvious thing is to make sure you manage the taxes, since a business that can’t pay its taxes is basically bankrupt. Payroll and pensions are another aspect of day-to-day compliance, where the rules can be complex, but software can quickly simplify the workload.

The next step is to protect the data so as not to violate data protection laws.

There is no doubt that a good accounting software will help you comply with the law by providing you with functions and features that make it easier to maintain compliance. Basically, those responsible for the software will already have been responsible for most of the work and have carefully researched the processes, which will help you meet the requirements.

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  1. What reports and panels will you have available from the start?

Just like in your car, the purpose of the accounting software panel is to provide you with the essential information you need. The best accounting software includes at least one panel, which can be revolutionary for a business. Instead of having to run a report every time you want to see the data in context, just glance at the panel to view the information in real time.

Being able to visualize data in this way means you can react to it, track trends and advancements, or simply avoid a problem before it happens. It has no comparison with the past period of basic and periodic reports, which forced people to react and make decisions based on facts already in the past.

However, key accounting information is not the only one that benefits from being in a panel. The ability to configure custom panels (or generate custom reports) can provide unique perspectives and reveal relationships between data that were previously unseen. Panels allow different departments in a business to collaborate more effectively because they have a broader perspective.

Therefore, the ability of accounting software to allow you to go beyond the basic panel becomes a necessity. And these kinds of functions are only included in the best accounting software.

How to choose accounting software: conclusions

Businesses start with an idea and a passion, and they must keep moving you forward. Choosing the right accounting software can go beyond account management, it can also help you support your mission and goals.

The right software will help your business grow and prepare you for future challenges. Making the right decision when you have something else on your mind may take some effort, but just like the rest of life that you have to work on ahead of time, it will mean a lot less work in the long run.

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