Assessing Your Accounting Software Options

Assessing Your Accounting Software Options

Every business needs a good accounting system in place. This is the only way you can truly understand where your business has come from, and where it is heading. It’s your early warning system and overall health check, for any problems that may be on the horizon, such as cash flow issues or under-performing product areas.

Assessing your accounting software options can be challenging, with so many factors to consider. There are some great accounting software solutions on the market, which depending on your business requirements, can do a lot of the heavy lifting for you, to give you a clear, transparent view of your business.

Every business is different, when it comes to your accounting software needs, and there is a lot to consider. For most growing Perth businesses, you have three main options, when it comes to assessing your accounting software:

1.      Stick with What You Have

Wherever you are on your journey, it may not be the right time to change your current accounting process. This could be for many reasons, including the time of year, financial cost or other changes within the business. When you speak with a professional consultant about your current accounting solution, they may recommend you stick with your current process, until other factors in your business are resolved.

2.      Purchase Add-Ons for Your Existing Software

A lot of software solutions can be upgraded with specific add-ons, tailored to your specific requirements. These can fill and immediate hole in your process, and are a great short-term solution, to a lot of accounting software shortfalls.

3.      Invest in a New Accounting System

If your business has outgrown your current software, it is probably time to invest in an accounting solution to help your business continue to grow. Many owners fear a large, upfront cost, but consider all the cost saving benefits, and long-term efficiencies. Make sure you speak to a professional consultant about all your options, to ensure you choose the right solution for your business.

So how do you know which option is best for you? Start by analysing your business process. Most businesses come down to three main aspects:

People

Your team play a crucial role in the success of your business. From an accounting software solution standpoint, there are a few things to consider when it comes to your team:

• Payroll – If you are managing a team, then you need an accounting solution which can help you calculate payroll requirements and correct reporting to the ATO.
• Managing Teams – If you are managing multiple teams, such as sales, manufacturing, delivery etc, then you need an accounting solution which will help you keep on top of this.
• Multiple Locations – if you have multiple staff across different offices or regions, then your accounting software should help you keep track of cross regional data, preferably in real time.
• Management – give them the tools to get a transparent view of the business, so they can proactively react to any changes in stock levels or sales areas.
• User Access – you may need multiple users to access the system across locations.

A lot of these requirements can be answered by choosing a cloud-based solution, which allows you to access the software anywhere, anytime, with multiple user functionality.

Business Process

Your business process is the sequence of tasks or events, that result in your finished product or service, delivered to your clients. No matter your industry, it is essential you have a clear view of your business process, from start to finish, for your organisation to succeed. Your accounting software should assist you with some or all the following:

• Tracking Orders – can you your accounting software should help you manage your business process, from stock control, inventory, ordering and other processes.
• Supply Chain Visibility – knowing what stock you have on hand, and where orders are at, will help you provide a better customer service.
• Payments – how do your customers pay you? Does your accounting software integrate with your payment system? Can the system handle multiple payment types / foreign currency?
• Cash Management – if you have accurate sales information, you can best manage your cash flow.

Products & Services

The nature of your products and services will also impact your decision-making process. How can your accounting software help you best deliver your products and services? Some things to consider include:

• Automation – can a lot of your processes be automated through your software?
• Invoices & Quotes – Can the system create quotes and invoices for you? This will improve efficiency within the business.
• Real Time Reporting – getting information about your product or services being ordered can help you ensure the best product or service delivery to your client.
• Customer Relationship Management System – can you keep track of your customers / their purchase history and other valuable information?

Get Expert Advice

No matter what stage you are with the assessment of your business accounting system, you don’t have to make any decisions on your own. Horizon Business Systems can help. Our business consultants will meet with you to do a complete audit of your business and its accounting software processes. From there, we will make recommendations for the best way forward, be it with an upgrade or add on to your existing accounting software, or a tailored new solution. Contact our expert team today, to get you business moving forward, with the right accounting tools.