Selecting Accounting Software – Critical to your Company’s Success
Selecting accounting software is one of the most critical operational decisions your company can face. Dedicating some time and effort in vetting the best choice to meet your specific needs, procedures, and goals will obviously benefit you in the long run. But it’s not enough to just make a selection, implement it, and forget about it. Au contraire! As with all business systems, reviewing the ROI on a regularly scheduled basis to ensure performance and systems integration is meeting your current business climate should be SOP.
Will your Accounting software system scale for growth?
Is your current accounting software solution growing in parallel with your company? Perhaps it has the capabilities to expand as you grow, but you are not utilizing it to its full potential. Sometimes companies start out conservatively, and implement systems that work for the company at that specific snapshot in time. Yet as they grow, they may forget to expand their systems to include and automate particular components (or add modules) which will help them be more competitive – and generate bigger bottom lines.
This happens a lot with users of entry software like QuickBooks and MS excel spreadsheets. They seem sufficient at the start, but as projects grow more complex and disparate business systems need to be integrated, there tends to be better solutions.
How to tell if you’ve outgrown your solution:
- Can your team generate the right reports easily?
- Is your data integrated into one solution?
- Do you spend too much time trying to find the data?
- Does your software support your company’s internal policies?
For accounting software to fully support your business needs, it should reduce time spent searching for relevant data and more time analyzing the data. In addition to this, you need to easily produce reports with critical information used for making fluid business decisions. On top of all of this, the software needs to be customizable to suit your internal accounting procedures and policies.
Ultimately, Accounting software should streamline operations
Tracking time cards, invoicing, receipts, payments and check printing are the daily operations that provide a quick overview of the complete payables and receivables processes. An industry-specific solution such as Sage 100 Contractor, or Sage 300 Construction and Real Estate, can help tie these activities with contractual information such as subcontracts, purchase orders, and project item procurements.
While accounting software is a key to a successful business, the information and data used must be current and accurate. By having an integrated solution, data can be input from the office or the field and your team members can have instant access to critical project information allowing them to analyze data, manage the budget, distribute reports, input time cards, and more.
If you are still using entry level software, it may be time to consider a better solution. And if you use a highly capable business management and accounting software it may be time to have an expert review your processes and needs to verify you are using your current solution to its fullest capacity. In either case, it is likely to improve your profitability.
We at Ledgerwood Associates are happy to help you with your accounting software solutions, implementation, system optimization review, and software training to help you grow your business. Call 480-423-8300 today!