Before choosing your accounting software, ask yourself these five questions!
Will accounting software evolve along with my business?
When it comes to studying the references of the company that produces the software, it provides the following advice:
“Evaluate whether the software provider will still be on the market in ten years. Study its current capital. Does it have funds to compete in the future? Does it have staff, infrastructure, and systems to keep it going? And in 10 years, will it be the same business, or is it likely to be repurchased or to evolve its business model, which could lead to an unpleasant transition. ”
Everyone wants the development of his company. In doing so, and as a manager, you will need to refine and develop your knowledge and learn more about business management.
However, good accounting software will grow with you, with additional software packages from the same software vendor that will sometimes come into play, as your company develops new requirements, such as payroll processing or payments.
Can the right people get the information they need?
“Companies must be managed based on a solid understanding of financial data by all teams. The more people understand how their actions contribute to the bigger picture, the better. This is how far we are from the good old days when the financial data were closely watched by those who “needed to know.”
In a modern and forward-thinking company, financial data is shared with those who need it, and instantly.
In particular, a sales team can have access to a dashboard giving an overview of the company's finances that allows it to progress.
This type of culture promotes success and growth, and at the heart of this culture is the right accounting software.
The ability to create dashboards or tailor-made reports is a necessity, as is the ability to share them with key stakeholders easily.
The best financial software takes a democratic approach when it comes to financial data.
All data should not be shared; it's obvious. But, allowing the right people to know the correct information can revolutionize a business.
Will it live up to the technology of tomorrow?
RogerKnecht is the president of Utah's Universal Accounting Center. He is an authority figure on how accounting software can benefit businesses of all sizes. On future technologies and their impact on business, he says:
“The accounting software allows the business manager to be more present in his company. With the use of artificial intelligence (AI), we are only in the first phase of this evolution, which gives business managers the accounting information they can understand and use to make more informed decisions. ”
From an accounting point of view, the other incredibly promising technology for the future is the blockchain.
The best-known advance is a cryptocurrency, which includes applications such as bitcoin. Many companies around the world are already accepting cryptocurrency, and governments are experimenting with technology, while people are using it for their investments.
It is still too early for accounting software to be able to process cryptocurrency (most software focuses only on legal courses), but it is not incongruous to ask whether the accounting software vendor is monitoring or not the same technological horizon as you, or even what is its position on future technologies like the blockchain.
Ask the provider if it has a progressive approach to existing technologies, such as mobile technologies and the cloud.
Does the software help me stay in compliance?
AdamPrince is Vice President of Product Management, Compliance, and Migration at Sage. When he talks about accounting software, in particular, he says:
“Staying in compliance is now essential. Taxation, labor law, data protection, among others, must be high on the list of priorities of any person running a business, regardless of size, and are all driven by the pace of digitization. But the right software helps you do things right, without stress and without having to worry about details. ”
The business world is challenging, especially if you're starting as a business manager because the legal requirements seem to come from all sides. Above all, it's about being able to manage taxes, because a company that can not pay taxes is almost bankrupt.
Another common area of compliance is payroll and pensions, where rules can be complicated, but software can quickly simplify the workload.
There is also the need to keep your data safe so as not to violate data protection laws.
Good accounting software will allow you to comply with the laws by offering you features that will help you stay in compliance. Thus, the people behind the software will have done everything necessary to make your job easier and allow you to fulfill the requirements.
Which reports and dashboards stand out?
Just like in your car, the accounting software dashboard aims to provide you with the critical information you need at a glance. The best accounting software includes at least one panel and can revolutionize the life of the company.
Rather than having to run a report every time you want to see the data in context. You can take a look at a dashboard and see real-time, up-to-date information. Viewing data in this way allows you to become responsive and follow trends and developments, or stop potential problems before they even emerge.
Compare this to the time of periodic reports and necessary reports, which required people to react and make decisions based on past events.
However, critical accounting information is not the only thing on a dashboard. The ability to configure custom dashboards (or custom reports) can provide new insights. And reveal relationships between data that were previously impossible to see.
Dashboards can allow different departments in a business to work together more efficiently because they provide an overview.