Without a doubt, a good accounting system is a cornerstone in any company, regardless of its size or industry and this is why, when selecting one, you should focus on the benefits and future needs other than core accounting.
Core accounting is a given – every company needs it but if your company is expanding, both in business volumes and in human resources, you should select a financial software that is scalable enough to support it and will include some of the following modules:
- Fixed Assets Management – tracking your properties and equipment including the depreciation process
- Budgeting and Forecasting – helps you to plan your budget across the company by forecasting revenues, expenses, and cash flows
- Project Accounting – if you are a project-oriented business, this will help you in tracking project resources, progress, and profitability
- Payroll Management – manage your payment to employees, print checks and controls your tax withholdings (this part will usually interface with your HR software)
Once you have established the basic functionality that is required, it is time to contact your IT experts and discuss what platform is the most suitable for your business. If there are no regulatory restrictions and no major information security risks then a cloud-based solution (aka SaaS) might be the preferable option for your company. These solutions could both simplify the implementation and reduce operational costs.
Important note: if your company is either traded in the stock market, regulated, or operates globally, there are additional aspects you should consider when choosing accounting software. Click here for more information.