Top 10 criteria to take into consideration in selecting an accounting software

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Selecting an accounting software is a time consuming activity. It needs to have appropriate evaluation and knowledge to select the best one. An organization searching for accounting software alternatives need to determine whether the one they would like to purchase can really help their organization grow to be more profitable. A company that selects the inappropriate accounting software might acquire more issues instead of actually solving the present ones. To make certain that you get the best accounting software for your company, listed here are ten tips and hints to advise you in your decision process:

 

1. Affordability – Be smart, do not spend on something more than what you can pay for but in addition, weigh the consequences in order to make the right decision. Do a cost vs. benefit analysis so that you will determine if you can get everything that you invested for. As a result, you will know if the price is really worth paying for. You may perhaps opt to buy a cheaper accounting software such as PeachTree, QuickBooks or MYOB, although they're just suitable for small establishments because they don’t provide the powerful solutions that Sage MAS 90, Sage MAS 200, SAP, Great Plains along with other high end products can offer. So it is like pay less and get less or pay more and get more. It depends what your business requires.

 

1. Company size – In many instances, business can definitely take advantage of an accounting software, but it also depends on your company size. If your company is just composed of a little group of individuals and does not require a great deal of accounting, you might not be needing an accounting software at all given that Microsoft Excel can perform basic accounting. If your company is developing, earning more profits and you find the need for a more powerful accounting solutions, in that case, opt for Sage MAS 90 or Sage MAS 200.

 

1. Consequences of not implementing an accounting software – Users or businesses invest in accounting software seeing that it can help them reduce company related issues especially in the overseeing of finances and at the same it will make them become more profitable. However, what happens if a developing company decides not to buy an accounting software, are there drawbacks? The answer is yes. While Microsoft Excel could handle simple accounting for small establishements, it is unable to deal with more powerful accounting demands. This is best time to go for accounting software like QuickBooks, MYOB, PeachTree, Sage MAS90 or Sage MAS 200. Also, never forget to weigh the cost vs. benefits.

 

1. The business industry you are involve – Some business industries require a customized accounting software for specific functions or preferences. A few of these customized software are a little more expensive than the general accounting software, however, sometimes the specialized package can provide the precise solutions to the specific needs of certain industries. A good example for a multi-industry accounting software is Sage MAS 90, Sage MAS 200 and Sage MAS 500 seeing that they have so many modules designed for various industries, as a result they are not just accounting software but are considered as ERP software.

 

1. Difficulty to learn – always remember that no matter how good the product is, it is close to useless if it is too complicated to use or too hard to learn. So purchase a software that is quick to learn either through self-study or by means of training and be sure the user is also confident with the system.

 

1. Support after sale – is one of the most crucial factor to consider in choosing an accounting software and its vendor. No matter how excellent the system is, sooner or later you will come across problems and require professional support. Make sure the seller or the software developer can provide support or else you will turn out helpless.

 

1. Be aware of your problems – Challenges are usually the explanation why the accounting software was invented and it is because the software is the solution to the problem. Basically, this implies that IT makes life easier. Find out your business concerns and see if the accounting software has the precise modules or functions that can assist you take care of those concerns.

 

1. Training – Training enables you to be adept in utilizing the accounting software you just obtained as well as allows you to take advantage of the program. Regardless of how great the features, advantages and benefits you can acquire from the program, you'll never appreciate all of them completely unless you know how to use the accounting it to its full extent. Powerful accounting software including Sage MAS 90, Sage MAS 200, Sage MAS 500, Epicor, SAP B1, Microsoft GP, Oracle and other mid-market solutions require training so that they can be properly used.

 

1. References from industry experts – to have third party viewpoint and advice, give consideration to what the experts have to say regarding the product you are planning to implement. The reseller or the software developer’s words will always state good things about the product they represent but those who are actually using the products have neutral or unbiased opinions. Make sure your accountant, CFO along with other users of the software are involved throughout the decision-making stage considering they are the ones who will be working the accounting software. Make sure they can vouch for the product as well.

 

1. Features, advantages and benefits (FABs) – are the elements that must exist in a certain solution and the things that make each accounting software distinctive. This is actually the value that you will receive in choosing the software, however some brands might be similar to one another yet each is actually unique. Excellent FABs include critical processes automations, inter program integrations, business intelligence and multi-industry functions and many other capabilities. Several examples of accounting software that possess these kinds of capabilities are Sage MAS 90, Sage MAS 200, Sage MAS 500, SAP, Oracle, Epicor, Microsoft GP Dynamics and many more. Remember to only buy modules that your company needs or else you are paying for something extra.

 

To conclude, while you are on your accounting software search, consider the ten criteria to make sure that you obtain the appropriate product to implement in your organization and business. Always remember that if you choose the wrong one, you will be throwing away assets, time and effort and you might perhaps acquire more problems but on the other hand, having the appropriate accounting software can make your company become more streamlined, profitable and productive.