February 13, 2018 1:29 pm | by Loren
Gone are the days of the old accounting books. Gone are the days of carrying office books home. Departments in the company, in those days, were given specific books to carry out their day-to-day operations. Everything used to be updated in the company’s books.
Now everything is online giving you automated results. Every department has its unique destination in the information system. It’s a Paperless business now. Technology has helped the organisation to run smoothly giving real-time solutions and quick access to data.
Information systems capture data, process it and retrieve it when needed. Now we have a software for every specific need. Say bye to accounting books.
Accounting Software helps the organisation manage the company’s budget, capital and operational expenses. It allows you to monitor the assets and liabilities of the company. It helps the company to forecast the cashflow and expenditure based on the previous trends. It shows the resources available in hand and generates reports, profit & loss statements and analytics. It helps the company to stay profitable.
HR systems maintain all the information that HR personnel used to do manually in those days. It will take care of all the HR department work like payroll, timesheets, training, employee benefits, HR costs, recruitment, job offers, assignments, retention, employee productivity, employee satisfaction etc.
Marketing information Systems will take care of the sales, interaction with the Dealers, Suppliers and Brokers. It helps generate new business and in the growth of the company. It will also allow you to target a particular audience and helps with market research and customer feedback.
Inventory Management systems will assist in purchasing and sales. For procurement, invoice reports and delivery reports can be generated. It helps in the effective usage of resources for the normal functioning of the organisation.
Operations management will include the procedures and policies to be followed for doing a particular task and making sure the resources are allocated correctly.
Incident reporting is another component of the operations. Making sure workflow stays on track and issues are resolved and do not reoccur.
February 12, 2018 2:00 pm | by Loren
Using Accounting software in your business helps to not only manage your financial transactions, it can also help to avoid the common mishaps that can happen using manual accounting methods.
Business Accounting software helps you utilise your resources in an effective way. The accuracy that it ensures helps the organisation to avoid common errors and thereby impacting your business in a positive way. Accounting software brings efficient data entry and the information gathered, allows you to make more informed decisions.
So, an Accounting software package that best suits your organisation, is of significant importance. Selecting the correct Accounting Software to suit your business can not be done in a day and you also have to keep up with the trends due to evolving technology and needs.
5 Tips for Selecting the correct Business Accounting Software Package:
Decide on the kind of accounting software that best addresses your business needs, Online or Offline. Talk to your employees and know what they are expecting from the accounting software. It is very important to know the key features and requirements employees are looking for in a Business Accounting software package. Make a list of their recommendations and find out what is the best possible software available in the market based on these recommendations.
Everything depends on the budget, so it is important to decide on your budget early. Inquire about the hidden costs like maintenance, upgrades and additional services.
After deciding on your requirements and budget, it’s time for some research. Ask your partners, suppliers, distributors and employees if they know anything about a particular software. Check out some software blogs, read the client testimonials, reviews and do the price comparison. Shortlist the best available software for the organisation.
Inquire about the common features of the business accounting software and cross check it with your accounting needs. Ask them what is the unique selling point of their product and how their software can add value to your business. Inquire about access controls to the data and how much training is needed to be proficient with the software package.
Demonstration & Post-Installation Support
Request a demonstration of the software and bring all the key people involved in accounting for that demonstration. Let the employees contribute and voice their opinions on whether they feel the business accounting software package will meet their needs. Do some sample transactions for invoicing or payroll to check the efficiency of the software. Inquire about the post-sale and post-installation support for the software.