Key Features of Good Accounting Software
We like to think of ourselves as tech-savvy, forward thinking accountants. We love a good accounting system. Nothing gives us more pleasure than transforming a business from an archaic accounting system onto slick, shiny new accounting software.
But good accounting system in 2016 needs to be more than just a super-charged excel sheet. It needs to provide easy-to-understand information about the business that can then be used to make better business decisions.
The information itself needs to be error free. If you’re second guessing your accounting system, there’s a major problem. Before you blame the system itself though, make sure your have firstly set everything up correctly and your entries are correct; the system can only work with the information it’s fed.
Information is relevant if it influences business decisions. For an accounting system to provide relevant information the information must be available on time and have a level of detail significant enough to show trends, comparisons and other information that fuels business decisions.
The more guesswork involved in an accounting system, the more prone a company is to error. If the accounting system is user friendly and easy-to-understand, the more chance the accounting system has of being implemented to its full capacity.
A great accounting system has easy to access reports that can are comparable across business units and periods to identify trends. To be comparable, accounting reports must belong to a period, use common unit of measurement and a common format of reporting.
Being organised is one thing, but the less effort it takes to be that way, the better. We’re big fans of Cloud software as unlike traditional software, updates happen automatically removing the need for constant manual upgrades or purchases. The Cloud also offers users flexibility and greater transparency between accountants, bookkeepers and clients. Not to mention the ability to login anywhere, anytime.
When running your business, it is essential that you’re able to quickly and efficiently access data to troubleshoot and map out future plans for not only efficiency but also success.
Employees and managers need to be able to use the accounting system with minimal effort and a small learning curve. An otherwise good system that is counter-intuitive to your accounting needs can hinder productivity. Communicate with your employees as to what would work best.
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