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Owning your own business is a huge responsibility. Not only are you in charge of providing work for all of your employees, but you are also responsible for granting the government their piece of the proverbial pie. So, choosing an accounting package that is best suited to the individual needs of your company is imperative if you don't want to spend your life chained to the books. Yet, nowadays there is such a plethora of packages available on the market, that it can be overwhelming choosing which will work well for you. To help with this selection process, we at Bright Star Accounting have compiled a list of pointers which will help you to obtain a clearer picture of what you need.
Step 1: Determine Your Requirements
There is literally an accounting package out there for everyone, from the smallest of businesses to the largest. So, first off you will need to decide how complex your system will need to be. At one end of the spectrum, you will find programs which replace the cash-book and handle receipts and payments; at the other, there are programs which produce quotes, handle stock control and integrate with a website. By determining exactly what you need the package for, you are a huge step closer to choosing the correct one.
Step 2: Online or In House?
Though there are pros and cons to both, one will definitely work better for your company. Detail a projection of how your business will grow within the next 2 years. If you are in a state of rapid growth or changing direction, then you will need a system that has the flexibility to provide up to date, accurate information; that can absorb a steep rise in transaction volumes. Should you want to connect your products to your webpage and process orders and payments online, then an online accounting package will probably be the way to go. Many business sectors have specific, tailor-made systems available. Ask you trade association, attend events and seminars, and talk to others in your field. They can offer candid advice on how the system works on a day to day basis.
Step 3: Training
Remember: your system isn't going to work very well if no one can figure out how to get it moving. Training should definitely factor into your budget. Anyone who has daily access to the system, including the business owner, will need to feel comfortable with how it functions.
Step 4: Your Detailed Requirements
There is so much to consider in this section! Here, we have listed just a few pointers which will hopefully get you brainstorming about what your company definitely needs to thrive. Generally, the software will have to be able to handle the amount of users you require (now and in the future); that can produce VAT returns and process the volume of transactions that you expect; and that will let you export data to other packages like spreadsheets and word processing.
Specifically, decide what you require, be it retentions, regular payments to a parent company (or vice versa), accruals and prepayments, debit and credit card accounts, HP agreements and maybe even debt factoring or financing. Write down what you plan on entering into the system, being sure to include everything related to your company's personal finances.
Also good to consider is how the system can provide with special circumstances that you may encounter. How will it cope if you need to amend a transaction? Will it be able to provide a full audit trail, including details of modified transactions? Can you understand how the information is presented, and more importantly, can your accountants? How secure is the software? Can you restrict access to an individual user if it became necessary?
Step 5: The Final Choice
After outlining what you truly need from your accounting software, the fun truly begins! Be sure to include the person who will be working with the system every day in this step, as they might have a few preferences. Review what options are out there that can handle your specifications and come into your budget. When you have your shortlist, get some word-of-mouth recommendations from others in your business and from your accountants. You might even like to go see the system in action!
Go ahead and grab a few trial copies; most software vendors offer a free 30-day trial. As this can be a very big investment, take your time. At the end of the day, the final choice will probably be rather subjective. Go with what feels right.
Step 1: Determine Your Requirements
There is literally an accounting package out there for everyone, from the smallest of businesses to the largest. So, first off you will need to decide how complex your system will need to be. At one end of the spectrum, you will find programs which replace the cash-book and handle receipts and payments; at the other, there are programs which produce quotes, handle stock control and integrate with a website. By determining exactly what you need the package for, you are a huge step closer to choosing the correct one.
Step 2: Online or In House?
Though there are pros and cons to both, one will definitely work better for your company. Detail a projection of how your business will grow within the next 2 years. If you are in a state of rapid growth or changing direction, then you will need a system that has the flexibility to provide up to date, accurate information; that can absorb a steep rise in transaction volumes. Should you want to connect your products to your webpage and process orders and payments online, then an online accounting package will probably be the way to go. Many business sectors have specific, tailor-made systems available. Ask you trade association, attend events and seminars, and talk to others in your field. They can offer candid advice on how the system works on a day to day basis.
Step 3: Training
Remember: your system isn't going to work very well if no one can figure out how to get it moving. Training should definitely factor into your budget. Anyone who has daily access to the system, including the business owner, will need to feel comfortable with how it functions.
Step 4: Your Detailed Requirements
There is so much to consider in this section! Here, we have listed just a few pointers which will hopefully get you brainstorming about what your company definitely needs to thrive. Generally, the software will have to be able to handle the amount of users you require (now and in the future); that can produce VAT returns and process the volume of transactions that you expect; and that will let you export data to other packages like spreadsheets and word processing.
Specifically, decide what you require, be it retentions, regular payments to a parent company (or vice versa), accruals and prepayments, debit and credit card accounts, HP agreements and maybe even debt factoring or financing. Write down what you plan on entering into the system, being sure to include everything related to your company's personal finances.
Also good to consider is how the system can provide with special circumstances that you may encounter. How will it cope if you need to amend a transaction? Will it be able to provide a full audit trail, including details of modified transactions? Can you understand how the information is presented, and more importantly, can your accountants? How secure is the software? Can you restrict access to an individual user if it became necessary?
Step 5: The Final Choice
After outlining what you truly need from your accounting software, the fun truly begins! Be sure to include the person who will be working with the system every day in this step, as they might have a few preferences. Review what options are out there that can handle your specifications and come into your budget. When you have your shortlist, get some word-of-mouth recommendations from others in your business and from your accountants. You might even like to go see the system in action!
Go ahead and grab a few trial copies; most software vendors offer a free 30-day trial. As this can be a very big investment, take your time. At the end of the day, the final choice will probably be rather subjective. Go with what feels right.
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