Tips for Choosing an Accounting Software Package

Copy of Topic name-2Accounting software packages are in high demand amongst business professionals and with good reason. These applications give a business the ability to record and process transactions such as sales, payments, payroll and financing. They also generate fundamental reports such as the Income Statement, Balance Sheet and Cash Flow Statement. There are a variety of applications available which can be bespoke (developed specifically for the business), on-line based or purchased off-the-shelf.

 

Utilising an accounting software package has several benefits such as:

  • Automatic document production – sales receipts, invoices, credit notes and payroll
  • Availability of information – the data is made instantly available to users
  • Management information – tailed or generic management reports can be produced to assist with monitoring  and controlling business functions
  • Efficiency
    Cost savings – if records are well maintained it can reduce the time taken to account for business transactions and assist in reducing the audit expense
  • The ability to deal in multiple currencies easily

 

Given the endless possibilities available on the market how should you go about selecting a package?Here are some tips to help you choose a software package which compliments your business’ needs.

Ensure that the software:

  • Makes it easy to prepare your financial statements
  • Provides a variety of management reports
  • Can be tailored to suit your needs
  • Will allow your Accountant to access and prepare financial information
  • Provides an audit trail
  • Allows you to track inventory,work in progress, orders and jobs, as require by management
  • Is supported – training, technical issues

 

– Rashida Parasram, Managing Director MPR Consulting

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