Accounting Software

Accounting Software is not all about comfortable but compatibility

Selection of best accounting software for your organization or business is one of the most critical and key business decision you make. What is accounting software? Why it is so important?

Every organization looks for a #Accounting Information System (AIS) that offers timely, accurate & reliable information for decision-making in commercial and competitive environment. Accounting software comes under the broader definition of Accounting Information Systems. This is a computer software that records and processes accounting transactions within functional modules such as accounts payable, accounts receivable, payroll and trial balance. It can be developed in-house by the organisation or purchased from a third party or a combination of a third-party application software package with local modifications. It varies significantly in its complexity and cost. Now days, packaged accounting software not only records financial transactions and produce accounting reports, but also helps in managerial decision making aimed at gaining competitive advantage.

Many organizations remain with their current accounting system for too long. That is because it is easy to use, known and understood. There’s considerable fear involved of getting into trouble with switching to something new and unknown along with there are significant time and resource issues, including the cost to change and the time needed to get used to the new system.

But comfortable doesn’t always hold well — especially when it comes to the financial health and long-term success of your business. To meet your business needs, AIS should be compatible with your existing business practices and acclimatize to technological innovations. Any accounting software must have following four features:

  1. Easy installation
  2. Easy to use
  3. Seller support
  4. Capability of updating

The implementation of accounting software for #small & medium businesses has become widespread as it is affordable and technically powerful. Small & medium business means where less than 20 people are involved. Properly installed and implemented accounting software can provide you following benefits to your organization:

  • Better decision-making capability
  • Improved Cash Flow
  • Accurate Information
  • Better Control
  • Foundation for Growth

Realizing your organization’s financial information capabilities and weaknesses is central to the selection of the appropriate accounting software solution. You have to find challenges your organization is currently facing with its accounting system? Those questions may include:

Which manual tasks can be automated for the benefit of the organization?

  • Where in the accounting cycle are you finding the highest productivity loss and highest number of errors?
  • Do inaccuracies negatively impacting your organization?
  • What information or reports if requested cannot be created or delivered immediately?
  • How can your accounting solution better integrate with other business management solutions?

Before you make selection, you need to see a product demonstration and check references. There are six steps for successfully selecting accounting software:

  1. Engage the right people
  2. Describe the challenge
  3. Choose a specialist
  4. Assess application performance
  1. Choose a software vendor

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