Apr 30, 2020 10:09:43 AM by Garry Davis

How to identify the ideal accounting solution for your business? – Checklists

Business Central, Business, Finance, Technology, Extending Business Central

Accounting solutions help support your growth

Business constantly evolves. As it does, it needs the right team and the correct accounting solution to support it.

One of the core needs of any business is to have a solid accounting system to help it understand its profitability, cash flows, send & record invoices, etc.

At some point, a business outgrows or has different demands for its current accounting package, at this point a decision needs to be made for the next step.

The choice is not simple as there are so many options:

• Stay as we are and try to cope (possibly with more people)
• Buy additional software or use spreadsheets to bridge the gap
• Upgrade the existing system
• Go out and replace what we have
• Re-evaluate what we need and then find a new solution

What is right for your business?

Every business is different and as a result, has different requirements from an accounting solution. It is therefore important that you identify what you want and perhaps more importantly, what you need.

It is not just about what you need now but what you will need in the future to support the long-term goals of your business. You can choose to have all those needs met at once (the big bang approach) or you stagger the project to build up features to meet your vision over time (the phased approach).

Key questions to ask before selecting an Accounting solution

Your business will have several goals/targets that you want to achieve over the short to medium term (1-5 years). It is therefore vital that you consider these goals when identifying your ideal accounting solution; a good choice will help you meet these with greater ease.

We have included a few examples for you:

Company Goal Functionality / Capability
Increase revenues Manage 30% more transactions per month
Enable Effective Homeworking Single solution rather than multiple disparate systems/spreadsheets
Maintain a lean IT team Run-on the cloud and be vendor managed
Improve reporting Enable more sophisticated reporting and deliver these rapidly
Increase funding Ability to consolidate financial data to report on business activities and growth trends
Sell more online Integrate with Shopify
Copy and paste into word or excel

Accountancy Solutions – The Decision-Making Processes

In addition to the goals and targets of your business, it is also essential to consider the crucial requirements you have from a new accountancy solution.

Part of sustainable growth is being honest with what tasks you can handle and which ones to ask external suppliers to help address. With the correct accounting solution, you should be able to automate many of the daily tasks of your finance team, improving processes and reducing the need to employ more staff as your business grows.

The following checklist should help with your decision-making process.

Requirement Important Reasonably Important Not Important
Do I want a cloud solution or want one on my server?
Help the business work (operate processes) the way I want
Make sure data is held securely
Get better reporting and / or dashboards
Help me see what is going on in the business
Cope with high numbers of transactions
Can I connect it to other systems to save on data entry
Will it work on PCs, Macs, Mobile devices, etc.
Can it be adapted to meet new requirements
Can it be used away from the office
Is there a vision for the product and can I contribute to that
Will users find it easy to use
Copy and paste into word or excel

Our next blog post will be looking at the technology trends that are transforming finance departments. To keep up to date with our latest blog posts, please subscribe to our newsletter.

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