How to find possible options

The accounting system that a business needs will vary significantly depending on the complexity of the business, the people in the business and the size of the business, so choosing the right software to suit your needs is critical. There are many accounting software systems available and a quick chat to your accountant or a simple web search are two great places to start. Sites such as Software Shortlist are great resources. Some examples of Australian developed accounting software are Happen Business,and Intuit QuickBooks.

How to review existing software

Consider replacing or updating old, outdated accounting software. In addition to new features, there's the likelihood that customer support for the old software has expired. Carefully evaluate your needs. Consider improving your finance and accounting capabilities an investment in the better operations of your company, so it is recommended that you think beyond simply saving money in the short-term. Some good advice can be found at Australian site, Business IT

How to evaluate your needs

Take a look at the way your business is performing. Consider these indicators / statements to help identify how you might improve:

  • Your business is growing rapidly, and you need confidence that your system can handle your future expansion.
  • Your current system doesn’t give you immediate, easy access to accurate financial and operational information.
  • You’re trading online or internationally and using workarounds because your current system wasn’t designed with your needs in mind.
  • You’re repeatedly spending time on inefficient processes such as re-keying data to duplicate it from one system to another.

If your company is experiencing any of the above issues, it is recommended that you take the time to reassess the software capabilities you have today and review them against what is available on the market.

How to prioritise system improvements

The selection of which business systems to prioritise for improvement and how to most effectively implement new and existing systems are essential decisions every business must make. A good place to start is to measure the financial impact of possible business improvements to identify and target areas with the biggest potential gain.