subject: 7 Ways To Choose The Best Accounting Software For Your Business [print this page] When the time comes to replace your manual system was automated one you are faced with the awkward question of how to choose. MYOB accounting software is the most popular choice of most businesses, but is the right one to you? As with any software, you will have to learn MYOB before you can utilise it to its fullest potential, but that is the same with any software you choose. So with that in mind let's have a look at how you go about choosing the best accounting software to your business.
Each small business is slightly different from the next, so it is important to first of all examine the elements of your business that need to be reflected in the accounting package. For instance, if you have a broad range of inventory items it is important to keep track of stock levels so that you can set re-order points as sales are made. Other things you need to look at are budgeting, managing customer contact records, tax reporting and payroll.
Check that your bank is able to provide reports to you in the correct format which can be integrated with the package you choose. If you do not do this you may have to look at changing your bank or be left with a tedious manual process converting information so that it can be entered accurately.
Security issues. If more than one staff member is involved in entering data you may wish to keep some elements of your business more confidential. Confidentiality can be maintained if you limit access to the reporting elements of the software.
Trial periods. If you're not sure about the suitability, many software packages come with a free trial period so you can experience it at first hand before making a decision. This is probably the only way you will really get to know whether a package is going to work for you or not.
Extra costs. Apart from the cost of purchasing the software you should also factor in any ongoing support you may require and also the cost of regular updates. Some software providers will give you a choice of training and also provide a limited time hands-on support. Others may charge you for every extra item. Remember to add all these costs in so you can make a proper financial decision.
Modules. Some software packages come as an all in one purchase whilst others will offer you a range of modules that you can package together to suit your business more specifically. There is no point paying for elements of a software package that you will never use.
Check with your accountant. Your accountant will have the most up-to-date information and may even use the same software, so make sure you get their opinion too. Compatibility in the accounting process can be a time-saving element and also cut down on costs at tax time.
Follow these quick and easy checkpoints and you will find your decision-making a lot easier and remember that even if you have not decided on MYOB it may pay you to talk to our MYOB Certified Consultant to make sure that the package you are considering will suit your business perfectly
