Choosing the Right Accounting Package for Your Company (Part 3 of 6)

accounting software

In previous articles of our blog series on Choosing the Right Accounting Package for Your Company we covered Questions to ask before choosing the package – Part 1 and Why use an accounting package – Part 2. Today we will consider the question:

How much are you willing to pay for an accounting package and what type

Accounting packages suitable to your business needs does not need to be an expensive cost, but you are likely to incur costs when setting up the system and training your employees to use it. Broadly speaking there are 3 main types of accounting software:

  1. Cloud computing software, which is accessed over the internet. With this option all your data is stored by the software provider, so you can sign in and use it from anywhere. Cloud software is usually paid monthly, so the cost to you is spread over a longer period. One caveat to mention is that you should ensure you have sufficient broadband capabilities as your effectively accessing an offsite database which may take longer than if it were in-house on company servers through an intranet system
  2. Desktop accounting software, which is installed on your computer, Generally, you can only use it on that computer and all of your data is stored there. There are however inherent risks with only using a one computer approach, in that if that computer crashes you need to ensure that a backup is available.
  3. Server-based software, that runs in house within your business. This means it can be accessed by several people at once. Server based software is quiet popular amongst medium to large companies, as different access levels and security protocols can be set.

What questions do you have?

We are happy to help. Please post your comment below or contact our friendly and knowledgeable team on 01 677 9000. 

To keep in touch, connect with us on Linkedin.

If this article helped you, please share it with other businesses.
Posted on August 18, 2016 by Cooney Carey

Choosing the Right Accounting Package for Your Company (Part 2 of 6)

accounting software

In the previous article of our blog series on Choosing the Right Accounting Package for Your Company we covered Questions to ask before choosing the package – Part 1. Today we will consider the question: Why use an accounting package.

Why use an accounting package

Unless your business processes fewer than 10-20 transactions a month, accounting software will benefit your business and save you time and money, for the following reasons:
a) Accounting packages automate many tasks like the posting of sales orders in such a way that, both your stock records, customer records and sales invoices get raised as part of the one transaction
b) It can automate the bank process by supporting online banking and online filing of tax returns
c) It can give management real-time reports such as sales levels in the month, GP margins on product lines and analysis of actual performance versus budgeted performance
d) Accounting software can make it easier to prepare annual accounts for audit and provide a definitive audit trail
e) Accounting packages can identify your best and worst customer in terms of sales volume and frequency of payment

What questions do you have?

We are happy to help. Please post your comment below or contact our friendly and knowledgeable team on 01 677 9000. 

To keep in touch, connect with us on Linkedin.

If this article helped you, please share it with other businesses.
Posted on July 25, 2016 by Cooney Carey

Choosing the Right Accounting Package for Your Company (Part 1 of 6)

accounting software

Being an audit firm with a large client base, give us as auditors the opportunity to view and assess our clients accounting software and particularly identify to our clients any deficiencies we discover as part of the audit process.

Choosing the right accounting package for your business is not a decision to be taken lightly. While your current accounting package may be adequate in your eyes, it’s always a good idea to take a step back and consider whether there are processes currently being undertaken by your staff, that could be automated as part of an integrated accounting package.

Where procedures can be automated, the risk to your business reduces significantly, as human error and potential for fraud are removed from the equation.

Questions to ask before choosing the package

There are any number of accounting software packages available, and the pertinent questions you need to ask yourself as part of the appraisal process are:

  1. Why use an accounting package
  2. How much are you willing to pay for an accounting package and what type
  3. What features does your business require in an accounting package
  4. How data is stored
  5. Deciding on a package after considering 1-4

Over the course of the next 5 blogs we will aim to provide you with a blueprint for choosing the right accounting package that best suits your business. Stay tuned.

What questions do you have?

We are happy to help. Please post your comment below or contact our friendly and knowledgeable team on 01 677 9000. 

To keep in touch, connect with us on Linkedin.

If this article helped you, please share it with other businesses.
Posted on June 28, 2016 by Cooney Carey

Newer Posts →

← Older Posts