The accounting software products available today have vastly improved over the last decade with superior options for reporting in customized dashboards, business intelligence and alerts. There are now also a multitude of options for connecting remotely to your workspace.
All this added functionally has a couple of implications for the business:
Companies can be more competitive and operate more efficiently. They can:
- Ship faster and more accurately.
- Account and report on a more real-time basis.
- Analyze market share, product margins, performing and non-performing products, services, and geographical areas.
The added functionality and flexibility gives rise to a greater need for security and restricted access.
As a result of the above, it is almost necessary to have in place an appropriate and current enterprise business solution in order to compete effectively in your market space.
As competition and reduced pricing for hardware and software has made available outstanding and reasonably priced hardware and business software solutions from which to chose, the next most import consideration is to understand your business requirements sufficiently in order to choose technology solutions that can be mapped appropriately to meet the general and unique needs of your business.
In addition to first obtaining a deep understanding of your business requirements, consider the following in order to aid in your software selection process:
- Chose a software program that employs current technologies and continuously updates their software. This will allow you to stay competitive in terms of managing processes, generating meaningful reports, and dealing effectively with customers, vendors and company stakeholders.
- Understand the stakeholders of your business. Do you have outside investors that require financial statements with EBITDA calculations, or financiers that require GAAP compliant financial statements? What management reports to you require to make informed decisions about your business, or incentivize business unit managers to perform against agreed upon benchmarks?
- How is data entered or captured? What ecommerce integration considerations do you have?
Identify areas in the business to eliminate duplicate data entry or opportunities to import data from other sources. Freeing personnel time to do more data analysis over data entry is uplifting for the individual concerned, and will likely add more value to the business.