Cost Accounting Software

Archive for August, 2010

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The world of small business accounting software can be a minefield for any business owner. However choosing the right package is one of the most critical business decisions you will make.

Here are the seven things you must consider before making a purchase that will help you achieve your businesses goals.

1. Scalability

Businesses change over time so it’s critical that the small business accounting software you choose can change too. Some things that often change are the number of products and services offered and the number of employees. When you choose your package try and imaging the business in 5 years or 10 years time and how different it will be. Use this information to guide your purchase decision. It may well be better to pay a little more now for the software knowing that it can be easily
upgraded when needed with minimum disruption and cost to your business.

2. Support

It is important that any software has great support for when something goes wrong and it always does. Most major companies offer support but you also need to think about support in your local area. It’s often much easier to have someone locally come in and do things you need done with your software than have someone trying to help you over the phone. Make some
Enquirer with other businesses about the package they use and who helps them.

3. Accountant Interface

It’s most unlikely you will handle every aspect of your businesses accounting. Your accountant is an important factor in making the right decision. What software are they used to working with and what do they prefer Can you easily supply them data and reports from your package without the need for any extra work which youll have to pay for. Do not be afraid to ask their opinion as they live and breathe this stuff.

4. Best Value for Money

Once you have selected the right package for your business you may as well get the best value. Shop around as the price can vary greatly and the product is exactly the same. Online merchants such as Amazon may offer better pricing because of the sheer volume of products they sell. However price is only one part of the equation so if their is great merchant locally with support or installation assistance this may be far more valuable.

5. Major Brands

There are two major players in the small business accounting software market. They are QuickBooks and Peachtree. Microsoft is expected to enter the market soon. I recommend choosing a major brand so that you can get regular updates and you know the company will be around as long as your business needs them.

6. Ease of Use

Ease of use is a personal thing but it is worth trying the software before you buy it if you can. Remember to get the person who will be the main user to test the software as well. Also consider how well the package can interact with other software you use. This is an advantage the Microsoft package may have when it’s available.

7. Features Needed

I touched on this earlier when talking about thinking ahead as to where you business will be in 5 or 10 years time. Most accounting software packages come in several different versions. If you don’t need certain features now and can not see a need for them in the future then do not buy them. The major differences are usually  number of users allowed, inventory management capability and number of reports available.

To sum up think ahead when planning your purchase of small business accounting software. You will make a much smarter business decision that will save you plenty of trouble and money in the future.

Bazaarvoice Welcomes Tom Meredith to Board of Directors
AUSTIN, Texas—-Bazaarvoice, the market and technology leader in hosted social commerce applications that drive sales, today announced that well-known investor and financial executive Tom Meredith has joined the Bazaarvoice Board of Directors.

Read more on Business Wire via Yahoo! Finance

Copyright (c) 2010 Michael Atma

Keeping accurate, timely and up-to-date financial information in a small business can certainly be a major headache if you don’t have the right software and know how to use it properly. From stress and anxiety over getting your accounts lodged in time to the tax department through to lost invoices or IT problems the loss in time, sleep and productivity from ineffective systems can be high.

In inexperienced hands, this is usually followed by a series of small computer mishaps which usually end in the ultimate disaster – a hard-drive crash or virus infection, either of which usually strikes when there is no data back-up.

The other possibility is often to assign all of the accounting needs over to a professional accountant who charges regular fees to process entries – minor or otherwise.

What are the pros and cons of either alternative – and can there be a satisfying compromise to find balance?

Do It Yourself Accounting Software:

Advantages: (These all assume a reasonable knowledge of bookkeeping practices and well-developed computer skills, including the discipline to back up your system after every session).

=> Access to your data at a moment’s notice

=> Total control over the information being entered into the system

Disadvantages:

=> Amount of time required to keep the system up to date

=> Without a basic knowledge of double-entry bookkeeping, if you make a mistake you may not be skilled enough to correct it.

=> Lack of knowledge of GST and ATO requirements Outsourcing A Business Accountant:

Advantages:

=> Business accountants are skilled in running computer accounting systems

=> Computer equipment, software, expertise and file back-up systems are already in place

=> Skills include the ability to interpret data and explain it to lay people

=> Accountants know what information is required for the business to satisfy GST and ATO requirements. Disadvantages

=>The cost to fully outsource the recording of every transaction may be prohibitive for a small business, especially in the start-up phase.

=> This is the point where business owners should ask themselves (and almost never do), the single most important question on which their success will depend – “what is the best use of my time?” If, for example, you are an architect, what brings in the money – your architectural skills or your bookkeeping skills? Regardless of your trade or profession, your time is always worth more in business development and management activities, than in feeding information into an accounting package.

And the good new is there is a happy medium between DIY and fully outsourcing to a Accountants. If cost is the major barrier, consider hiring a part-time bookkeeper to do the data entry, then transfer the data to your accountants weekly to reconcile, run reports and keep you advised of the state of your business.

If your accountants have offered you an affordable package, then hand all your accounting worries over to them, and get on with what you do best – building your business.

It makes the subject fun.

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BMO Financial Group Reports Solid Results for its Third Quarter, Earning $669 Million of Net Income
TORONTO, ONTARIO–(Marketwire – 08/24/10) – BMO Financial Group (TSX: BMO – News )(NYSE: BMO – News ) and BMO Bank of Montreal – Third Quarter 2010 Report to Shareholders —————————————————————————- BMO Financial Group Reports Solid Results for its Third Quarter, Earning $669 Million of Net Income P&C Canada Continues to Deliver Strong Performance …

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Ken Boyd, owner of St. Louis Test Preparation (www.stltest.net) presents part four of his course on Understanding Management Accounting. Boyd points out that students can have success with Management Accounting concepts by making connections to actual examples from business. As a former CPA, College Accounting professor and Auditor, Ken has a wealth of experience to bring to the subject.

Is there a good accounting software that matches QuickBooks that is free? I run a small business and the QuickBooks ads and fees are getting to me. Any free software that matches or is better than QuickBooks out there?

XATA Turnpike’s RouteTracker Solution Now Available For Verizon Wireless Customers
Verizon Wireless and XATA Turnpike, a division of XATA Corporation (NASDAQ: XATA), today announced the availability of XATA Turnpike’s RouteTracker fleet performance management solution to Verizon Wireless enterprise customers.

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