Businesses demand more from their accounting system today than they did just a generation ago. While older types of accounting and ERP software were perfectly capable of helping you keep the books balanced, they’re also quite lacking when it comes to meeting the requirements of today’s fast-paced business environments.
Here are some things to look out for if you’re in the market for a new accounting system.
Easy implementation and integration
Moving to an entirely new accounting system is usually a painful process. However, some accounting software is easier to transition to than others. SAP Business One, for instance, is specifically designed for quick and easy transitions in contrast with many other popular systems, which may take up to half a year to get working.
You can further simplify the transition by going with a vendor or implementor that’s experienced in setting up your desired system for your specific industry. Using an accounting software suite or an ERP system that is already compatible with existing apps your business uses can also help make the process just a bit smoother.
Assists all basic business functions
Accounting software today is expected to do more than just balance your ledger. Data inputted into your system can be used to directly aid your sales, marketing, inventory, manufacturing, purchasing, human resources, and more – all in real time.
Unlike older applications or many ad-hoc systems, a good accounting system ensures all relevant data is instantly shared where it’s needed without the need for multiple inputs. For instance, sales data can be directly generated from the point of sale and logged in the general journal with no need for additional input. Sales and manufacturing data can also be used to instantly update inventories, which in turn can automatically trigger purchases for both retail and manufacturing, and so on.
Cloud and browser access
Few businesses today benefit from maintaining purely on-site applications and databases. A purely on-site setup reduces workforce mobility and is historically more prone to downtime compared to typical contemporary cloud systems.
With telecommuting and telecom infrastructure improvements increasingly becoming a hot-button topic, it’s foreseeable that these features will become important for mobile workforce in the near future.
Analytics and reporting functions
Where previous generations of accounting software only gave you the numbers you already put in, today’s accounting systems and enterprise resource planning suites are able to make reports and projections that can greatly aid managers and business owners with their decisions.
Combined with mobile functionality, today’s accounting systems allow leaders to keep tabs on the status of their organization wherever they may be.
No users or storage restrictions
Business growth cycles these days are incredibly rapid, and it’s not unusual to grow from a team of under ten employees to a team of hundreds within just a couple of years. Many accounting systems vendors have a restriction on the number of users and data allowances and require substantial investments to get more functionality out of a system you may already own.
Thankfully, accounting software such as the module available on SAP Business One allows even small businesses multiple users and unlimited storage, allowing the tool to aid expansion, rather than restricting it.
Get in touch with ANSI SAP Partner today.