6 Key factors to consider when choosing an accounting software or a business App

It goes without saying, there are thousands of software and Business Apps available on the market and on the internet. Additionally, each accounting software may also come with a thousand business apps on their various app market place. So, one has to choose carefully before adopting a piece of software. Not everything that looks cool works for every business. Some factors to consider.

 

Does my business need this?

Before adopting a system or business App, one needs to do a needs or systems analysis. This is where critical questions are asked before buying or implementing a system or App. Think about what problem your business is actually trying to solve. Is it an inventory management problem. It is that your business has no way of keeping track of cash in versus cash out, what sort of reports do you expect or actually need to run, what is the volume of data that should be handled by this system, can this system or app handle such volume of data, etc. Once a systems or needs analysis is performed you can then look at other factors.

 

Can this system or App integrate with our key software? 

Some Apps or systems may look cool and all functions work perfectly fine. However, there may be a problem in integrations with your primary compliance software. Some may require you to run a report then process a manual journal into your primary software because there is no integration with your primary software. This, in turn, may lead to human errors such as incorrect journals being processed or whoever processed it not remembering why they processed such journal in the first place. A system or App that integrates with your primary system and auto-sync would be a preferred choice over one that does not. You do not want to spend a lot of money on a business App or system only to find out that you need to spend more to find another App that will help with the integration. A system or App that integrates with your primary system will have lots of advantages such as improved efficiency as there is a degree of automation in as far as communication between the two is concerned. Also, you will not need to manually and separately update each software as what happens in one will be updated in the other software or App.

 

How long will it take to set up the system?

Often how long it takes to set up a system or App depends is a function of when in the financial year the implementation is done. It is often easier to implement a system or App at the beginning of a financial year than in the middle of a financial year. Implementation of a new system or App may mean moving data from the old system to the new system. This may time and errors may happen. It is important to do proper research before implementing a system. Even better, seek the help of a system specialist or ask the system vendor to help you with setting up the system.

 

Is there training required? 

Often businesses make the mistake of implementing a system that no one in their organisations knows anything about. After implementation, the staff is left out to figure out things on their own. This is not the right approach. The correct approach is to provide sufficient training before the system is fully rolled out to all staff members. This is to make sure that your staff knows the system well before they can actually start to use it and to use it to interact with your customers. Where possible, do a parallel run of the new system with the old one so that there is enough time to train staff and to iron out any teething issues with the new system. Also, it is important to establish who in the team will be the new system champion. A system or business App champion will be your go-to person when there are issues with the new system or App. If this is not possible, make sure you have the system or App vendor contact details or help desk at hand for when you need help with the system or App.

 

Get the basics right: 

You also need to get the basics right. By basics, we are referring to the operational things like who does what and who does what when, who has access to the system, who has admin and basic user rights, are the system or App user rights set up correctly, etc. The last thing you want is having the wrong people having access to information that they should not have access to. This may include such things as, who should see a certain report or certain client information.

 

Multi-currency: 

Lastly, consider if the new system has a multi-currency functionality. This is critical especially if your business invoices or buys/trades in a variety of currencies. You want your system or App to be able to convert to your base currency without having to do it manually in a spreadsheet or otherwise.

 

In conclusion: 

Not everything that looks cool works for every business. In order to implement the best and right system/App or tools, you need more than just the standard system specifications. Perform detailed systems/need analysis to determine the needs of your entity and whether the system or App you are considering is the best fit.

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