One of the main reasons businesses fail is because there isn’t a good bookkeeping system in place that would provide warning signs the business could run out of cash.
You can choose to set up a bookkeeping system manually (using accounting books), electronically (spreadsheets) or use accounting software. Unless you want to get familiar with bookkeeping practices, accounting software is the most efficient choice.
What to consider
Every business will have different requirements from an accounting software. When choosing an accounting software consider the following:
- does the system calculate all payroll requirements (PAYE, annual leave, long service leave etc.)
- does the system track stock, work in progress, orders, jobs and other task management requirements
- will the system be able to handle multiple bank accounts
- does the system need to handle foreign currency
- does the system track separate financial records for each business or department within the business
- does the system allow for interface with other computer systems such as online payments
- does the system keep detailed records on customers including what they buy, how often they buy, when they buy etc (often referred to as a Customer Relationship Manager system).
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