Are you making the most of your Accounting Software? Did you buy your accounting software 5 years ago, have you upgraded recently?
Most of us buy software, learn enough to make it do what we require and not find out what else the software can do for us. I am guilty of it as well, it does what I need so what else should I expect?
We don't wish to pay for ongoing upgrades, however if your software has payroll, then you need to be up-to-date.
Business should be able to do business in the software. What does that mean? It means the software should enable the business to do what it does and not be first and foremost 'accounting' software. It means that the accounting/bookkeeping or record keeping functions should be as a consequence of just doing business smartly.
So often we are just doing 'historical' data entry, how would your business benefit by 'real-time' entry.
The following is functionality that might already be in your software, are you taking advantage of what you have?
1. Emailing Invoices. Software allowing easy creation of invoices and easy transmission. Or even a customer portal where the client can access their invoices
2. Customized Invoices that include payment options. (The more ways they have to pay, hopefully the quicker we get the money)
4. Bankfeeds - latest inclusion in software is the direct electronic transmission of the bank transactions from the bank into the software to enable streamlined processing
5. Or using 'qif' & 'aba' files to get information into and out of banking software
6. Ease of adjusting transactions
7. Processing and Data Entry speed. The program should enhance the speed with which information can be entered and then process quickly.
8. Good Reporting
9. Record keeping functionality
10. Good support systems: website, email, phone, relevant & accessible.
In the future we may be able to lodge through the software, directly with government.
As a small business owner, one of our most precious resources is time. So take a little time out of your schedule and review what your current software can do for you, maybe it might be time to upgrade!