Your accounting system is one of the most important tools for your business. It’s what allows you to manage your finances, keep track of your income and expenses, and make sound decisions about where to allocate your resources.
As such, it is vital that you have an accounting system that is well-suited to your specific business needs. But how can you tell if your current accounting system is right for you?
Here are ten key things to look for.
1. It should provide the features and functionality you need
Every business has different accounting needs, so it’s important that your accounting system is able to meet those needs.
Make a list of the features and functionality you need from your accounting system, and then compare that list to what your current system offers.
If there are gaps, then your current system may not be right for you.
2. It should provide easy data access and management
Your finance team should be able to easily access the data and insights they need to make sound financial decisions. The system should also let them manage the data easily and handle a large amount of data without any slowdown.
Manual data management has a slew of problems, including fraud, mistakes, and data loss.
If they are constantly having to work around your accounting system or struggling to get the information they need, then it’s likely that your system is not right for you.
3. It should be scalable
As your business grows, your accounting system needs to be able to grow with you.
This means that the system should be able to handle an increasing amount of data and transactions without any slowdown.
It should also be easy to add new users to the system as your team expands.
4. It should offer features to improve efficiency
There are a number of features that can help make your accounting process more efficient, such as automated invoicing, automatic payment reminders, and real-time reporting.
If your current system doesn’t offer these features or if they are difficult to use, then it’s likely that your system is not right for you.
5. It should be user-friendly
Your accounting system should be easy for your finance team to use. This includes having a user-friendly interface and offering training and support.
If your team is constantly having to fight with the system or they are unable to get the hang of it, then it’s likely that your current system is not right for you.
6. It should integrate with other systems
A good accounting system should be able to integrate with other systems, such as your CRM, eCommerce platform, and POS system.
This integration makes it easy to share data between systems and eliminates the need for manual data entry, which can lead to errors.
7. It should be able to run multiple applications simultaneously
Your accounting system should be able to handle multiple applications simultaneously without any slowdown.
This is important for businesses that use a lot of applications, such as eCommerce businesses that need to track inventory levels in real-time.
8. It should have robust security features
With all of the sensitive financial data stored in your accounting system, it’s important that the system has robust security features to protect against unauthorized access and data breaches.
Look for a system that uses military-grade encryption, as well as other security measures like two-factor authentication and user activity monitoring.
9. It should offer mobile access
In today’s business world, it’s important that your accounting system offers mobile access. This way, your team can access data from anywhere, at any time.
Mobile access is especially important for businesses with remote employees or workers who are always on the go.
10. It should be affordable
Your accounting system should fit within your budget. There’s no need to overspend on a system that offers more features than you need.
At the same time, don’t be afraid to invest in a system that will save you money in the long run by increasing efficiency and reducing errors.
Summing up
To sum it up, there are a number of things to consider when determining if your current accounting system is right for you.
Make sure to evaluate your needs, compare them to what your system offers, and consider upgrading if there are gaps.
Additionally, look for a system that is user-friendly, scalable, and offers features to improve efficiency. Finally, make sure that the system you choose is affordable.
When it comes to your business, don’t settle for anything less than the best. Your accounting system is a critical part of your business and it’s important that you have the right one in place.
The good thing is that you don’t need to look far. SunSystems offers all of the above and more. Get in touch with us today to learn more!
