Applying the right accounting software is an invaluable first step. With a wide list of options available, it is important to pick a solution that fits your company size, industry and personal accounting needs. Avoid frequently switching between platforms. Instead, opt for system that can manage your finance operations comprehensively. If multiple tools are necessary, ensure they integrate well to avoid complexity and higher learning curves.
5 Tips On Implementing Accounting Software In Your Business
The digital revolution continues to penetrate into all parts of business operations and accounting is not spared from the takeover. And that is good thing, given that accounting software provides so many benefits to a company. It helps achieve better efficiency, productivity, data security and many other adjacent benefits. All these things point to one overall outcome the ease of doing business.
It is no wonder why accounting software markets will surpass $416 million by 2024. There is now a majority adaptation across the accounting practice and it is likely that companies will follow suit and roll out accounting software. If you are looking to launch or implement an accounting software in your business, here are a few tips to help you do that well.
Tip #1. Find the Right Software for Your Business Needs
Applying the right accounting software is an invaluable first step. With a wide list of options available, it is important to pick a solution that fits your company size, industry and personal accounting needs. Avoid frequently switching between platforms. Instead, opt for system that can manage your finance operations comprehensively. If multiple tools are necessary, ensure they integrate well to avoid complexity and higher learning curves. Also, consider your budget and the long term value of the software.
Tip #2. Implement the Software in Phases
Slow is fast is how the mantra goes and the same is true for software roll-out. It’s always important to get things done as fast as possible, but they also have to be done right. To ensure that all things go well, it’s best to roll your accounting system out in phases. Start with the department most directly influenced by the system-your accounting and finance department. Eventually, you can then roll out to other departments. Teach your staff how to use the features that matter to them most. Collection officers will need billing software, accountants will need bookkeeping services, and all staff will need to learn how to turn in expense reports digitally.
Tip #3. Promote Company-Wide Adoption
Up to 94% of accountants have now implemented cloud accounting, so it is safe to say that experts approve. But the buck should not stop with the accountants. All business operations have to do with money and finance management. Marketing departments will need to manage money just as customer service, sales, operations, creative, human resources and all other departments will have to.
What companies need to avoid when rolling out software is having a silo that would rather stick to the “old ways” of doing finance. There are also some things to consider when changing accounting software, such as inertia from people who might have liked the old software better. Get the whole company on the same page by having someone or a group of people champion the rollout, which leads to the next tip.
Tip #4. Establish Rollout Committee
Think of your accounting software as an internal product launch. Form a dedicated rollout team to lead and manage the implementation. This team should motivate staff, solve issues and monitor adoption progress. They can also act as brand advocates to promote the system’s advantages, such as saving time and improving accuracy. Utilize built-in analytics to track usage and identify areas needing additional support or training.
Tip #5. Provide Ongoing Support and Training
Again, the learning curve is one of the most important factors to consider when choosing accounting software. So on top of choosing software that suits your team best, make sure to leave all grounds covered and provide support to your staff. Consider getting an online course that teaches people how to use certain accounting software and all the use-case scenarios.
Also, look into external factors that could affect accounting software use such as whether e-invoices are GST compliant and help staff create the right parameters to follow such government policies. When in doubt, work with an expert who already has a background in using the app or tool so your roll-out team doesn’t have to figure things out on their own.
Accounting Software Is the Future of Business Finance
The use of cloud based accounting tools is no longer optional it is the industry standard. Today staff members need to embrace these tools to stay relevant. Whether you are an accountant, accountant or finance officer, mastering accounting software will be essential for maintaining accuracy, compliance and competitive edge. With the right approach, your business can successfully integrate accounting software and enjoy all the benefits of modern financial management.
