Technology has revolutionized the way we have been doing things in every aspects of our life. It has replaced a lot of tedious work that required many labor hours, and it is the same for accounting.
Here we have for you 4 different ways that you can use to assess accounting technology and its suitability for your firm.
- It integrates with your current systems
The top need that accounting technology should fulfill for your business is that it should integrate with your current systems. As your local accountant in Chatswood and greater Sydney we can assist you in identifying, shortlisting and implementing a cloud based accounting system that aligns with your organizational systems, makes it more efficient and gives you the information you need to make the right decisions.
While deciding on the right system, you should list down all the different systems that you are using and confirm with the vendor if the proposed system will integrate with the old one and how much downtime will be required. You will also need to see the kind of support that will be provided by the vendor with regards to the transition from your old systems to the new ones.
2. It creates data that provides new and important insights
The investment that you make in accounting technology must be worth your money and effort. If your systems can help you make informed decisions and can help gather and collate accurate information that can give you some good insights into your business, you can rest assured that you have made the right choice.
At your end you have to make sure that the new system is providing you with the information that your business and stakeholders require; check with your team and stakeholders the reports you want the system to generate for you. Making a list of all the information that is vital for business operations and stakeholders can help you a great deal in evaluating your accounting system’s suitability for your firm.
New systems might be difficult to learn, but if they give value that you need to make your business grow better and be managed more efficiently, it is important to acquire them. As your local accountant in Chatswood and greater Sydney, we can guide you in terms of identifying the key reports and data it should produce to manage your business effectively.
3. It improves efficiencies and/or replaces outdated or less efficient programs
Cloud accounting and Artificial intelligence have changed how businesses operate. With more and more businesses relying on these technologies for their heavy administrative tasks, accounting systems have helped to increase efficiency and reduce human error. You can benefit from the advances in technology yourself by making your accounting function automated and reducing the probability of errors from occurring.
Businesses that are automated tend to enjoy streamlined accounting and business operations, as well as the improved risk of governance with better insights and business projections. Therefore if accounting systems replace slower, outdated systems or improve business processes, then it can be considered a worthy investment.
4. It offers supportive and helpful customer service to the end-user
As an end-user for the accounting software, it is important to know the kind of customer support you will get from the vendor. Therefore, make sure what the vendor has to offer in terms of customer service. Will you have access to a chat platform or will you have someone to support you through a ticket-based system? Will you be assigned a live person when the situation demands it, or will you have a designated support person who will be there to help you in case you run into some problems.
In some cases, accountancy software vendors refer you to a DIY knowledge base. Consider your needs and how each of these support systems is suitable for you. If you think a chat system suffices your needs then goes ahead, but if you think that your employees or you will be able to function more efficiently with a customer service agent on board, then mention this in the service level agreement.
Deciding on an accounting system could be an overwhelming task. Therefore, as your local accountant in Chatswood and greater Sydney, we are here to help you. We have provided you with the above four key points that should be considered when deciding on a new system. We can work with you to go through all your requirements and assist you in deciding the best software.
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