How will you evaluate accounting software for your company? Criteria to be considered?

enable you to manage your business's financial transactions. Such programs can vary widely in scope, with some programs designed for little more than simple bookkeeping and some designed to manage the entire financial comings and goings of large businesses. Using accounting software helps companies to use the resources in their accounting departments efficiently, and can reduce costly bookkeeping mistakes.

speed  in getting the result

accuracy  in  the information  presentation

 reduce the cost of getting information (  reduce the depending of many employee to implement  issues ) 

 

We can do that: *The data and business information must be accurate, accessible, timely ,snd secure. *Controller, your business software should easily let your access and analiz data, manage efficient budget process, ensure regulatory compliance and secure controls, and create, access snd distribute financial report s. _Implementation tips that can guide evaluating accounting software: cost of implementing mid_level account Accounting software,choose a var/software solutions orivider

It is very easy by following some steps 1- Data base type 2- Security and Authentication 3- Meduels Form and links 4- Reporting and customising report which is achieve management needs 5- Easy Training and learning 6- Backup for system 7- Easy way to import and export to Microsoft Office 8- Cost benefits with appropriate company budget

By the accounting software we can track our every transactions. Any time we can get the financial and others report by one click with up-to-dated.

1. Security; 2. Data Base Management System; 3. Easy Reporting as per demand; 4. Flexibility; 5. Data preservation systems i.e. Data Backup; 6. Easy reconciling systems.

Oracle is o e of best tool to colllect the financial data to enabe our organization to utilize our CAPEX and prepare the expenses accordingly to put the required budget and target .

by performing different task.

to the above i will addfollowing (especially in use of ready made packages)

1.smooth integration of inventory to financials, one major issue has been incorrect valuation of inventory in FMS, whether its fifo,lifo or weighted average, the discrepancy in physical valuation and  book value, effects cogs also, it happens especially in ready made packages where system calculates the cogs and automatically generates the accounting entry cogs dr inventory cr.

2. control on duplication of accounts, in many computer account packages, number coding is not essential name is sufficient (TALLY for eg), and account opening is decentralized for convenience, in countries like in GULF where expatriates from various nationalities and background work many names and words are misspelled or different spelling used ( American, British, Indian, African,etc) causing duplication of accounts.

3. Treatment of suspense account in trial balance automatically generated to balace trial balance , methodology for identification of cause and rectification.

4. integration of HRM ( Human resource Management), payroll to FMS ( Financial Management system)

5. Payroll - calculation , authorization levels and integrity of journal entries in FMS.

Such programs can vary widely in scope. Using accounting softwarehelps companies to use the resources in their accounting departments efficiently, and can reduce costly bookkeeping mistakes.

reliability 

comparability

user friendly

compatibility of the system with the nature of the business

Accounting Software Evaluation Procedures:

1. First, who is software developer, how is their reputation in accounting software industry?

2. How reliable is the software platform is (IT related)

3. How secure is the desired software is

4. How easy to understand the software modules for users

5. Is it generating reliable and accurate financial results

6. Is it offering batch / FIFO / Avg / Bar code inventary management system

7. Will it generate customize reports.

8. Will it support or export / imports reports to other softwares like MS Excel or PDF

9. Backup 

. Payroll system

. Assets management module

. User controlled environment

. Can we upgrade the software whenever we new requirements demands?