When you first start a business, getting the basics right is critical to success.
This includes picking the right accounting system. Although this may not be top of mind of important decisions to make, the right system will be crucial in terms of ease of use, the ability to extract key information on a timely basis, and the capability to let you grow. Getting the right system allows you to see how all the key financial metrics of your business are progressing. It allows you to make smart, accurate decisions. It might seem like a lot of work up front – doing your research and measuring your business needs. But it can save you a huge amount of money, time and energy.
There are several factors to consider:
- Remote working or working from home has become an essential consideration for businesses. Does the accounting system you are considering need to access a local server? Is there a cloud-based alternative?
- Will your finance team be spread across different locations? Do you want all finance employees to access the same system at the same time? Can the CFO access financial information for all entities in real-time?
- What is required to manage the financial aspects of your business? Do you need specialised software for sales, inventory management, managing foreign currency, etc.? Can this sit within the accounting system?
- Will you have employees in your new business, and if so, how many? Do you want to manage the payroll and the associated obligations? Will you have contractors?
- What information do you want to extract from the system? How regularly will you need to report, and who will be your audience? What are you trying to achieve?
- Would you like to operate in a paperless environment? What software supports this? What processes do you need?
We can work with you to find the accounting system that is right for your business and help you to implement the system and processes.