When selecting an accounting system, theessential requirement must be to determine what the businesses information needs are, the nature of the business and its financial commitments. In all cases systems should be able to produce timely, accurate financial information to enable management to run their business and to alert them to potential financial problems.
Every business will differ on the level ofmanagement information they require to run their business so it’s vital to engage in a review and detail your businesses specific requirements in advance of proceeding.
Factorsto be considered when selecting a package
Below we have listed some considerations you may need to bear in mind before making your selection:
1. Initial cost and cost of additional modules if required.
2.Can the package grow with your business?
3.Does the package meet your information requirements?
4.Note the look and feel of the software package - is the format simple and easy
5. Do you need to invest in new hardware to run this package?
6. Can the package offer Multi User access if required?
7.What is the cost of adding additional users at a later stage if required?
8.Upgrade cost - what is the cost of upgrading the software? When was the last upgrade?
9. Training and Support - what type of support is provided? What is the cost of support?
10. Product History - how long has the package been in operation?
11. Reputable supplier - does the supplier offer support? How long has the supplier been in business?
12. Ask the advice of your accountant before you choosing your accounting package.
There is an excellent range ofoff-the-shelf packages available which can also be tailored to your business. However you need to ensure that the package will be able to grow with your business and provide any additional enhancements that you may require.
Deirdre McDermott is Audit Director in OSK.Contact OSK today for all your tax and accounting services.
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