Codestone

Category: Accounting and Financial Software

Small and medium-sized businesses (SMBs) that are looking to invest in accounting software have been advised to first consider exactly what they will need from the technology.

Expert Pam Baker told SmallBusinessComputing.com that firms should think about what functions they will require their accounting software to perform in order to ensure they choose a product that is appropriate for their needs.

She stated that financial reporting applications for managing payables, receivables, expenses and tax are likely to be essential for all companies, while other organisations may also need to consider factors such as inventory, sales projections and business intelligence.

Ms Baker said these considerations will allow SMBs to elect between an invoicing/expense program for cash flow management or a fully-featured accounting software solution.

She added that failing to take this into account is akin to "buying the tool before you properly define the job".

Earlier this month, strategic technology planning authority Randy Johnston told the CPA Technology Advisor that companies should ensure they regularly review their accounting software to ensure they have the most up-to-date versions.

Posted by Lara Ward