TvA will not put you in a software box!

Fitting accounting software to your business

Some accounting firms may be doing small business an injustice.

One of the most important elements of any successful business is having the right accounting software in place.  To be useful, financial information must be timely and up to date.

Even for a small business there is a need to have software that will manage customers and suppliers, prepare regular bank reconciliations, GST returns and income and expenditure reports. 

As the business grows there may be the need for inventory control, time management and job tracking, payroll and multi-currency facilities.

Having good accounting software in place keeps bankers happy - it shows that business owners are serious about financial reporting as part of their governance role.

Buying software is not as simple as it used to be.  It is no longer a case of buying a computer and an off the shelf accounting package.  There are a number of options to be considered in making a decision, such as:

• Ongoing computer hardware requirements
• Backup and upgrade policies
• Number of internal users requiring access to the data
• Ease of access for financial advisors such as bankers and accountants
• Office (desktop) based or cloud based
• Annual or monthly fee for software
• Training requirements (should be factored into the cost of software)

There are a number of accounting software providers in New Zealand, currently the major players are BankLink, Xero, MYOB and QuickBooks.  Most of these have a cloud based option.  Each of them are good in their own right, but we believe that none of them are a "one size fits all" product.  Not all businesses fit in one accounting software box.

The key is finding the product that best fits the needs of the business today, with the ability to expand and upgrade as the business grows.  Once the accounting software has been matched to your business, ongoing local support is also a factor.  This is not only for the day to day "how to" questions, but for the analysis and interpretation of the financial information that your software provides.  This will allow you to make timely and informed decisions for your business.

At TvA we have staff members who specialize in Xero, MYOB and QuickBooks. They are available to give a free health check on whether your accounting package fits your business - give us a call to make an appointment.