You have heard this more times than you want to remember, “You have to know your numbers.”
Maybe your current Orlando accounting software has limitations and you can’t track those crucial numbers and you are looking to make a change. The last thing any of us want to do is sit through demo after demo, trying to choose the accounting software that works best for our business and then deal with implementing it.
Below are three ways to help you navigate the process.
#1: Timing Is Everything!
Evaluate and determine the best time to make the software switch for your business. Consider if the end of the calendar year works best for you; or maybe there is a lull during the year that makes it easier to handle a smaller number of transactions and allows you work out any kinks.
Once you have determined a start date to launch the new accounting software, there is some information you want to make sure is accurate before you enter it into the system. For example, you will need to determine the outstanding accounts receivables and the outstanding accounts payables details that need to be entered or imported into the new accounting software. It doesn’t end there, though; you will need to enter the starting account balances for the remaining general ledger accounts. (A starting balance is a balance that is brought forward from the end of the previous accounting period).
This means you need to make sure all bank and credit card accounts are reconciled to statements, loans are reconciled to statements, and the balances in your accounts receivable and accounts payable sub-ledgers accurately balance to your general ledger.
If a historical financial comparison is important to you, make sure you enter historical year-end balances to each general ledger account so that they can be pulled into any new reports that you might want to run for comparison. Just because you have decided you want to change your system, it doesn’t mean you need to leave crucial historical data behind!
#2: Do Your Homework
You will practically be marrying the accounting software you use. It is important to do a side-by-side comparison of features and costs of the new accounting software you are considering, as well as comparing it to your existing software.
When doing this, avoid choosing an accounting software based on industry-specific software without making sure it is robust enough on the accounting side. You can always find industry-specific software that gives you the bells and whistles AND integrate it with a proper backend accounting software.
Also, make sure the accounting software you choose is scalable. If you are in business to grow, make sure the software you pick can grow with you. You don’t want to go down this road again if you can avoid it. It can be costly in terms of money and time.
#3: Hire An Accounting Consultant
Let’s face it; we can’t be experts at everything. And having to choose the right accounting software for your business might be a case where calling an expert is helpful. Not only don’t you have the time to do the due diligence necessary to test a new accounting system, but you may also not have the expertise.
A consultant can test the accounting software to make sure that the vital data fields you need to run your business are available and are easy to report on.
Also, an outside accounting consultant will be more objective than a software sales consultant. The accounting consultant will understand your business and help you secure the best for your business, not just another sale.
In summary, buying and transitioning into new Orlando accounting software is easy. You just pay for it and then jump right into using it, right? NOT!
Learning curves are real, and choosing and implementing accounting software can be complex. Having an expert consultant who helps you throughout the process will give you and your employees, much-needed relief from the inevitable problems that happen when you try to do it yourself. Nothing can drag down employee morale quicker than a conversion process that goes bad. Do you really want the naysayers saying, “This wouldn’t have happened with the old system!”?
If you want to evaluate whether converting to a new accounting software is a good option for you, or if you need help converting to new accounting software, contact us today!