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Accounting Software for Businesses of All Sizes

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Many companies use the implementation of new financial software as a good time to also change processes in order to gain efficiencies from the new software’s extra features. If you consult with financial software reviews, you’ll see that the market for accounting software is roughly divided in to four segments: entry-level, small to medium scale business, small to medium scale enterprise, and enterprise resource planning.

  1. Entry level software is designed to work best with small businesses (those with 20 or fewer employees and less than 1 million in sales). Roughly 5 million companies in the US meet the profile for those that are best suited for software within this segment.
  2. Small to Medium Business (SMB) software is designed to work best for companies no more than 100 employees. This is the second largest market segment and estimates say that about a half a million companies in the US could benefit from new software designed for businesses of this size.
  3. Small to Medium Enterprise (SME) software is the next step up and is designed for even bigger companies – those with up to 500 employees. Approximately 17,000 US based companies fit this profile.
  4. Enterprise Resource Planning (ERP) software is designed for the largest companies and can accommodate well over 500 employees and billions of dollars in sales. The number of companies that fit in to this segment is fewer than any other segments, although some estimates have claimed as high as 17,000.

When selecting software, make sure you know what you require from the new accounting package and keep those requirements in mind. In some cases, more capabilities can be beneficial, but it is also important to note that this is not always true. At times, additional capabilities that are not used can actually slow down the software. At the same time, purchasing software with too few capabilities can also create problems. If you purchase software without a module that you need, you may be forced to use an outside application to run that process, which can cause headaches as well as present problems with compatibility that can add costs to the overall project.

Vertical Solutions focuses on the sales, implementation and support of Microsoft Dynamics® GP.  This solution is designed to help mid-sized organizations optimize work flows, provide access to timely and relevant information, reduce end user training time and make the organizations more efficient and profitable. Our team of certified consultants has years of experience mapping client requirements to system implementations and results.

By Bruce Nelson with Vertical Solutions – Pennsylvania Microsoft Dynamics GP Partner

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