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What Accounting Software Functions are Right for Your Business? Three Questions to Ask Yourself

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Accounting software functions can create great enhancements for your business, but it’s vitally important to gauge exactly what functionality you need for your specific business needs and workflow processes. Some companies find they have too much functionality within their solution, while others need to delve into product add-on’s that can enhance it even more. Either way, it’s important to ask the right questions. So let’s take a look at three that you’ll want to ask yourself as you decide which accounting solution will fit your needs:

Do you manage back orders or partial shipments? If yes, then it’s crucial for your accounting solution to manage the order entry process and customer invoicing so that they speak to each other. The customer invoicing is usually handled with Accounts Receivable, and the sales orders are handled in Order Entry. Having one solution for Order entry and another for Accounts Receivable is a recipe for disaster, resulting in time-consuming data re-entry and cross referencing headaches. If these pieces are integrated, you can easily track customer information along with corresponding pricing and terms. It’s also much easier to run reports that give you better insight into your overall business.

Do you need deep insight into your business financials? Most of us do and by using and understanding your General Ledger, you won’t have to guess about your financial position. You should also thoroughly review with your implementation partner, team, and management to define what you need reported from general ledger so that the right information is easily accessible to make important business decisions.

Do you manage a warehouse or a large number of products? If so, then you need Inventory Management integrated with your accounting software. Some accounting software includes Inventory Management as a standard item, and others offer it as an additional purchase. For example, Microsoft Dynamics® NAV includes production orders, bills of material, supply planning, and capacity requirements planning. Flexible processes and integrated information help ensure you make accurate promises to customers, respond quickly to last-minute requests and changes, and rapidly take advantage of new opportunities.

Once you’ve defined answers to the above three questions, you are on the right track to finding exactly what accounting software functions will benefit you. For more information on accounting solutions that may fit your needs, please contact us. We are a leading UK independent ERP, business management, accounting software and CRM specialist.

 

By Peter Elgar with Concentrix Ltd, UK Microsoft Dynamics NAV Partner

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