Which software is right for your company?
As a business owner, I understand the plight of trying to keep it all together while running a business. So much to do, in so little time. From project management, to marketing, to keeping “The Books”, one literally has to become the “Jack of all trades”. But is this effective? OF COURSE NOT! We all are familiar with this dilemma. So now, what about the solution? The first step is to take an honest assessment of your needs, from every aspect of your business, from the daily operations to financial management. What type of resources do you need to function not only on a daily basis, but overall?
Financial management, by far, is the most important aspect of running a business. Without managing this function properly; most businesses are doomed to fail. It’s a known fact that most new businesses fail within the first 2 years due to poor record keeping. The best solution for this scenario is to search for the necessary resources in order to properly manage your system. Whether you outsource or not, choosing the appropriate tools will determine the success of your system.
We all know that in this day and time, to keep your records manually, is not an effective practice. This method leaves much room for numerical errors, incorrect classifications, and missed entries. In this age of technology, it makes better sense to use a software package which is capable of handling your type of business and the level of information your company needs to process. Many factors come into play when making such an important decision. Such as company size, number of employees, systems support & maintenance, and features. Let’s take a closer look at what you need to consider when choosing a software package.
Company size
The software package that’s suitable for your company will need to accommodate the number of users who are designated for access to the system. The number of employees that your company has will help you to decide who should have access and for what reasons. Generally, upper management will need access for planning purposes, while staff employees, dependent upon their job description, will need access for daily processing. Also, you need to consider that as your company changes (i.e. increased sales, opening new divisions, hiring more employees) the software needs to accommodate the changes that your company will experience.
Amount/complexity of transactions
As your company grows, so shall the amount of transactions. And as your transactions increase, it’s also possible that the type of transactions may become more complex in nature. The growth of your company doesn’t have to be only related to selling more products or services. Other activities such as joint ventures, leasing of equipment, and creating new divisions are examples of growth, and will need to be properly reflected in your financial statements. The software package you choose must be able to handle complex transactions as well as typical everyday transactions.
System Requirements
Is your office networked or do you operate with stand alone desktops? Determine the specifications required to operate the software, but make sure its compatible in your environment. Be careful. Don’t choose a system that has more capabilities than you really need. You could end up paying more up front. Let your system grow with your company.
Features
Features such as online capabilities, banking interfaces, and integrative modules are very popular and add to the overall value of the package. Business owners are always looking for new and innovative ways to streamline processes. Consider a package that shows you how to make your work easier.
Training, support & maintenance
In selecting software, you must anticipate needing some sort of technical support assistance. It makes good business sense to spend the additional funds for support packages. Today, a lot of companies outsource to foreign countries, which can make the language barrier challenging to deal with. An alternative would be to select a company who has on-line support using some sort of chat profile. This alleviates trying to interpret during a crisis. Training options should also be considered. In person is most familiar, but on-line is becoming much more popular with its ease and flexibility.
Remember, take your time to carefully assess your needs, and base your choice on that! Nothing more, nothing less.
Here’s to you working smarter!
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