5 Tips On Implementing Accounting Software In Your Business
The digital revolution continues to penetrate into all parts of business operations and accounting isn’t spared from the takeover. And that’s a good thing, given that accounting software provides so many benefits to a company. It helps achieve better efficiency, productivity, data security, and many other adjacent benefits. All these things point to one overall outcome - the ease of doing business.
It’s no wonder why accounting software markets will surpass $416 million by 2024. There is now a majority adaptation across the accounting practice and it’s likely that companies will follow suit and roll out accounting software. If you’re looking to launch or implement an accounting software in your business, here are a few tips to help you do that well.
Tip #1. Select the right software for your context
When learning how to implement new accounting software, the first step will be to choose and learn how to use the right solution for your organization. There are many choices available today and all of them have their own unique strengths and weaknesses.
The temptation is to jump between one software to another, but it always works to a business’ advantage to have one solution for all your finance and accounting needs. If you do need to use multiple solutions, try to limit the number to avoid confusion and higher learning curves or find a way to integrate them all into one solution. Another thing to consider is your budget so that you can factor it into your business expenses.
Tip #2. Roll out in phases
Slow is fast is how the mantra goes and the same is true for software roll-out. It’s always important to get things done as fast as possible, but they also have to be done right. To ensure that all things go well, it’s best to roll your accounting system out in phases. Start with the department most directly influenced by the system-your accounting and finance department.
Eventually, you can then roll out to other departments. Teach your staff how to use the features that matter to them most. Collection officers will need billing software, accountants will need bookkeeping services, and all staff will need to learn how to turn in expense reports digitally.
Tip #3. Aim for company-wide use
Up to 94% of accountants have now implemented cloud accounting, so it’s safe to say that experts approve. But the buck shouldn’t stop with the accountants. All business operations have to do with money and finance management. Marketing departments will need to manage money just as customer service, sales, operations, creative, human resources, and all other departments will have to.
What companies need to avoid when rolling out software is having a silo that would rather stick to the “old ways” of doing finance. There are also some things to consider when changing accounting software, such as inertia from people who might have liked the old software better. Get the whole company on the same page by having someone or a group of people champion the rollout, which leads to the next tip.
Tip #4. Create a rollout committee
Think of your accounting software as a product you need to market internally. You’re going to need a “sales” team to vision cast the importance of successfully rolling out a new system. Talk about how the accounting software can help with business growth and help staff stay efficient. Experiencing challenges with the learning curve is normal and should be expected, but you’ll need a team to motivate staff to keep using the software consistently.
The roll-out committee will also be in charge of the accounting system implementation checklist, and keep track of roll-out progress. For the first few months, it helps to ask them to give weekly or bi-monthly reports on software usage. Thankfully, many if not all accounting software provide analytics automatically so the roll-out team won’t have to create reports from scratch.
Tip #5. Provide support to your staff
Again, the learning curve is one of the most important factors to consider when choosing accounting software. So on top of choosing software that suits your team best, make sure to leave all grounds covered and provide support to your staff. Consider getting an online course that teaches people how to use certain accounting software and all the use-case scenarios.
Also, look into external factors that could affect accounting software use such as whether e-invoices are GST compliant and help staff create the right parameters to follow such government policies. When in doubt, work with an expert who already has a background in using the app or tool so your roll-out team doesn’t have to figure things out on their own.
Accounting in The Cloud is Now the Norm
For professionals who ask “ what can you do with an accounting degree?,” it’s hard to imagine any application that doesn’t have a technology aspect to it. Digital tools are going to be a part of accounting and finance as a practice. That’s inevitable. So if you’re an accountant, finance officer, or bookkeeper, take the time to master online tools. They’re here to stay.
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