Choosing the right accounting software for your business

One of the most important tasks of a finance lead is to set goals for the organisation which are backed up by rigorous data. Financial management software makes use of that data and provides the analysis that finance managers need to make the best decisions for your business.   

Accounting software that collects up-to-date data from across the organisation is imperative to avoid making poor decisions with disastrous consequences for the balance sheet in the long-term. This is why it should be a fully capable system.  

Good software automates repetitive processes, freeing up time to think strategically and carefully. Without it, finance leaders are unable to properly monitor what staff are doing in an industry where overruns can be costly.   

Whereas typical finance work involves a host of difficult, time consuming and inefficient tasks that need to be completed regularly, modern financial software packages make this much easier by automating many jobs and freeing-up staff to carry out more value-adding activities instead. 

Of course, effectiveness goes beyond simply picking up jobs that humans could do and automating them. It can also change the mindset of employees, and make them more likely to engage with the tool.   

Good accounting software

• Finance leads can monitor their teams' project progress accurately 
• Analytics are automated and information is clear
• Automated report generation for month-end, with real-time data available
• No need for manual rekeying
• Automated processes reduce opportunity for human error, and flag if an error is found
• Automatic software upgrades means Australian and New Zealand compliance laws are always adhered to
• No more manual repetitive standard processes

Bad accounting software

• Project costs overrun and it's difficult to see why
• Data visibility is poor
• Reporting is time-consuming
• Accounting processes rely heavily on rekeying
• Human-error occurs regularly and is difficult to spot
• Compliance requires significant human intervention
• Standard processes are not automated
• Data is kept on multiple systems that are not integrated - no single source of truth

Our accounting software is rich in functionality and brings together all your accounting and financial operations in one place. 

1. How does it collect data?  

The ideal accounting system has a centralised data dashboard that accurately captures what is happening across all strands and systems within the business and presents it in a readable, precise manner. 

2. What level of automation is included?  

Accounting involves a stream of repetitive tasks. From manually adding in the minutiae of payroll information to ensuring that regular supplier payments are made, there is plenty of room for error. As many functions as possible is a proven way to reduce the risk. Some can even automate monitoring tasks, such as ensuring that budgets are not exceeded on specific projects, or that balance sheet goals and targets are being met. 

3. Is it compliant with current and upcoming regulations?  

Your accounting software should, for example, be able to send your BAS information seamlessly and without error to the ATO. It should also be able to comply with current compliance regulations in Australia or New Zealand. 

4. What tools are included that aid strategic decision-making?  

Budget forecaster tools are ideal for monitoring company spending and producing rich data that can be used to feed into spending decisions. Likewise, data harmonisation functionality is a great way to support and balance differing viewpoints, verify data, and avoid taking a siloed perspective. These tools should be a key part of robust reporting your finance system offers.  

Choosing the right accounting software for your business greatly comes down to your essential requirements and key challenges. For example, you may currently be using old, outdated accounting software which is clunky and slow and could be a high security risk and cause data inaccuracies. 

It might be that your team needs a smarter and faster finance management system, and/or a broader set of features and more advanced functionality to simplify complex finance and accounting tasks. Automated accounts payable, project accounting and fixed asset accounting are key examples of more advanced solutions that can help businesses and finance teams to work more efficiently. 

Many finance teams also see the benefit of upgrading to a solution that can be integrated with other software (such as HR and payroll systems) on one simplified platform.   

Access Financials offers an integrated accounting solution helping to achieve strong financial, operational and project control, which have supported over thousands of businesses to scale their finance and accounting activities and drive business continuity.

We are experts in finding the right software for small to medium sized businesses and provide dedicated customer support to help our users get the most from their software throughout their journey with us. 

Get in touch to discuss your accounting software requirements, or book a free demo of our financial software suite to explore the features.