Singapore businesses and establishments rely on accounting software to keep records of financial transactions and run financial reports, which helps assess profitability and other metrics for success. Because of this, it is crucial to thoroughly evaluate an accounting software program to ensure it meets your standards and the needs of your business.
Choosing the right program can help your company’s efficiency in recording transactions and evaluate financial measures. Let’s together find out how to properly evaluate an accounting program.
Take Note of Current Issues
First and foremost, before you start the search for new software, figure out what’s wrong with your current accounting system. Where are having problems? Do you think having a new program can correct the problem? Make a list of these problems as these are going to be the key areas that have to be addressed by the accounting software you’ll purchase.
Identify the Features You Want and Need
The next step is to identify what you want to get out of your new accounting system. Better known as the top-down strategy, start by identifying your goals and then choosing the program that can provide you those goals. Writing down your expectations for the best accounting software in Singapore will help you select the accounting program that matches your desires.
Consider Existing Systems
The importance of coherent interfaces between various systems in a business is often overlooked. When choosing new accounting software, take into consideration all of the existing systems in your company and make sure that your new program can work and function coherently with other systems.
Keep in Mind Size and Organization
In addition to the existing systems, your company’s size and organization should also be taken into account when evaluating new software. A small business won’t need all the features that a medium or large business will need. The industry of the business also matters. For instance, being the only employee of your business means not needing a payroll feature. Likewise, if you sell services rather than products, you won’t need a program with an inventory function.
Find Out Reporting Information Provided
There are different regulations regarding business accounting reporting, and it’s possible that you may be required to provide business reports to different agencies. Your accounting software should be able to help you with these reports by ensuring you have the data needed for these requirements. The type of your business will determine what reporting features you’ll need to comply with the current laws for Singapore businesses.
Come Up With a List of Choices
With the information you currently have, scour through the market and pick a bunch of potential accounting programs that appeal to you. Try to pick at least five, and then do an in-depth research of each of your choices.
Ask for Demonstration of the Program
Now that you have come up with five choices, it’s time to examine them one by one. Reach out to the vendors and ask if you can see a demo of the product. It will give you the chance to actually see the program in action and whether it will work for you or not. Let a vendor know your expectations so they can show you various programs and suggest which one would best suit you.
Test Run the Software in the Real Environment
Once you have seen the programs in action and have narrowed down to fewer choices, one of the best ways to fully evaluate your new software is to test it in the real environment—in your company’s system. Most of accounting programs provide trial packs, which you can use for a particular span of time (usually 30 days). This will allow you to play with the software in the environment of your own system and mess around with it using your own data and business scenarios. You’ll experience for yourself how the program works and what the possible glitches you may experience with that accounting software.
After thoroughly evaluating, your chosen software should be able to provide great returns on your investment. It should help your company to achieve better productivity, functionality, efficiency, and more accurate financial reporting.