Archive for the ‘CRM Accounting Software’ Category

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Hiring An Accountant Versus Using Accounting Software

In CRM Accounting Software on December 13, 2010 by businessbuyguide Tagged: , ,

It goes without saying that accounting is an integral part of any business. Failing to manage one’s revenues and expenses properly will certainly lead to the failure of the business. There are two ways to handle the accounting aspect of your business: (a) hire an accountant, or (b) purchase an accounting software system and do it yourself.

While many business owners hire an accountant to do the work for them, this setup may not be for everyone. Enlisting the help of an accountant can be costly, depending on the size of your business and the amount of financial data that needs to be managed.

For startups, you can collect the necessary documents and have an accountant come in once a year to work on them. Most accountants charge by the hour, so the amount you pay them will depend on how long it will take them to complete everything. Keeping all your invoices and receipts in chronological order can save you some time and money.

The second option is to invest in a good accounting software program. You don’t have to be a computer or accounting expert to use one as most are very user-friendly. More and more businesses are turning to this option because unlike hiring an accountant, you only have to pay once for an accounting software system.

There are various types of accounting software available for small and large businesses alike. Some programs can be expanded as the business grows, while others are even customized for certain industries.

Some of the advantages of using an accounting software system are:

•    You save time.
•    Your financial information is always up-to-date.
•    Expenses are reduced.
•    You can easily access your financial data.
•    Computation errors are minimized as the program is 100% accurate.

If used properly, an accounting software system can help your business run faster, better, and more efficiently. You can view all the latest figures with just a click of your mouse – you don’t have to go through stacks of papers and flip through the pages one by one.

Of course, choosing the right accounting software program is very important. Do your research first before purchasing one. This shouldn’t be a problem as you can find many reviews and recommendations online. The right accounting software will save you a lot of time and money, leaving you to concentrate on more important tasks.

Or, if you allow us to help you connect with quality outsourcing suppliers who can provide you with the service – then, it’s like having your own accounting department without the overhead and burdensome cost!

We can help you find a supplier that provides the accounting software of a provider who you can outsource to!

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An Introduction to Accounting Software

In Business Buy Guide,CRM Accounting Software on November 1, 2010 by businessbuyguide Tagged: , ,

Accounting software provides sophisticated computerized bookkeeping systems that can record, manage, store, and process accounting data from the financial transactions of an organization. Several core modules form the software framework, including the general ledger, accounts receivable, accounts payable, inventory, trial balance, sales, and purchases. Other modules such as time sheets, expense account, payroll, and reporting can be added.

Designed to imitate manual accounting processes, computerized accounting offers additional benefits such as faster operations, paperless transactions, and convenient information transfers. Since accounting software systems have been available for a while, consumers have a wide selection of good products. Packages vary in complexity and price, so there is something to fit every budget and preference. Users have plenty of freedom in choosing and can opt for packaged solutions that are ready to use straight out of the box, platforms that can be customized for one’s organization, or web-based applications.

Though most accounting systems are designed for use by accountants, there are a number that are geared towards the requirements of business people. Some are even designed for specific professions or industries. For example, a consultant or lawyer can use a time sheet module to record billing hours for clients.

Recently, because of the software integration trend, several accounting systems are included as part of software suite, especially in higher end markets. This allows users to manage just one package instead of many disparate ones.

Computerized accounting systems provide various benefits, one of which is organization. Financial records are the foundation of a company’s future growth, and this information must be organized and contained in a system that allows for easy administration and access at all points in the business’ life cycle.

Management decision making calls for up-to-date and relevant data, and financial procedures like loans and mortgages require a complete business background and previous performance figures. In addition, in order to prevent unnecessary penalties due to reporting incomplete or inaccurate information when filing taxes, a sound accounting system should be in place.

With streamlined electronic bookkeeping, accounting software makes it easier to identify attempted fraud or embezzlement. A standardized system also allows for a smoother transition among employees as there is less room for subjectivity.

And, a system of accessing qualified suppliers of such systems – is what we provide!

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Accounting Systems: Manual vs. Computerized

In Business Buy Guide,CRM Accounting Software on October 29, 2010 by businessbuyguide Tagged: , ,

If you run a small business, the question of whether or not a computerized accounting system is better than a manual one has most likely crossed your mind. Each system has its own pros and cons, and since financial transactions are a vital component of any business, the accounting system used needs to be efficient and reliable.

Pros and Cons

Manual accounting systems make use of multiple paper ledgers to record and keep track of all the financial transactions of a company. Each type of transaction is inputted in its own ledger. In general, businesses using manual accounting systems have one ledger for accounts receivable, one for accounts payable, and another one for sales. These individual ledgers are then combined into one general ledger.

Manual accounting is more time consuming than computerized accounting, but it is straightforward. You can easily review the ledgers and make changes or corrections anytime. You can do all these with a computerized system as well, though.

Computerized accounting makes use of accounting software. After financial data is entered into the program, it will automatically organize the information, make computations, and create ledgers and financial statements. Accounting software allows you to generate reports and view the transactions of any company department.

More accurate, less time

Computerized accounting systems can make computations more accurately and in less time, while there is room for human error with manual accounting. And with industry specific accounting software that come with several preset general ledger templates, you can save even more time.

Accounting software allows you to store practically infinite amounts of information. And should you wish to review data from many years back, you can easily do that with an accounting program; you won’t have to go through stacks of paper ledgers.

Both manual and computerized accounting systems are useful, but for more efficient and more accurate bookkeeping, the latter is recommended. Some programs are available for free, while others can be purchased. You can look for accounting software online, go over their features, and decide which one will suit your business needs the best. Computerized accounting may not let you physically handle your ledgers, but it does offer a better solution for your bookkeeping requirements.

Or, utilize Business Buyguide so that you know what you’re looking for within a computerized system and whose the best supplier to provide it, install, monitor and trouble-shoot for you.  We do the qualifying – you choose from 4 qualified vendors – for free!

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How to Find the Right Accounting Software

In Business Buy Guide,CRM Accounting Software on October 27, 2010 by businessbuyguide Tagged: , ,

With so many accounting software systems available today, where do you begin? It’s certainly not the 1980s anymore, when accounting software was still in its infancy. The following tips will help you narrow down your search without getting overwhelmed.

List your reasons

Think about why your company is looking for an accounting system. Maybe you require a new one because your old software is out of date. Or perhaps you need a different costing method. Each search is different, and by writing down your primary requirements, you decrease your chances of becoming distracted by the various features you will come across during your search.

Ask for recommendations

Ask your friends and colleagues what they are using, what they like and dislike about it, and what they would recommend. Because accounting is part of the day-to-day operations of a business, you should be able to get some good responses. Asking somebody in the same industry is certainly helpful since they most likely have needs that are similar to yours.

Look online

With so much information available on the internet, you can find practically any business you seek, including those that create and sell accounting software. However, doing an internet search brings up too many results to go through every single one. Attempting to do so will only leave you frustrated and overwhelmed.

In addition, the words “accounting software” and other similar terms are some of the most competitive search terms online, meaning there are a lot of accounting software companies competing for the first page of search results. And yet, each page shows only ten results, so the first one may not display the results that are right for your business – your ideal result may be on page 5 or 10. Just because a software company doesn’t show up on the first page, it doesn’t mean that their software won’t work for your business.

We provide a great way for you to know that you’re working with qualified suppliers!

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Accounting Systems: The Basics

In Business Buy Guide,CRM Accounting Software on September 6, 2010 by businessbuyguide Tagged:

More and more small businesses and organizations utilize an automated accounting system.  However, some businesses do not have a system in place because it appears too complicated and expensive.  In this article, we will take a closer look at the basics of an accounting system.  We will guide you and tell you what you need to know about accounting software.

What is an accounting system?

An accounting system is a sophisticated and computerized version of the traditional book keeping system. It is designed to provide businesses the necessary tools to streamline business processes, make transactions manageable, improve employee efficiency and ensure data accuracy. Typically, a software package is able to record, store, manage, and process accounting data based on the business transactions made by an organization.

What are the specific functions of accounting software?

These functions are often called modules. There are different modules, but the core ones are the general ledger, accounts payable/receivable, trial balance, inventory, sales, and purchases.  However, there are special modules that can be added to it like expense accounts, payroll, time sheets, and reporting.

What are the benefits of using software?

An automated system makes your organization’s processes faster, promotes paperless transactions, and increases the ease of transferring information. Aside from improving efficiency and accuracy, having an accounting system in place will also help you save money in the long run.  The time spent on manually doing accounting processes will be reduced so that you and your staff can focus on other important parts of the business.

What are the types of accounting systems?

Some accounting systems can be used straight “out of the box” while some are customizable.  You can also choose between a web-based solution (or also known as in the cloud) or have the system installed for each workstation in your office.

Is it difficult to use?

Although accountants are the main users of this software, software developers nowadays have designed systems that are user-friendly not just for accountants, but for business people as well.  Others even go to the extent of customizing it for different industries or professions. Software companies improve their services over time to meet different customer needs.  Thus, you can expect a wide array of highly developed accounting software in the market.

Most vendors will tell you that their product is user-friendly. But you will also need to invest some time in learning how to use the system.  Software vendors typically provide training and some after-sales support to help you get familiarized with the new system.

What about pricing?

Price depends on many factors such as the size of your organization, scalability, and customizability, whether it will be hosted on the web, or if it is going to be installed on each computer, and the number of modules that will be incorporated.

Because of the sophisticated features that an accounting system can offer, this can appear as overwhelming to some.  However, in the long run, an automated accounting system proves to be worth the investment.

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The 4-Step Guide to Choosing an Accounting System

In Business Buy Guide,CRM Accounting Software on September 3, 2010 by businessbuyguide Tagged:

Congratulations! You have finally decided to purchase an accounting system for your business. You are making the right decision by doing so. Now, the next step is finding the best vendor for your needs.  Before making your purchase, it’s mandatory to look into different important factors to ensure that you can make the most out of your purchase.

Here is a four-step guide that should help you pick the solution and vendor that best matches your requirements:

Define your needs. Think of your company.  How many employees are there? What is your budget? An accounting system meant for a small business will not work effectively for a larger and more complex organization and vice versa. Careful consideration based on the size of your organization and the resulting scale of operations should be made before you make your purchase. It is also good to take note that some vendors have different pricing depending on the number of employees in the company.

Anticipate future growth. You must be wondering why this should be factored in.  By anticipating your company’s future growth, you’re also avoiding the risk of having to purchase accounting software again in the future.  Ensure that the system that you will be purchasing  is able to sustain growth when it comes. Thus, a product that is scalable and upgradable is highly recommended for a growing organization.

Determine ease of use and learning curve required to use it. All accounting software vendors will tell you that their product is user-friendly.  However, there’s still a certain amount of time required to learn how to use the system.  Check the user interface. Is it intuitive and comfortable? Also, find out if the vendor will provide training to your employees who will use the system. You may also want to look into is the time required for the employees to complete the training. And finally, how much support will you get from the vendor after the purchase? Ask the vendor about how much after-sales support you will get.

Check if your accountant is familiar with the system. Since one of the key users of the system will be your accountant, matching their familiarity of the system with the product is essential.  Verify if your accountant has a good working knowledge of the system you’re thinking of buying.

By considering these factors, you lessen the risk of your company purchasing software that you will end up not using. An accounting system is a great investment.  But it will only be one if you carefully consider factors such as the organization’s size, budget, the software’s ease of use, training, after-sales support, and the end user’s familiarity with the product. These factors will not only determine the success of implementation, but more importantly, how you can maximize the use of the software to eventually benefit the company.

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7 Reasons Why Your Business Needs Accounting Software

In Business Buy Guide,CRM Accounting Software,CRM Systems Quotes on September 1, 2010 by businessbuyguide Tagged:

Is your company still stuck with using folders keep receipts, invoices, and all your accounting data? At the rate our technology is improving, more and more small businesses and companies have chosen to go paperless.

Why you need this

If you are still thinking about whether you should do this for your own business, then maybe you should consider the following reasons why you need accounting software.

  1. It keeps you organized. The first benefit of having accounting software is that it helps you keep organized. Though some people are used to storing their paperwork in shoeboxes and folders, software does a better job at filing, organizing, and cataloguing. All in a click of a button.
  2. For easy and efficient information management. With accounting software, you can easily retrieve records and other vital information that you will need to make important business decisions.  Not only does it allow you to safe-keep financial information, but it also lets you update your records as needed. Legally speaking, you are required to have your accounts and books for the past six years on hand.  Moreover, financial planning needs, like mortgages or loans, will require your complete business background and previous performance information.  By having accounting software, the days of going through each shoebox and folder will be over and you can have the information right at your fingertips.
  3. It prevents you for incurring penalties. There is a price for inaccurate or incomplete information for taxation or VAT purposes.  To avoid paying unnecessary penalties, most companies use an accounting system. Moreover, when tax season comes, it’ll be easier for you to prepare the company’s taxes.
  4. Accounting software provides you with consistent account management. Employees come and go.  And because such changes occur every now and then, a standardized accounting system makes the transition, from one employee to another, easier. Furthermore, a system lessens subjectivity and allows you to have clear visibility of your financial position.
  5. It saves you money. We always say that time is money. By having a computerized system, you will save time from manually managing your records. This may also mean that you will need less people to do the work.  Moreover, your staff can focus on other important parts of the business.
  6. It reduces the fraud risks. Every business owner knows that fraud is a serious risk. Having an organized system makes it more difficult to commit fraud and easier to spot attempted embezzlement. Protect your business by investing in the right accounting software.
  7. Think about the long-term benefits. Technology evolves over time. You do not have to make tremendous adjustments if you  have an automated system in place.  Instead, you will only need to adapt incrementally. Nowadays, third-party software providers offer plugins to existing accounting systems so the system can adjust to changes without needing to purchase new software altogether.  Another advantage is that these plugins are being updated or developed over time to help reduce cumbersome manual tasks.