How to Optimise Your Business using Accounting Software
Very few businesses, if any, can say that their key financial processes are as efficient as possible. For this reason, accounting software projects are often highly appealing to key decision makers. Or, at least they should be.
The increased predictability of the results of implementing new software is beneficial for determining the project’s potential ROI. Identifying ROI numbers can be an intimidating prospect. But it’s surprisingly straight-forward with accounting software purchases.
All accounting software automates repeated processes. Determining ROI is often as easy as asking software providers to provide data on the amount of time that can be expected to be saved in each functional area. It’s then a matter of applying your own knowledge of your labour costs to the time saved.
Accounting software and ERP projects offer a big advantage: they are relatively low risk and high reward. Many IT projects are highly speculative and serve as their own prototype. This is not-so with accounting software projects where technology that’s new to you is likely to have been installed in dozens or hundreds of other businesses.
It would be hard to imagine remodeling a kitchen without asking the cook where they want the sink. But the recipes for software projects are often written without any input from the main users.
The core user group for most accounting systems will be internal staff. Of course, you also need to have project leaders who understand the larger corporate strategy and how the purchase fits into it. But it’s just as critical to receive input from front-line users.
Decision makers are often unaware of just how complex or repetitive some business tasks can become, simply because they’re often somewhat removed from more mundane processes. While you may have staff who also think it’s a good idea to turn the break room into a functioning bar, their input on taking steps to improve efficiency by fixing broken processes should be considerably more solid.
Accounting software in a proper needs analysis interview is a great way to either establish or reconfirm the key requirements for your software purchase. A good needs analysis interview allows you to clearly identify baselines for your software purchase project, including its scope, cost, and timeline.