Accounting Software – Assessing Package Requirements

Assessing your accounting requirements is the first stage in purchasing a successful accounts package. You should ideally look for accounts software that meets both general and your detailed requirements. Your individual software requirements depend entirely on your business type and the way you run it, it may be a good idea to discuss with your accountant how businesses in the
same industry computerise accounts.

The best way to ensure you do not buy a very complicated system is to involve everyone that will be using the software and get feedback from them to define the specific requirements for your business. This has two benefits, they will have a better idea of what is necessary and so you can buy software that reflects your business activity and they will be happier to use the software if
they helped select it.

Below are a few requirements that you may want to consider: -Bookkeeping – The accounting software should include basic bookkeeping functions, such as sales ledger, purchase ledger, nominal ledger, invoicing and reporting. -VAT – The accounting software should have the ability to keep on top of VAT; calculate your VAT amounts to be paid at the end of an accounting period. -Payroll – If your business employs many people, you should consider accounting software that has payroll functions, which will calculate both PAYE and NI contributions to be paid on a weekly/monthly basis. -Management Reporting – If you require management information to be prepared for reports, or you need to present internally to management periodically, you may want to consider software that supports this kind of functionality to help your business operate efficiently. -Invoicing – Most accounting packages will have the ability to produce invoices. If you have more specialist requirements such as emailing them or you need to customise the invoices you may want to consider accounting software that’s support these functions. -Credit Control – This is a very important feature of accounting software and will show where you stand in terms of the credit limit agreed with your suppliers. Similarly you can see if any of your customers are beyond the credit limit and so can chase them for payments. -Account Systems – The software should be compatible with other accounting systems and ideally the same as that used by your accountant for easy communication. -Other Systems ­- If your business is a large one and has many systems incorporated into the business operations you may want to consider accounting software that has the ability to integrate with these systems. Most usual systems a business uses are stock control, customer relationship management and a business e-commerce website.

If you are looking to invest in accounting software you may want to visit for accounting software reviews.