11/27/2003
Accounting Software: The Basics
by Vonelle Vanzant, Center Director, UA Fort Smith SBDC
Making the decision to automate a company’s bookkeeping system often raises more questions than originally anticipated. Questions such as:
* Which software is right for my business?
* Do I need to be an accountant to use it?
* Will I be able to get the reports I need?
* Can I provide access based on job function?
For most small businesses, the software needs to meet some basic requirements. At a minimum, it needs to be relatively easy to enter data, flexible enough to account for a variety of financial transactions, comprehensive enough to provide decision-makers with access to critical business reports, and provide for sufficient internal controls to enhance the reliability of the data and minimize the risk of loss from embezzlement. Of course, the more complicated the business activities the more flexible and powerful the software will need to be. However, with the advances in technology that we enjoy today, extra flexibility and power does not necessarily mean extra cost. There are some excellent accounting software packages on the market at a reasonable cost. Choosing the right software is the first key decision. Setting up the software correctly and properly training system users are other key areas to address early on in the process. Accountants and ASBDC consultants are available to assist in this key decision process and can provide guidance in both needs determination, product selection, set-up and training.
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