Accounting Software – Do You Need an Accountant?

The traditional role of an accountant is changing. In previous years a small business would class a good accountant as one of the fundamental requirements when starting a business. Their support and guidance towards all matters connected with the set up and launch of a business was perceived as essential in order for a small business to be ultimately successful. The perceived importance of the role accountants play with small business has been increasingly bought into question as the internet has grown and developed. The advice that accountants used to charge for regarding company formation, company structure and VAT registration is now largely available for free on the internet. Furthermore, the rise in online accounting software has made it easier than ever for a small business to keep their company books in good shape. We wanted to explore why more and more small businesses are choosing to use online accounting software and how this has impacted the traditional role of the accountant.

Why are business owners using online accounting software?

Cost – When the accounting and bookkeeping world was inaccessible to owners of small business the large cost burden of having a professional accountant was seen as simply a core running cost of the business. The cost structures of accountants differ widely from per hour, fixed fees for defined work and some even charge by the minute for telephone calls. Whatever the cost structure having an accountant look after all of you small business financial affairs will be a significant burden to your cost and business profits. Basic software for accounting can be available from as little as 5 a month.

Time Schedules – A piece of software can continue working 24 hours a day whereas an accountant has set schedules and opening times. As a small business you will very rarely be working to a 9-5 schedule and therefore having the rigid nature of accountant opening hours can be frustrating. Even more so if a deadline is required that requires an accountants help and you are charged overtime for an accountant working out of hours.

Information security – Despite the likelihood of you signing confidentiality agreements with your chosen accountant the fact remains that you are disclosing private information regarding your business strategy and performance to a 3rd party. Whilst there can be advantages to this is the form of gaining 2nd opinion on company performance there is also a risk that this information get into the public domain. Software for accounting allows you to keep all of your confidential information inside the business.

Ease of use – Software for accounting has become very user friendly with many products available that do not require the user to have any accounting knowledge at all. This allows tradesman and sole traders to be able to easily to control of their financial affairs.

Improved business Performance – There can be real business performance advantages of taking control of the company finances as opposed to outsourcing them.

o Accountability – An obvious advantage of taking control of you financial affair is that there becomes greater accountability to deliver. Software for accounting allows small business owners to be much closer to the financial affairs than when they are outsourced.

o Collaboration – one of the risks out outsourcing all financial management to an accountant is that it stifles people from within the business talking and engaging about disciplined financial management. Taking control of financial affairs internally within the business increases engagement and collaboration across the business to improve the company’s financial performance.

If more businesses are using online accounting software is there a role for traditional accountants?

In short, yes, but in a different capacity to how they have traditionally been deployed. Accountants need to focus less on the bookkeeping and daily accounting of small businesses and focus more on the provision of advice that optimises business performance. SME’s are becoming well versed in the many advantages that exist within doing your own accounting via an easy to use, cost effective software package. That said, many small business owners still have a requirement to discuss future business optimisation with a financial planning expert.

Software cannot possibly understand a business’s objectives and work with the owners to produce a strategy to optimise performance. Nor can a software package proactively restructure the company books to save tax as the company grows and develops. Once a small business is established they would benefit from advice from an ‘auditor’ regarding business structures, financial efficiency and tax planning. This annual audit ensures that the business is on the right track for sustainable growth and success.

Software allows small business to complete their day to day accounting enabling the owners to stay close to their financial affairs at a fraction of the price of an accountant. However, a good accountant can engage with the owner about optimising the business to ensure that the right plan for growth exists. This type of engagement with an accountant can be done as a cost effective fixed fee arrangement which can be easily planned and budgeted for within the company accounts. The answer to whether a small business should have an accountant or accounting software is – they should have both but deployed for different purposes.

How do you find the right accounting software for your business?

It is critically important that a software product is bought to match the specific requirements of the business. There are many software packages available on the market all aiming at different segments of the SME market. Owners should think about their specific business requirements and then use a tool such as Compare Software for Business to compare the industries suitable software for a product that meets these requirements.

Trucking Accounting Software

Trucking accounting software is a highly specialized package, which is designed to meet the needs of companies looking for better management of their fleet of trucks. Trucking accounting software also enables companies to lower costs and increase employee and customer loyalty.

There are a number of companies which offer accounting software designed specifically for the needs of the trucking industry. A good trucking accounting software should be able to improve the bottom line of a company through efficient management of the company’s fleet.

Trucking accounting software could successfully maximize a company’s asset utilization. It can reduce empty miles, increase driver retention, and enable greater customer focus. Overall operating costs are also reduced once a good trucking accounting software is installed in place. Choosing the right kind of trucking accounting software depends on your company?s fleet strength and needs. One need not worry though in this front, since there is a trucking accounting software available for every size, irrespective of whether you have two trucks or two thousand trucks.

Trucking accounting software is usually designed to handle both dispatching and logistics. You can choose either or both features depending on your company’s needs and the number of trucks you are managing. With companies focusing on complete customer satisfaction, customers are expecting faster delivery, accurate shipments, and prompt customer service. This is where a good trucking accounting software comes into picture. It can provide you with all these essential components and more. One needs to do a thorough analysis of the requirements, before implementing the appropriate trucking accounting software.

The latest trucking accounting software types, though sophisticated, are relatively easy to use. One can get extensive information on different types of trucking accounting software and features by visiting the online resources of leading vendors. One can also find product reviews on these web resources.

Syspro ERP Accounting Software

Companies need to integrate accounting into every department present and therefore a need for robust accounting software arises. This software is required to take care of the cash flow and proper communication between the departments. Syspro ERP accounting software is well known software which serves the accounting requirements of a company. In this software, a General Ledger is opened for two years instead of one year. This is a powerful tool in this software and is quite flexible.

This software follows the regulations of the government taxes and can be updated according to the changes in the tax laws. The various benefits that Syspro ERP software provides to its customers are that it supports for multi period accounting process so that there is no discrepancies in the period end closings. The customer can streamline the accounts department as it provides integration of modules like Accounts payable, Accounts Receivable and General Ledger. This in turn aids in reducing the audit costs.

The other benefits of the Syspro ERP software are that it supports the government tax laws and is a user friendly application. It delivers the results fast and has a big customer base. It can be integrated with the Enterprise Resource Planning software or Customer Relationship Management software with ease due to the Syspro’s ISO certification. It is the market leader in its field and should be considered first if you are looking to implementing accounting software.

Syspro ERP accounting software has many years as being the first software vendor to develop an ERP solution. It is operational in many countries and deploys the latest technologies providing world class software solutions. Syspro adds value no matter which industry to help the business grow. The accounting software offers a comprehensive financial and cost accounting functionality and control. Syspro ERP accounting software has been certified by the Accounting Library too.

It is a fully integrated system which provides for transaction processing in the current period and two prior periods. It helps to increase the visibility of corporate performance and enhances performance. It improves budgetary control and reduces the accounting costs due to the streamlined process. It offers low cost of ownership while providing a favorable return on investment. The software decreases the operating costs by reduced closing cycle. With this accounting software there is fast financial consolidation and reporting.

There is complete support for the types of government taxes like VAT and GST and other taxes according to the geographic location. It is powerful financial and accounting software which gives certainty. If you are looking for Syspro accounting software, a few things have to be considered like the capital investment, cost of the program depending on the modules and business needs. Most of the accounting software need a Windows based program, so an internet connection would be required to incorporate the software. Syspro ERP software helps your business to run smoother and more effectively. It is one of the best software for accounting. But at the same time, take the points into considerations before buying the software.