It’s an easy question. Should you buy specialized software or work exclusively with accounting software suites?
The answer won’t be the same for everyone but it’s good to go into the thought process with an open mind and an understanding of today’s technology. You may find that impediments that you thought were there, are mitigated with advanced tools and insights now readily available to companies large and small.
Consider these areas in your accounting software purchasing decisions – 1) performing daily, monthly and annual tasks, 2) the ease of use, 3) security, 4) data integrity, and naturally, 5) the return on investment. Include 6) implementation and 7) integration as well.
Let’s do a quick comparison:
Accounting Software Suites
- Easier decision and purchasing process. One purchase order and one vendor to work with.
- The implementation, integration, and ongoing maintenance seems like it’d be better.
- Enterprise accounting software suites are considered to have a lower risk working with smaller or specialty companies.
- Accounting Software Suites are designed to appeal to the masses and can run the gamut of being overly complex or overly simplified. It’s hard to please everyone.
- Paying for things you don’t need. Maybe you outsource your payroll processing. If payroll is part of the package, you’ll pay for it anyway.
- Big bang – You need to have all the individuals and departments that are affected ready to go-live on the same date.
Best of Breed
- Expertise – Whether it’s industry specific or focused on a specific function, the vendor will have resources familiar with your needs.
- None of us want to get lost in the shuffle. You should expect to work with people who know your name and make sure you’re informed and satisfied before and after your purchasing and implementation decisions.
- Additional flexibility with phasing in products and training. The application should be able to be tailored if that’s needed to address your unique situation and business structure.
- You may need to dig a little and contact a few potential providers before finding who you’d like to work with and which product is best for you.
- Make sure you select accounting software that works well with others. Sending and receiving data to other end-points should be as easy as processing data within the application.
- Some stand-alone business accounting software might require duplicate entry of transactions or records that you’ve put into another system. Steer clear of these unless the process gives you a significant net benefit.
When you’re in the market to optimize your supply-chain management process, add an eCommerce presence, or to modernize your business budgeting and planning process, you might find that find that your choice today is different that it would have been a few years ago. Things are changing at a rapid pace.
Lengthy implementations can be a thing of the past. Cloud-based accounting software products are often ready to use and test immediately with your own data. You don’t have to make your buying decision without seeing how the solution will work for your organization. And please, don’t work with any vendor who isn’t just as interested as you in making sure that you make the right pick.
Businesses of every description rely on the Budget Maestro™ family of software solutions by Centage Corporation to improve the efficiency and effectiveness of their business budgeting and planning, financial forecasting, financial consolidation and reporting processes. For more information, take a tour of Budget Maestro, contact Centage, or call 800-366-5111 now.