Deciding to spend money on a software solution to tighten financial control is a useful and prudent decision for small businesses.  Owners and managers must choose wisely to ensure the solution matches the overall business requirements and that they are not purchasing a solution favoured only by the accountant or IT manager.

Many small business owners often turn to their accountant with the question of what software to use.  In larger companies, the IT department recommends a solution that matches their preferred technical platform and not software that might be incorrect for their financial requirements. This is where issues often arise.

It is vital to find the right software solution that not only details where you have been, but more importantly, helps you to navigate where you are going. By providing both an overview, and then delving deeper into the details, owners are better equipped to evaluate the business environment.

So, how should a SME owner or manager go about choosing accounting software, and who should be involved?  Here are a few tips:

  1. Define your scope and understand your functional requirements
  2. Determine who might be involved in the process and how much you’re able to spend
  3. Match points 1 and 2 to the solutions available in the market.

Since the evaluation process can be fairly lengthy and require time from your team, it is worth narrowing the field as soon as possible and considering in detail those products that are likely options.

Remember, you might not need hefty solutions with a plethora of features. The right vendor will assist you in finding a solution with sufficient functionality to support your company well into the future, assuring far greater fiscal discipline and laying a firm foundation for financial success.