How to choose the right accountancy software for your business

How to choose the right accountancy software for your business | MWM Advisory

With EOFY year fast approaching, it’s never been more important to ensure your business is getting the most out of its accounting software.

That’s why we’ve created the MWM Advisory guide to accounting software selection, setup and conversion.

Too many businesses aren’t using the right accounting software or don’t have the software set up properly. Too many have time wasting processes and can’t get the information they need when they need it in order to run their business effectively.

Choosing the right software for your business is not easy. There are several competing brands, each with their own constantly evolving products.

So how do you choose which software is right for your business, and how do you manage the conversion?

It is essential that you work with experts who can manage the transition efficiently and without complication.

MWM Advisory has helped numerous businesses make the transition. We have put together the following three-step plan as a guide to changing accounting software.

Step 1 – Select the right accounting software for you and your business

You first need to answer some questions:

  • – Do you give customers credit? Do you have credit accounts with your suppliers? How do you know which customers owe you money and which suppliers you owe money to?
  • – Do you hold stock?
  • – Do you employ people?
  • – How do you keep track of your cash and bank accounts?
  • – Do you need to manage projects?
  • – Do you want to see results by profit centre or location?
  • – Would you like to link key operational software to your accounting package and use it out of the office?
  • – How much training and support do you need?

We specialise in some of the leading accounting software products including Xero, MYOB, QuickBooks and Reckon.

We have worked with some of the leading business apps including WorkFlowMax, Unleashed, and Buildertrend.

We know the strengths and weaknesses of each product and know which product works best with which type of business or industry.

Step 2 – Accounting software setup

Next you need to make sure the new software is set up and tailored specifically for your needs including organisation details, bank accounts, users and access levels, payroll information, logos, sales invoice and customer statement templates.

Step 3 – Accounting software conversion

The final step is to transfer only essential data from your current software. This can include customer and supplier details, payroll and HR data, and current inventory levels.

It is essential you have planned the process from the beginning to ensure there are no nasty surprises at the conversion stage, which can cost your business significant time and money – driving the software upgrade way out of budget.

The key to a successful software conversion is to make sure you have the right software for your business and that it is customised to suit your specific business needs.

If you’re looking at upgrading your accounting software, to ensure your business is in top shape for EOFY, then give us a call on 07 5596 9070.

We can help you select and implement the right software option to suit your business’ requirements.

Resilience in numbers

Resilience in numbers

To our friends and colleagues out there supporting local business in these crazy economic times; you’ve done a great job. You all deserve a pat on the back! Professional advice is more critical than ever when trying economic times are adding to the pressure on...

$600 million package to help Queensland businesses

$600 million package to help Queensland businesses

Support is available if you are impacted by the Queensland lockdowns. The lockdown support client guide for Queensland businesses has been updated for the top-up grant funding announced by the Treasurer last week.  The Commonwealth and Queensland Governments...

Embrace, adapt and enjoy the change. Act now!

Embrace, adapt and enjoy the change. Act now!

The COVID-19 pandemic has been a massive wakeup call to businesses and organisations everywhere. It shows that change remains a constant and you cannot settle in for the slow grind, because major unforeseen events can occur, throwing a spanner in the works. You may...