Accounting records support both compliance and everyday decisions. Software can make the work easier, but the right choice depends on how your business operates and who will use the system.
Understand the benefits and costs
A suitable system can reduce repeated data entry, organise customer and supplier balances, produce invoices and provide financial reports. Some systems also support budgets, VAT, stock and payroll connections.
Allow for the time needed to set up the system and train staff, as well as subscriptions, support and maintenance. A general package may need adapting for a specialist business.
Start with your requirements
List what you need before comparing packages:
- Invoicing and tracking money owed by customers or to suppliers.
- VAT reporting and support for the VAT arrangements you use.
- Management reports and budgeting.
- Stock control, foreign currency or retail-system connections.
- Payroll and payment integration.
- Access for multiple users and your accountant.
- Compatibility with your equipment and existing software.
Transaction volume and the way customers pay also matter. A cash-based business may have different priorities from one that sells on credit.
Consider support and shared access
Ask who will help if you encounter a problem. It is useful for your accountant to understand the package and be able to work with its records.
Cloud access can make sharing information easier. Our Xero Cloud Accounting service explains the option available through Jackson-Scott and how it fits with our accountancy service.
Plan the changeover
Agree the chart of accounts—the headings used to organise transactions—before importing information. Check business details, the accounting year and VAT settings.
Establish the opening balances and which historic transactions need to move. Choose a manageable changeover date and allow time for training. A short period of comparing old and new records can help confirm that the system is working as expected.
Software is most useful when the setup, records and working practices fit together. Review those arrangements with us before committing to a change.