10 Essential Features to Look for in Accounting and Finance Software

Suitability

This is our first consideration when working with a client – does the system actually work with your business? Is the system capable of meeting your accounting needs, or are you paying for more functionality than you need?

These are all important questions to be asking at this stage and will help you to narrow down your options. When considering your accounting and finance systems, ask around to see what works for other business owners in your industry. Some of your peers may have already been there and got the T-shirt, and they’ll help you to avoid any pitfalls. Or you can reach out to an advisor who may be more familiar with the different options available to you. But, be aware that a large number of advisors are incentivised to sell specific systems.

Most finance systems have a section on their website dedicated to the industries they work best with – if you notice yours on there, it would be worth reading how the system can support any industry specific requirements and needs. Picking the right software is a long-term commitment, so checking the suitability early on is a must.

Reporting and Analytics

This is such an important aspect, and if you’re going from a desktop system to a cloud-based ecosystem, you’ll be amazed at the level of insight you can get from modern reports. If the system does not have reporting and analytics built in, you can look into an external reporting platform. Most of these pull live data from the accounting system allowing for a real-time insight into business performance. With the right accounting and reporting structure, you can learn more about your business and customers than you thought possible.

The reporting capabilities and integration is a crucial element of a cloud-based network of systems – you don’t want to have a skewed understanding of your data!

Automation

Continuing on from the last point – automation is an all-encompassing shield for your data, stopping manual errors from influencing your reports. Leveraging modern tech will allow your team to spend less time on data entry and more time analysing the data, leading to strong founded decisions.

Integrations

When changing finance systems, it’s really important to check if there are integrations with your current operational systems. There’s no point in upgrading your finance systems when it could create a greater rift between operations and finances. As you’re taking the time to pick the right system, you should consider the workflow and integration opportunities.

If there are no direct integrations, worry not! There are third party platforms that will help you to pull the data from one system and plug it in to another. If you’re struggling to find the best solution for your business, get in touch! We’re more than happy to help you find the right path for your business.

Multi-currency

Do you operate globally? If so, multi-currency functionality is a must, and you should make sure the system you choose has the capacity to support this. It’ll make your life a lot easier.

Security and Compliance

With cloud-based systems, people often wonder about the security and compliance of the system. Unlike desktop applications, cloud-based systems can be updated to meet compliance requirements, and new security patches can be added if needed. Your data is crucial to your business, and maintaining a strong level of security will give you peace of mind. There are single sign-on solutions that incorporate MFA and strong passwords to allow for a greater level of security with your systems. If you want to boost the security within your business, a cloud-based system is a really good option for you to go for.

Scalability

When picking your next finance system, you need to make sure it can scale with you. There’s no point implementing a system that is perfect…until you outgrow it in 6 months’ time. Assess whether there are any limitations that may hinder your business. These limitations should be compared against future goals and plans to ensure the system aligns with your business trajectory.

Cloud-based

Cloud-based functionality is a must nowadays. The ability to access real-time data from any device is unrivalled, and the benefits of cloud-based systems vs desktop systems are a no-brainer. Security protocols, multi-factor authentication, access management, the benefits are numerous. So, if you’re looking to upgrade your finance system, or I’d wager any of your systems – look for cloud-based functionality. It’ll vastly improve the longevity of the product and save you major headaches in the future.

Support

Learning a new system can be challenging, especially when your team are used to a certain way of doing things. Previous workflows may need to be altered to get the most out of the systems, and this can be tricky for businesses and staff alike. A strong support network is key during this crucial phase of new software implementation, and it’s why we offer hypercare in this transitional period. Make sure there is an option for training or speak to a trusted advisor to learn more about the system. We offer a support packages and training for businesses that are switching finance systems, and if you need a helping hand during this process, please get in touch.

Pricing

Last, and certainly not least is the pricing. How much does the system cost? Is that in line with your budget? What’s the projected ROI?

You may be looking into an ERP system, but the functionality you need could be provided with a few smaller connected apps for a fraction of the price. Or, you may have a system that is billed based on transactional volume instead of a fixed monthly rate. There are many variables at play here, so make sure you aren’t overspending on your systems.