7 Criteria’s for Picking a Financial Management Software

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7 Criterias for Picking a Financial Management
Software

• https//multiviewcorp.com/

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Today, businesses of all sizes are no longer
using the paper ledger to maintain books.
Instead, they use financial management software
to record their financial figures, track their
revenue, manage inventory, and forecast sales.
But with the many options to choose from, how
would you know which accounting software to pick?
Below are the 5 critical things that you need to
take into account when choosing a financial
management software for your business.
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• The era of the traditional paper-pencil way of
  maintaining books and accounts has long been
  forgotten. Surely, there are still conventional
  business enterprises today that are still
  dedicated to using this traditional financial
  accounting method. However, with todays current
  trends and technological advances, everything
  seems to be in an instant and fast mode- from the
  way people do simple household chores to the way
  enterprises do business. The question is, will
  your enterprise be able to stay up with the fast
  pace progress in the business world today? If
  yes, congratulations, you are a step closer to
  meeting the growing demands of your business. If
  no, dont worry that much because there are a lot
  of ways you can try to continue to thrive in your
  highly competitive industry.

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• One way to stay up in the competition is to get
  automated. Technology has made peoples lives
  faster and easier. The same is true with how you
  manage your business finances. Today, businesses
  of all sizes are no longer using the paper ledger
  to maintain books. Instead, they use financial
  management software to record their financial
  figures, track their revenue, manage inventory,
  and forecast sales.

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• ERP financial systems have been proven to provide
  many advantages. One of the major advantages this
  system offers is ease of use. Unlike traditional
  paper ledger which you need to scan one by one,
  accounting software allows you to see almost
  everything you need at one look, in one
  dashboard- your financial status, revenue,
  inventory, and even sales reports. It is easy and
  quick to use and does not usually require as much
  time and effort as you would typically need when
  using the paper ledger. Apart from that, it helps
  reduce human error which is common with paper
  accounting.

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• Understanding the convenience and many benefits
  it provides, many businesses are now switching to
  using ERP accounting software. As the demand for
  such software increases, many companies now come
  with new innovations, making the options broader
  for businesses. With many options to choose from,
  how would you know which accounting software to
  pick? Below are the 5 critical things that you
  need to take into account when choosing a
  financial management software for your business.

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1 Your Business Needs

• When it comes to accounting software for
  enterprise, there is no such thing as one size
  fits all. Different accounting software offers
  different features and functions. Though they all
  offer the same common use and thats to provide a
  digital platform for your accounting needs, the
  accounting software differs in many ways. Also,
  every business has its own unique needs and
  requirements. For instance, the needs of a
  million dollar company may be different from the
  needs of a 50,000 company.

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To make sure that the accounting software you
plan to get is the right one for your business,
you need to know first know your needs. This can
be a lot of work at first but it is worth it all.
You need to list down all the features you need
from an ERP. You can seek help from various
personnel like your production staff, purchasing
manager, accounting personnel, and salespeople.
After having a comprehensive list, trim down your
requirements by prioritizing those that are
essential or must-haveand keeping those that
are least needed but are still essential for your
business at the lower category. Double check
your list with the team and make it your basis in
choosing software. Your business needs should
determine the functions and features to look for
in accounting software.
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2 Your Business Goals and Objectives

• When making a comprehensive list of requirements,
  do not just focus on what you need today. You
  also need to consider your companys current and
  future goals and objectives. Do you plan to
  double your resources in the future to further
  grow your business? Are you planning to speed up
  your marketing strategy to make your products
  available in the market faster? If so, you might
  want to gain market share more quickly.

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3 Ease of Use and Adaptability

• Another important criterion to consider is the
  softwares adaptability features. Is it easy to
  use and adapt to? Does it offer quick and easy
  navigation features?
• Switching from one software to another or from
  paper-based accounting to digital platform takes
  time, resources, and effort. You surely dont
  want your daily business operations to get
  negatively affected by the sudden change, right?
  If so, you may want to consider accounting
  software that allows you and your staff to easily
  learn how to use and implement it. Pick the
  software that allows you to effectively re-design
  your system to suit your business current and
  future demands without interrupting your current
  systems.
• Also included in the ease of use and adaptability
  are the design and visual aspects of the
  software. Its design should be pleasing to the
  eye, well-organized, and easy to navigate.

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4 Specialization

• You might want to pick an accounting software
  that is specially designed and customized for
  specific applications or specialization. For
  instance, if you are in a restaurant or retailer
  sector, or perhaps in a manufacturing sector, it
  would be wise to choose the system that provides
  specific functions to help your business thrive
  in your niche.

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5 Financial Literacy

• No matter how sophisticated the accounting
  software is, it still cant work on its own. It
  is only a helpful tool that can aid in keeping
  books a lot easier and not a stand-alone
  technology with its own mind and initiative. This
  only means that it still needs a human touch to
  perform its tasks.
• Moreover, having a sophisticated accounting
  software is useless if the person using it lacks
  the financial literacy needed to run the system.
  Needless to say, the accounting software should
  match the financial literacy of the user. You
  should know how and when to use it as well as how
  to make the most of your new financial software.

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6 Speed and Response Time

• For some, these criteria are the least important.
  However, if you try to take a closer look at it,
  you will realize how important response time and
  speed are. You need to have software that wont
  take long to respond to requests and processes.
  Time is an essential part of your business
  operation and you surely cant afford to tolerate
  delays. This is why you want to go digital in the
  first place.

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The software should be able to provide you with
the information and reports you need in real-time
so you can also be able to quickly respond to
critical changes, opportunities, or competition.
Chances are, if you dont have quick access to
essential information, you might have already
missed the opportunity you have been waiting for
or perhaps your competitors have already left you
behind the moment the needed up-to-date
information is handed to you.
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7 Integration to Existing or Additional System

• If you are planning to integrate the said system
  into an existing one or if you want to integrate
  an additional system in the future, make sure
  that the accounting software supports such
  action. Check the available integration tools
  that the system offers and see if they can be
  beneficial for your businesses in the future.
• You might have decided to use ERP software for
  accounting to meet the growing needs of your
  business. However, you need to pick a system that
  perfectly fits your business needs in order to
  make it work for your business.

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