By Sinéad Hayes Sales & Marketing Manager, Advent
Making the most out of an existing accounting software investment is important. Upgrades may include new features, but you may already have what you are looking for right in front of your eyes.
If you think you should be getting more out of your accounting software, but you are not quite sure where to start, then maybe the following points will help;
1. See how many spreadsheets you are using and what they are for.
You may find that some of the spreadsheets contain information that could just as easily be input directly into your accounting software. Why keep external spreadsheets if you don’t need to?
2. Look at the number of documents (such as Invoices, Statements, Remittance Advices) that are printed out from your accounting system.
It goes without saying that the more documents you can send electronically, the more you save on postage, toner, stationery and time. It doesn’t need to be all or nothing – even a small increase in the number of documents being sent by email will result in immediate savings.
3. Review what other software is used in the business.
Are there processes that could be better managed by connecting different systems together? It’s worth asking the question – there could be a simple way of joining up different systems.
4. Assess the level of duplication across the business.
Look carefully at your processes and see exactly what’s happening. Often processing transactions more than once can just be a result of historic internal processes. This is definitely worth looking into.
5. Check to see how Revenue returns are carried out in your business.
Nowadays software is designed to make uploading the relevant Revenue data as hassle free as possible. Don’t do things the hard way.
6. Spend a little time working out where the bottlenecks lie.
See what’s taking the most time from a processing point of view. Sometimes bottlenecks can easily be resolved with some general housekeeping on the database or a hardware re-assessment.
7. Move to electronic banking.
If you are paying suppliers by cheque and manually reconciling your bank accounts, then there definitely is a better way. E-banking is a very easy way of increasing the efficiency in your accounts department.
8. Are you using pen and paper for chasing debtor payments?
There are plenty of ways of automating credit chasing, so the days of ruler, pen and highlighter should be far behind you.
9. Wouldn’t it be useful to have access to your accounting data while out and about?
You may already have the tools to give you remote access for iPhone or Blackberry – maybe it just needs to be set up for you? It’s worth looking in to.
10. Make a list of the reports that you would like to get but you can’t find on the system.
The chances are that you already have a report writer that you could use to design your own reports. If not, then it would be worth getting in touch with your software provider to point you in the right direction.