Accounting Software Consulting
Setting up accounting software can seem like a daunting task, but it is not impossible and frankly, its a necessity for small businesses and nonprofits. When you consider all the time wasted trying to produce information about your business from the accounting system, it should become clear that a properly set up accounting system is a necessity.
In today's business atmosphere and competitive grant environment, it is crucial to produce meaningful, accurate reports that Management can use to make decisions. Nonprofits have a greater need for transparency, as well as complexity, due to the multiple funding sources, grantor reporting requirements, and GAAP accounting guidelines such as restricted versus unrestricted funding and reporting functional expenses.
Often times business know what they want out of the system, but they often don't know how to get it. Getting "it" starts with setting up the system correctly from the start. Furthermore, it is not enough to simply add into the system what the stakeholders want to know. It is best practice (and required by accounting standards) to put in the accounting system the full and accurate accounting picture. Setting up accounting software can seem like a daunting task, but it is not impossible and frankly, its a necessity for small businesses and nonprofits. When you consider all the time wasted trying to produce information about your business from your accounting system, it should become clear that a properly set up accounting system is a necessity.
In today's business atmosphere and competitive grant environment, it is crucial to produce meaningful, accurate reports that Management can use to make decisions. Nonprofits have a greater need for transparency, as well as complexity, due to the multiple funding sources, grantor reporting requirements, and GAAP accounting guidelines such as restricted versus unrestricted funding and reporting functional expenses.
Often times business know what they want out of the system, but they often don't know how to get it. Getting "it" starts with setting up the system correctly from the start. Furthermore, it is not enough to simply add into the system what the stakeholders want to know. It is best practice (and required by accounting standards) to put in the accounting system the full and accurate accounting picture. Setting up accounting software can seem like a daunting task, but it is not impossible and frankly, its a necessity for small businesses and nonprofits. When you consider all the time wasted trying to produce information about your business from your accounting system, it should become clear that a properly set up accounting system is a necessity.
Things to consider when choosing an accounting system:
1. Speak with the people who will use the system. Ask them what is working about the current system and what they would like to change.
2. Understand your business, your competitor and customers. Really research what you need to know from your accounting system and then decide what you want to know (wish list).
3. Research accounting systems as well as platforms (desktop, cloud based, virtual hosting). Request a demo from the seller and ask questions. Ask other businesses and consultants what they use. Do not assume the system will come setup or run by itself.
4. Develop a budget for the system as well as costs to setup the system. QuickBooks Online and Peachtree are affordable off-the-shelf software and can be a great match for a small business. However, you may need to consider a more robust system to manage multiple funding sources (fund accounting) or nonprofit customizations.
5. Choose an accounting system and be patient. Setting up a new accounting system is time consuming, frustrating and you may want to go back to the old way/ old system because it is familiar and you can "make it work". It's a trap! The system won't change, the business has to change.
1. Speak with the people who will use the system. Ask them what is working about the current system and what they would like to change.
2. Understand your business, your competitor and customers. Really research what you need to know from your accounting system and then decide what you want to know (wish list).
3. Research accounting systems as well as platforms (desktop, cloud based, virtual hosting). Request a demo from the seller and ask questions. Ask other businesses and consultants what they use. Do not assume the system will come setup or run by itself.
4. Develop a budget for the system as well as costs to setup the system. QuickBooks Online and Peachtree are affordable off-the-shelf software and can be a great match for a small business. However, you may need to consider a more robust system to manage multiple funding sources (fund accounting) or nonprofit customizations.
5. Choose an accounting system and be patient. Setting up a new accounting system is time consuming, frustrating and you may want to go back to the old way/ old system because it is familiar and you can "make it work". It's a trap! The system won't change, the business has to change.
Rising Business Consulting, LLC has assisted several clients with setting up an accounting system from scratch or re-configuring the current system to make it meet your needs. We have experience with QuickBooks Online, Desktop and Enterprise, Abila MIP Fund Accounting, Microsoft Dynamics Great Plains, Sage Intact, Lawson, Oracle + NetSuite among many others.
