HOW TO OPTIMIZE YOUR ACCOUNTING SYSTEM
Most accounting software implementations correctly start by focusing on the fundamentals such as implementing internal controls and basic reports to ensure that the business can operate effectively. Beyond these basics, a modern accounting system should provide advanced benefits and aid the business' most strategic objectives which will then generate a much larger return on the financial application’s investment. Here are some post implementation tips and steps which may increase the value of your accounting software system over time.
-
Ongoing training for the user community: Initial financial system training is usually accelerated and focused solely on getting the users up to an acceptable minimum. The advanced features that generated excitement during the software demonstrations and that were so important during the selection process are frequently bypassed to meet budgetary and time restrictions associated with implementation. Be sure to budget and schedule follow-on training so the team can utilize either the more sophisticated capabilities or even the “bells and whistles” that were initially ignored. Do not forget that there are many online, self study or computer-based tutorials (CBT) that your staff can use if they are encouraged and given the opportunity. User groups and online forums are another great way for your team to gain knowledge and take advantage of advanced product features.
-
Use the non-financial accounts in the accounting system: Accounting systems don’t track solely monetary information. They also implicitly track non-financial information such as hours worked, quantities bought and sold, services provided, etc. Most systems also have features that allow you to capture non-financial, statistical or unit data, directly, rather than just as a result of another financial transaction. These might be used to allocate expenses to products or departments, track managerial efficiency, or determine service line productivity.
-
Business Intelligence (BI) Applications: Accounting software systems make a great starting point for developing BI applications especially when they can access the non-financial data described above. Don’t feel the need to buy an expensive BI solution until you really understand the data you are capturing and the various interrelationships. A basic spreadsheet with pivot tables is often a good starting point.
-
Advanced Analytical Reports: Once you understand your data, information roll-up and the relationships between financial and non-financial accounts, you can start to deploy some of the more advanced analytical functions that are included with many accounting systems.
-
Go paperless (phase 1): Electronically distribute as many reports and financial schedules as possible. This will have the obvious benefit of reducing paper costs and aiding the Green IT movement as well as the less obvious benefit of increasing the adoption rate and confidence in the information provided.
-
Go paperless (phase 2): Consider replacing your manual filing systems for source documents with scanned images in an integrated document management system. Things like vendor invoices, customer bills, product collaterals and more all make great candidates for electronic storage. By attaching links from the electronic document to the relevant transactions, everyone in the system can have immediate access without spending time tracking down originals and copies.
-
Review your system for excessive approval levels or manual touches: A new implementation will usually over-implement approval levels and controls that can be streamlined once the organization is comfortable with the new application.
-
Stay current on accounting software releases: New features are always being added and support often is dependent upon the current release level.
Accounting Software How To
|
|||||||||||||||
 |
|
|
|||||||||||||
|
|
|
|||||||||||||
|
|||||||||||||||
|
