When is the right time to get accounting software?

accounting software

When you are in the process of starting a business, no doubt the sky is the limit. In most cases, a lot of entrepreneurs start with a well defined plan on how to start, stabilize and scale their businesses and in this tough business environment, in order to be successful as a business you have to earn it. There are so many things that you will need to achieve success but the most crucial element in modern business success is integrating technology in the day to day processes.

The biggest challenge though that seems to puzzle a lot of entrepreneurs is the timing of software integration. If you are not using accounting software at the moment, when is the right time to integrate these systems into your business? Well, here are some pointers to help you make this decision.

How fast are you growing? As your business starts to generate more demand, lock in more customers and bring in more staff, it is time to start automating your financial system. Running a business is tough but running a big business is totally a different story. Without automating your accounting during this period of rapid growth, it becomes practically impossible to track spending, taxes, profits and sales. Ultimately, you will find it harder to manage the business as the days go.

Do you want to go online? – For most brick and mortar stores the going is getting really tough with the rise of online shopping. However, if you are making plans to launch your business online, then you have to get a computerized accounting system.

Remember all online sales are fully electronic and without an accounting tech solution in place, it will be harder and in fact impossible to know how much sales you are generating online, how many people are buying the product and the overall cost of running the online side of the business.

Do you have the capacity to integrate an accounting tech system? As easy as it may look, integrating a full financial software system takes a lot of planning. However, it is always the smart thing to do so in case you feel you have the capacity to integrate and successfully run these systems, you should go for them. A lot of businesses are using technology to be competitive so if you can manage to do that, just get it done as soon as you can.

To be honest it is very difficult to put a time stamp on the perfect time for integrating financial systems. The best thing to do is to roll out and implement the system immediately you have started your business. You can then scale the software based on how your business is growing.

Understanding HR software – tips and tricks

hris software

 

The Human Resource management software is basically an integrated computer system that allows all human resource processes to occur electronically. Although HR systems have been in place for so many years, it is only now that they have become accessible to SMEs. Understanding human resource software solutions is vital in making sure that any business makes the most out of them. In this modern business environment digital solutions have brought efficiency in businesses increasing sales and removing wastages. The HR software is simply ideal for any business, large or small.

What to consider before rolling out a HR system

It is clear that based on the benefits business process automation has every enterprise must consider putting in place a human resource management software. However, you have to be very calculated in every step. Here are some factors to consider:

Assessing your needs – not every business needs the same human resource management software. If you have a few employees then perhaps it would be nice to go for a smaller cheaper system. Assessing your human resource needs is just as simple as looking at the number of employees you have. The more employees you have the more advanced the HR system should be.

Opportunities for scalability – if you are a rapidly expanding business, at some point you may need to expand your current human resource capacity. When rolling out the hris system, consider putting in place a software solution that is flexible enough to adapt to the massive growth you are seeing at the moment. Software is supposed to be dynamic and versatile and you should not make any exceptions in the human resource management software.

Creating awareness and know how – implementing a completely new system in the workplace may strike your employees off guard. A HR system is not a small addition in fact, it is a completely transformative solution that will perhaps overhaul how human resource processes are done in your business. In order to ensure a smooth and effortless transition from the current system to the new automated HR software, it is best to create the necessary awareness among employees and staff members.

Collaboration and integration – the best way to look at a business is to consider it as a holistic system that depends on different departments to stand on its feet. If you are going to roll out a HR management system, try to consider software solutions that can easily collaborate and integrate with other technological solutions you intend to put in place in different departments.

There are a lot of practical business solutions today that can help you take advantage of technology to realize your potential. In that case, make sure you get the right hrms software. This will help you reduce operational expenses and increase efficiency in management.

 

How to integrate erp software into your business

An Enterprise Resources Planning software or ERP system is a simple and innovative business management software that allows a business to explore the use of different applications to manage different aspects of the business and automate all the back office functions and processes. The popularity of ERP systems has been rising especially among small businesses that are looking to save on operational cost by integrating technology in everyday activities. If you are looking to procure an erp software, it is important to understand the approach you need to take in order to effectively integrate the system into the day to day activities at your company. Here is a simple guide that can help proprietors of SMEs incorporate ERP systems effectively.

Make sure you have the right hardware – there is no doubt ERP systems are designed to run on computers and as such, the very first step in integration is to carefully look at the hardware you have and see if it can support the effective functioning of the systems. The best thing is to know the system requirements of ERP systems before purchasing them. That way, you can easily make arrangements to buy the right hardware ahead of installation.

Staff training – although ERP systems are very easy to use, you will still need to get some practical training on how to get started and how to use and customize the systems in line with what your business needs. The training process can start before the systems are installed or after but in all situations, it is always better to have an expert in erp solutions conduct the training. In most cases, understanding how to use erp systems can take a few weeks depending on the volume of employers and staff that needs to be trained.

Roll out and installation – thirdly, after you have procured the right hardware and you are satisfied that your staff can work with the ERP system, then it is time to roll it out and install it in different workstations. The installation process is designed to be simple but if you don’t want to encounter any glitches, you can hire someone who is experienced in it to do it.

Confirm everything is working well – finally, it is also important to ensure that the erp system is working properly. If there are any bugs you should report immediately to an IT technician for diagnosis. After all, if you are going to spend money on erp software hong kong, then it is reasonable to do everything you can to ensure your business gets value from this investment.
Integrating ERP systems into your business has a lot of benefits and as such, if you haven’t switched to these systems you are really missing out.

Does you system work for you or do you work for your System?

FlexSystem LedgerBase is optimized for management accounting. It solves those accounting issues that “slows down” your business processes thereby allowing you to move forwards faster. Information is more current due to the simplified processes, and therefore improves your ability to spend more time on management and less on the process itself.

Why are we different?

Optimised for Management Accounting: Deals 1) with complex computational and logic issues that are specific to accounting and 2) with scenarios where you need to get information from disparate systems on to “One Page”. Typical areas of management focus; commissions, inventory, liability management, project management, lease accounting, contract management etc. Uniquely deals with the ability to explode contracts into underlying accounting entries across the life of the contract (even with amortization) and to report at contract level. Also deals with both structured and unstructured data. As we all are aware in finance the devil is very much in the detail and that detail can be in many places. Our system handles aggregations of data, version controls, standardization of data for accounting, tagging to bring relevant information from disparate systems to one source of data as well as both simple and complex alerts.

High Performance Compute Engine: We are focused on management accounting and have really concentrated on this area. We have 1) made the system end user driven and 2) understood the key points of weakness of systems in dealing with management accounting issues. As a result we have optimized the ability for end users to work on their own quickly by making it many more times efficient to achieve the same task compared with other systems. We have 3) written our solution to leverage the cores and threads of today’s processors meaning that more can be done quickly and simultaneously which 4) has meant that program and data sizes are so small that when coupled with today’s computing power makes processes very fast to execute giving you more time on management. Not only that but 5) the small operational package makes things possible that were once the domain of larger very expensive systems like continual monitoring across simple or complex combinations of events even at transaction level or 6) business simulations where this year’s processes can be tested using last year’s data. Lastly 7) “What if?” calculations to look at changes in variables being important for your business can run quickly. When these are coupled with Virtual Assistants it brings a new meaning to “Does you system work for you or do you work for your System?"

Virtual Assistants bring immense capability to your system:

• In situations where you are receiving MS Excel spreadsheets from operations for aggregation, base details can be automatically checked by the system and 1) accepted and consolidated 2) rejected with reason or 3) can even instigate a workflow to chase for receipt of an expected but so far un-received file. Aggregations can involve simple or complex transformations to deal with currencies, year-end dates, accounting structures etc and structured / non structured data etc.

• Can auto review and give top XX data rankings for products, reasons for variances etc and because the system is multi-dimensional means that whichever dimension is reviewed the totals always relate to the same version of the truth.

• Can “virtually” highlight possible errors in run rates. These are visible on the screen but not on reports.

Visualisation: Workspaces are ultra-quick to set up and can support multiple functions within each space giving you areas to work or review data or simply watch the “what if” analysis play out as the scenarios are considered to give you your desired KPI characteristic.

Lastly with automation comes two issues 1) what happens during personnel changes and 2) does this lock me out from changing / upgrading current systems that exist in your organisation. In the first processes can be visualized and “played back” step by step, fast or slow, so that you can see the impact of each step and make changes collaboratively. In the second you are not “locked” into versions of your different disparate systems meaning that you can make changes as and when required and therefore leverage your current investments.

In summary Ledgerbase, by being optimized for management accounting processes together with its small operational footprint, allows your processes to be simplified and automated bringing you closer to being in an environment where you understand your business dynamics as of “now”. With your business information being so current means any projections of profitability or for treasury management are based on up to date information. Time to ask “Do you work for your system or does your system work for you!!

Why Using Enterprise Software is a Smarter Way to Work

Enterprise software covers a wide range of technology, but, at its most basic form, it is simply the applications or computer programs that organisations use to carry out and streamline business operations. These operations include things like human resources, customer relationship management, accounting systems, payroll, business intelligence, communication, and more. The main purposes of the software are to boost efficiency of day-to-day business processes and make info more comprehensive and accessible.


The Benefits of Enterprise Software
The most obvious benefit that comes from using enterprise software is it provides a place and a method for accumulating and storing a wealth of data. Still, when designed correctly, enterprise software suites offer many more features which make tasks easier and ultimately enhance worker productivity by:

  1. Integrating Information
    In the past, business information was stored in individual software programs on separate computers within the company. There was no flow of information between programs or even among the business' various departments, and separate applications were required to send information. With so many "hurdles" slowing down the flow of info, employees had to spend far too much time searching for needed data -- time which could've been used for more productive endeavours.
    However, with enterprise software, all of that's changed. Modern software suites integrate data across computers both in and outside the company's system and create a single place where employees can retrieve information. Not to mention, redundancies are eliminated, since multiple departments aren't gathering the same data for their own uses.

  2. Making Systems Less Complex
    Without a comprehensive software solution, IT departments may find themselves filling in the gaps by creating or tweaking other programs. This can make for cumbersome systems that are difficult to operate and often demand attention from IT on a nearly constant basis. Not only is this overwhelming for IT, it also frustrates other employees who find the mishmash of software too complex to use.
    Enterprise software solves this problem by combining all programs into a singular system with a user-friendly interface. Also, because employees only have to train in one program, learning curves are lower and workers are more likely to approach the technology positively.

  3. Automating Processes
    Instead of having to take the time to manually compile data from different departments and then design a plan of action based on the data, enterprise applications can do all that work automatically and even take some sort of action based on predetermined criteria. And it can all happen with minimal human input. For example, a customer relations program can gather customer behaviour and demographics data and combine that knowledge with an email marketing campaign to send targeted, research-based messages to customers. This process can then be tied in with analytics which can monitor the success of the emails and then integrate the findings into an ERP system, where company members can evaluate the results and decide where to invest further resources.
    Similar automated activities can happen in virtually every facet of the business, including inventory and order tracking, sales forecasting, and payroll.

  4. Enables Software to Grow with the Business
    Quality enterprise software is modular, meaning it's capable of having as few or as many modules as the business needs. This is an especially valuable feature for growing companies that may want to smart small but will need different or more robust features from the program in the future.
    By using a modular program, organisations can stick with what they need and not inundate employees with unnecessary features. For instance, a business may want to start with essentials like accounting and payroll systems and then later add on human resource and employee self-service modules. With each addition, operations become better integrated and departments can collaborate easier.

A Point to Remember
While all the benefits above can enable a company to work smarter and more efficiently, it's important to note that not all enterprise software is created equally. It's vital to get a well-built, user-friendly program suited to your industry. After all, if the technology is too complicated, no one will want to use it, and it may result in more headaches than solutions. So, make sure to find a provider with a modern, easy-to-use program that offers long term support.

Biggest Trends in Enterprise Resource Planning Software

Today it seems all technologies are evolving at breakneck speeds, and enterprise resource planning (ERP) software is no exception. While it still serves to manage business processes and automates tasks at every level, new elements are being added to these applications that mirror the types of things users expect in all their modern programs. Namely, we're seeing these five trends in ERP software:

  1. Mobility is in Demand

    People have grown to expect instant access to information, regardless of where they are, and that includes being able to retrieve real-time data and info about their business. Instead of working solely from a desktop, employees, managers, and owners alike are using phones, tablets, and laptops to stay connected with business operations while on-the-go or simply while moving about the office. Considering these changing behaviours and expectations, it only makes sense that ERP solution developers would integrate mobile ERP options into their software.
    Mobile ERP is especially useful for viewing reports and controlling major business processes as well as making it easier for team members to stay connected with each other and customers. However, if you're looking to add mobile functionality to your ERP, make sure and choose software which offers complete security for both the business and customers. 
  2. The Cloud is Making it Easier to Adopt ERP

    Traditionally, one major consideration with adopting extensive ERP software was it meant investing in hardware, database software, servers, and more to store and support all the various data and programs associated with these softwares. Obtaining such equipment could mean significant upfront costs for businesses, which could be a deterrent for those operating under tight budgets. The good news is the introduction of the cloud as an ERP solution is remedying many of those challenges, as it allows businesses a quicker and more cost-effective way to set up an ERP.
    Instead of buying a bunch of equipment, businesses can merely pay a subscription fee and have all their info stored and quickly accessible from the cloud. In fact, the entire infrastructure is in the cloud, so applications are easily updated and IT doesn't have the burden of fine-tuning the technology.

  3. Customised ERP is on the Rise

    Naturally, small organisations have different needs than larger companies, and all industries require unique ERP solutions. Now, more than ever, businesses are taking advantage of custom software and learning they don't need to weigh themselves down with bloated programs or "make do" with a program not built with their unique needs in mind. For these reasons, more and more businesses are investing in tailor-made software that's intelligent and has all the features they need and nothing more to get in the way.

  4. Social ERP is Gaining Interest

    Most organisations already recognise the value of using social media to stay connected with customers, but does it make sense to combine social and ERP? Many believe it does, except not exactly in the same way. Instead of using social networks to interact with customers, social ERP is more about keeping colleagues and people within the company connected. The idea is that it would allow for more natural collaboration, help employees feel more a part of a team, and automatically introduce those who are working on similar projects. All of these things heighten productivity and make it easy for people to solve business problems together.

  5. CRM is Here to Stay

    Once upon a time there were those who argued enterprise resource planning was an over-hyped concept, but as businesses have grown to understand the importance of utilising customer data and streamlining both "back room" and "front room" processes, it is more evident than ever that ERP software is an indispensable tool for any company looking to take things to the next level.
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