Accounting Markets Changes
The move to “Cloud Computing” continues, and this is taking accounting markets software in a new dimension. Doing accounting in the cloud means that everyone in the organization can have the same information, at the same time, with a common set of applications that are easily accessible, via the
Another significant change in the accounting world is the impact of “Generation Y”, who have grown up with technology and the rapid changes it brings. This new generation has joined the workforce and
for them technology is more than an addiction. It is how they discover, understand and experience the world around them. This means that they have vastly different expectations of the accounting markets than those of us who are not from their generation
Accessible Anywhere via Any Device
This group expects everything to be accessible anywhere via any device. They are used to working on the go in the accounting markets. Moreover, they do not want to be chained to their desk. They expect laptops, tablets, and smart phones to be always on and always connected. They can work from anywhere and on any device.
Even company systems will need to be accessible to them at home or on the go.
To meet these needs accounting solutions will have to be integrated with tablet computers, smartphones and other mobile devices. Mobile accessibility is now becoming an integral and expected part of cloud-computing packages.
Many accounting markets software vendors have moved their products to the cloud and have cloud solutions.
Commercial Hosting Companies
Publishers are also recruiting commercial hosting companies to provide hosted versions of their clientserver based applications.
In the past, accounting software focused on basic accounting needs such as General Ledger, Accounts Receivable, Accounts Payable, Payroll, and occasionally Inventory. Today, accounting software inter-operates with Human Resource Management, Customer Relationship Management (CRM) and Supply Chain Management, Dashboards and reporting applications.
The key focus in accounting software development today is workflow, simplification, customization and Cloud computing. With the use of role based screens and workflow, the software is much easier to use. Customization enables a company to quickly adapt their software to their changing needs. Cloud computing means using the Internet to do some or all of your accounting.
Cloud Accounting Software
Today’s accounting software has some or all of the following features:
1. Tight integration with Microsoft Office
2. Many products have trended toward an Outlook/Explorer interface
3. More accounting software products are using technology like .NET
4. There is a tighter integration of Workflow and Document Management
5. Improved Financials with Business Intelligence (Analytics)
6. The capability to pay invoices directly from the accounting software
7. The capability for a customer to pay your invoice directly from your invoice
8. More sophisticated Supply Chain, Logistics, RFID, Inventory and Distribution issues are addressed inside the products
9. Human Resources modules are becoming more common
10. CRM integration is improving
11. And, last but not least, pricing has gotten easier since many products can now be purchased for a monthly fee or you can use Accounting by Wave for free.
Good accounting software should have high functionality and the functions should be included in the software. System wide functionality should include full web enablement and the capability to operate
over the internet/intranet. It should have workflow capabilities, provide an employee portal, deliver alerts and meet the accounting standards of IFRS. It should be fully integrated or integrate easily with other relevant systems used by the business. It should seamlessly link to other systems such as payroll, logistics, manufacturing and desktop software. Finally, it should have the capacity to grow with the business and be flexible enough to accommodate changing user or business requirements.
Again in this year’s 2016 review, we have not provided detailed comparative information, except for pricing. The feature wars are over. To replace the old comparative tables, we have identified the key strengths of each of the products that we have reviewed.
There is a great deal of additional information available at our reference web site Accounting-Software.net.au This is not a sales site, but a free
source of comparative information. At the end of most of the individual reviews, I have provided the link to the reference information that is available for that product on Australian Accounting-Software.net.au, or on the web site of the vendor.
Getting started Accounting Software
If you are using software for the first time, or are radically upgrading your system, you will almost certainly have to change the way you do things.
Allow time to learn the system properly.
> You will need help to get a system up and running.
• Your accountant can help you decide what you want from your accounting system. You may want to adopt the same system
your accountant uses, for ease in preparing the year end figures. But check it will give you the management information you need.
• Your accountant can provide you with a ‘trial balance’ to get started.
The best time to implement a system is usually at the beginning of a new
• You need to decide who has access to the new system, and what measures you are going to introduce to maintain security.
> Learning a new system takes time.
Check the vendor can provide adequate support and training for you and your employees.
• How much training will you need to get up and running?
• Different personnel will need different levels of training.