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Making Sense of Technology

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Making Sense of Technology

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    2. Rule # 1-Technology must benefit your business Rule # 2– If technology does not benefit your business, don’t need it

    3. Benefits of computerization Computerized accounting systems automate manual routine tasks such as: Book-keeping Bank reconciliations VAT returns Electronic banking Payroll

    4. Computerized accounting systems provides a wide range of reports at the touch of a button. Debtor and creditor statements Bank account balance VAT owed Balance sheet profit and loss Stock values

    5. The software makes it easy to prepare for your annual accounts.

    6. Identify your needs Properly selecting an accounting software minimises the risk of needing to make costly changes later. What are your business objectives ? Who is going to use the accounting software? What reports are crucial in running your business? Which book-keeping tasks you need it to perform?

    7. Choosing accounting Software Choose the right accounting software package will save time, money, make fewer mistakes, and obtain useful business management information. When purchasing software,the main trade-off is between ease of use and functionality.

    8. Can the software interface be tailored to suit your needs? The ability to add new fields and controls. The option to customise screens. The option to define a range of values. Can import and export information between the accounting package and any word processing packages, spreadsheets and databases you use. The best systems allows you to customise the software to suit the needs of your business.

    9. Features and information How does the software handle sales and purchase transactions? How flexible is the structure of the nominal ledger? Does the software provides an audit trail? Check how the software manages the back-up procedure. The more flexible the software is, the more you can tailor it to your business. This can make a major difference when you generate reports .

    10. The costs Your greatest costs are likely to be incurred in setting up the system and training your employees to use the software.

    11. Sole traders Need Simple bookeeping may be able to use ‘money management ’ software to control their business such as: Quickbooks Simple start accounting Sage Pastel start up Simple Books All the above software packages are below KSH 20,000.00

    12. Small business Accounting packages have been developed to meet the needs of most small businesses . QuickBooks Pro MYOB Plus accounting software Sage Pastel express Microsoft Office small business accounting Small business Accounting software range between KSH 30,000 to 100,000 depending on the number of users

    13. Medium Enterprises More advanced accounting packages come in modules,with each module handling one aspect of financial management (eg sales ledger). Sage Pastel Partner Quickbooks Accountant For Medium Enterprises requirements are vast and cost will depend on many factors

    14. Multi-user ’ networked systems demand more computing power than ‘single-user ’ systems. Different users will need different amounts of training . Maintenance and support are key aspects to consider when purchasing your software.

    15. Purchasing Software Explain to your software supplier why you need a certain function — they may have come across this question before and might know a better way of achieving the same goal. If you use an accountant or a consultant,a good brief is vital.

    16. Be wary of any software which does not already have a large ‘installed user base ’ Most software is purchased through resellers , resellers will sell you their products and not your needs

    17. Benefits of a Good accounting System Easier borrowing from banks Detecting fraud or theft Identification of sources of profits and losses More reliable data due to clearer policies Identification of areas to reduce costs Financial planning and projections Significant reduction in risk of penalties for tax evasion Premium valuation Less errors due to clearer procedures Concentrate on your core business

    18. Investing in an Accounting System As the wise man said "you cannot manage what you cannot measure."  The same goes for an accounting system. without an accounting system, you may never know if your business is really making a profit or loss.

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