QuickBooks

By Michele Jensrud

You’ve made the decision to launch. Your business plan is finished. Business cards are ordered. You’re now ready to begin the adventure you’ve been dreaming of.
The all-important checklist contains one item that has you nervous – selecting the best accounting software package. Before making the big purchase and investing your time implementing and learning it, here are five things to consider:

1) What are your required features, and what are your desirable features? First, consider what you want your software to do for you. Make a list of all the features you’d like to see.
Second, separate the features into one of two categories: required or desirable. Under required, list only those features absolutely necessary for you to run your company. Your desirable list includes the nice-to-have items, but not the must-haves.

Third, prioritize both lists in order of importance. Keep in mind, the further you go into your desirable list, the more expensive your software is likely to become.

2) How much budget have you allocated to software? Calculate how much you can afford to spend. In addition to the initial software cost, you will want to include any new hardware needed, as well as technical support and training.

Will you need a consultant to set up the new hardware and software, or can that be handled in-house? Will you need to hire a consultant to train your staff? Computer and software consultants will generally charge by the hour and could run approximately $100-$200 per hour.
Be honest with these questions – sometimes the professional help on the front end can save countless hours down the road.

3) Who in the company will be using the software? One important consideration is the staffing of your bookkeeping functions, determining this will help with the determining the software needs. Keep in mind it may not be only your bookkeeper. There could very well be several people using this software. At a minimum, you will want to make sure the software enhances, not hinders, the productivity for your users by allowing for easy data entry.

4) Where will your employees be located – is the office virtual, off site, on site? Your office may be a laptop in your car, rather than a desk in a building. You may have employees who telecommute or sales people who spend most of the time on the road. If, for any reason, your company will require remote access, be sure to take this into consideration when choosing an accounting package.

5) Have you identified your resources and advisors, based on your needs? A good software package can greatly increase your productivity and make your life much easier come tax time. But in addition to a good software package, every new business owner needs to find and keep a reliable, trusted advisor to help analyze the information collected, create a solid business plan and ensure future financial health, both of the owner and the business.

Call To Action
Call Michele today to schedule a free one-hour consultation on your bookkeeping software – discover which features will work best for your business.