Making the move from manual to computerized accounting processes is no easy feat. The biggest hurdle that most businesses face during the task is change management.
If your employees have been using conventional methods for years, it will take them time to get accustomed to the new way of doing things. As an employer, you must make sure that your workforce understands the importance of using accounting software.
Here’s all you need to know about implementing QuickBooks in our organization:
Know your needs
QuickBooks comes in many variants. To get started, you need to know what your requirements are. First up, look at the number of users you have on board. This will define the version of QuickBooks that you need.
For most small businesses, QuickBooks Pro is the most commonly used option, since they don’t have more than two to three accounting personnel. It also depends on whether or not the accountants will use the software at the same time. If you have more than five users who simultaneously use QuickBooks, you’ll need QuickBooks Premier.
Secondly, consider the industry you belong to. If your work requires you to follow any specific procedures, you might have to opt for industry-specific software. The construction industry, for example, heavily relies on job costing. The basic version of QuickBooks doesn’t support these types of calculations. You’ll have to get QuickBooks Enterprise for this purpose.
Other than being industry-specific, QuickBooks Enterprise is also useful if you have a huge workforce. It can accommodate as many as 30 users at a time, and can perform complicated accounting tasks, including generating customized financial reports.
Features like these help you add a personalized touch to your reports and create them in a way that’s more informative for stakeholders.
The exact features a company needs vary.
Let’s take the example of payroll. For most accountancy software, payroll is an add-on that you have to pay for separately. In the case of QuickBooks, the payroll module is integrated with the rest of the software—free of cost.
If your accounting processes are limited to expense tracking, inventory management, and invoice generation, a basic version of QuickBooks will work well for you. However, you need to determine whether you need some of the hundreds of add-ons its compatible with.
Most third-party add-ons integrate well with QuickBooks and are reasonably priced. Businesses get these add-ons to improvise their shipping and streamline other accounting processes such as budgeting and forecasting.
One of the most common add-ons that integrate well with QuickBooks is InvoiceShepra. Although QuickBooks itself will generate invoices and enable you to email them, InvoiceShepra will speed up the process for you. It does so by sending branded reminders to customers before their due date. This saves you the time and effort you would have to put in to repeatedly contact them to ask for payments.
Always speak to your QuickBooks hosting provider in detail to discuss your needs. If you’re new to this, your software provider will be able to guide you accordingly.
Is there someone in the company who has the right skillset to use the software? If not, you need external help.
As stated above, it takes time to get the hang of new software. Make sure you invest in QuickBooks cloud hosting providers that also provides training and consultation. For most service providers, the consultation fee is a part of the initial subscription that you pay. If you get external trainers to do the same, it’ll result in huge costs.
QuickBooks consultants will help your employees make the most out of the software in a number of ways. They’ll be taught how to generate meaningful insights with the help of the software. The consultants will also help them create customized records according to the specific requirements of your industry.
As a QuickBooks hosting provider, we make sure our customer gets exactly what they want. At gotomyerp, we provide top quality QuickBooks related services including the right consultancy and guidance. All our additional services are included in the initial subscription so there’s no need of worrying about emptying your pockets. To learn more about how you can benefit, drop us a message online.