How? 

You will be spoilt for choice for an accounting system. There are many out there.    Here are the criteria you should consider. 

Price

You need something that is affordable. One price that has the biggest bang (most complete solution)  Be aware of prices by users because it can be bite you in you know where.  These are the other things to look for . Make sure the systems cater for these features:- 

• Multi journals 

• Multi currencies 

• Multi companies 

• Multi email templates for email, invoices and vendor bills 

• Multi bank accounts 

All these are important to your accountant and it will hamper scalability, if you have to find out that you have to pay extra for these features. 

Online

Duh!!. as the title says, it has to be online and on the cloud.   The new norm is remote work with you and your finance team being mobile, nimble and probably Working From home (WFH). 

A good example is one fo the top 100 cooperatives in Malaysia, called Koperasi Sri Nilam, based in Kota Bharu, Kelantan.  It was operating in the traditional way with many paper based processes of invoices, bills, payment vouchers and  cheque payments.  The Covid pandemic hit them hard and financial management was halted due to the restrictive travel and operational procedures. They had switched to an online cloud based systems that eliminated all paper based processes and allowed online real time information and monitoring of their financial activities. 

So if you see one that goes..."Let's install it on your desktop and we charge by license", please don't waste your time. 

Easy set up

We are all busy managers, business owners and entrepreneurs. We need something that's fast and gets us running quickly.  You want an online system that has the ready templates for bills, invoices and already built in Chart of Accounts catered for your country.  This will really makes things easier for you. 

One of the challenges is to migrate your old data to new cloud based accounting systems. So look for a system that can easily import this and a service provide that can guide and assist you. Some will charge extra for this but a service provider that can charge on an hourly rate will save you some costs. This leads to the Support criteria below. 

Some other very important features are online sync to your bank accounts  and excel / csv bank statement import feature. 

Support 

If you get stuck on anything and need guidance, you'll want someone there. So choose a service provide or package that has good support. Honestly, don't be cheap on this. 

Completeness 

This goes back to our first point. You want a good "value for money"  accounting systems. The best of both worlds...an affordable price with a full fledge accounting system that can do the heavy lifting. 

Once you done choosing the right system for you. Check the video below on  having a Paperless  Finance Department. 

Check out a features of Wizeewig’s Accounting System here.