What to Look for in Accounting Software in South Africa
More organisations in South Africa are moving away from manual ways of storing and processing financial records and seeking out purpose-built accounting software. It is easy to see why. Accounting software is used to record, process, and analyse all the financial transactions within an organisation, such as accounts payable, accounts receivable, payroll, and trial balance. It also tracks daily business transactions and cash flows, carries out calculations and generates reports.
Modern cloud finance management solutions, like Sage Intacct, deliver decision-making value and visibility through real-time dashboards and reports. They offer comprehensive financial consolidation, reporting and analysis across multiple entities, locations, currencies, and ledgers, all with the added ease-of-use and always-on benefits of cloud solutions.
Historically, accounting software focused primarily on basic accounting, such as general ledger, accounts receivable, accounts payable, with perhaps basic payroll, with occasional inventory functionality.
Modern accounting software now not only handles every aspect of an organisation’s financials, it is also able to integrate seamlessly with external applications, such as Customer Relationship Management (CRM) software, warehouse management, HR management, and full-house ERP applications, providing business leaders with comprehensive control and visibility into their entire organisation.
If you are looking for accounting software for your organisation, here are the top things to consider:
1. Comprehensive financial management functionality
This is the core functionality that meets all your accounting and financial reporting needs.
2. Integrates well with other best-of-breed applications
For an integrated business solution your accounting software must have the ability to communicate with all your other business applications.
3. Cloud or on-premise options
If you need to access your financial application outside of the office or office hours, then your application needs to offer cloud options.
4. Dashboard clarity and metrics insight
Instant graphic representation of the entire business’s financial targets, metrics and performance is highly meritorious for accurate decision-making.
5. Real-time reporting
Automatically updated by the day-to-day transactions within the business, your accounting software should provide real-time reports at the click of a button.
6. Configurable to meet your unique needs
There is no ‘one size fits all’ solution when it comes to accounting software. Your accounting solution should allow for a measure of configurability and personalisation.
7. Scalable to accommodate your growth objectives
Investing in software can be pricey. Ensure that you know the envisioned five-year growth track of the business so that you don’t outgrow your accounting software. Check if it can accommodate adding:
- More users
- More entities
- Multiple locations
- Multiple currencies
- Multiple languages
8. Training and after-sales support.
If you want a more in-depth, comprehensive accounting solution than off-the-shelf software can provide, then you will likely need training and support after you’ve implemented the software. Ensure your vendor offers both.
If you are ready to move to the next level of cloud financial management software, then contact us. Our team of experts are committed to help you achieve your business goals through technology.