The Business Software Blog

Hmmmm….

Now, should I invest in my business (software) or use that money to buy "Wine, Woman & Song," to coin a cliché. (Hey, we're not sexist here - replace "woman" with "men", if you like!)

All jests aside, how do you know "WHEN" and "IF" you should upgrade your accounting software? 

In today's day and age, we manage our money electronically. That's how we transfer money, pay our bills, and send out invoices. Not only does it help the environment, but it mitigates the hassle of processing payroll, especially in terms of superannuation. 

Unfortunately, the majority of companies in Australia still pay their super commitments through a labour intensive, costly process. As super is one of those necessary aspects of payroll, it  needs to be accurate for obvious reasons; little errors may go unnoticed now, but could creep up on you years later, and if these errors stack up, your organisation could drastically miscalculate its financials. 

Here are the benefits of having payroll software that supports electronic super contributions:

A typical problem our customers face is not a lack of employees with skills, but knowing which employees have them. Think about it. As an example, let's say your company provides maintenance services. Off the top of your head, do you know when staff are due for their annual pay review? Payroll systems exist to help you better manage your company's resources by keeping you across what's going on, but more importantly, with whom. 

There is so much to do at Year End!

Sometimes, however it pays to take a deep breath, stand back and instead of ticking off hundreds of tasks, why not evaluate the previous 12 months in a little more detail?

Potentially this review could save you even more time, in the following 12 months.

Hardly a week goes by without another report about staff manipulating accounting systems to defraud their employer, sometimes to the tune of millions!

A natural phenomenon of growing businesses is that owners must relinquish some control, empowering others to look after certain areas. Checks and balances become increasingly important, not only for reporting but for auditability as well.

The invoice software you choose is an important decision that will affect the productivity and cash flow of your business, so it's important that you get it right. But before you start looking around for solutions, there are three really good questions to ask if you want to align your team and get about what really needs to be done:

These days, everything is going digital, including invoices. Benefits are obvious; it's cheaper, more environmentally-friendly, and easier to organise.

The Numbers Speak!

Recent studies (compiled by GTNews) shows that companies were still receiving more than three-quarters (77%) of their invoices via paper - and the high volume of paper invoices was their single greatest source of pain in invoice management, according to a PayStream Advisors 2010 Invoice Automation benchmarking survey.

To us, good business software must include a suite of reports that cover all you need to give you an idea of the big picture; balance sheet, revenue statement, and so on. We call these your scoreboard - a compilation of reports produced by your accounting software that show you how well you're doing and help your people plan as well as speak a common language. So how can you tell if your accounting package is good enough or if you need an upgrade?

As a response to the number of concerns raised over pay grades and penalty rates, Fair Work Australia are sending official inspectors to examine the accounts of real estate agents; 120 in greater Sydney, and 230 across the rest of NSW.

Inspectors will check that firms pay their agents correctly, especially in terms of commissions and entitlements earned by sales. Businesses chosen for auditing "can make the process easier with advanced payroll software delivering intelligent reporting options - giving officials access they need to make informed decisions about their employee transactions."

The reports produced by your business software act as a scoreboard. They show you how well you're doing, and they help people plan - keeping everyone on the same page.

Good business software will have a suite of reports that cover your basics like balance sheets and revenue statements to name a few. If you're lucky, you'll also get sales and inventory reports.