Can the right accounting system save you time and money?

Assorted accounting apps on smart phone


As a business owner or a not-for-profit organisation, you’ve probably noticed the countless accounting systems on the market. And there is no doubt that the right accounting system can automate your core business tasks in an instant.

The right accounting system can cut daily stress, allow you to focus on growing the business and save you money. But which one is right for your organisation?

How do you choose an accounting system that’s easy to use, can flex as you grow and will deliver the functionality without being too complex?

Choosing the right accounting system can feel like a guessing game, particularly when accounting is not your forte. To help you make the right choice for your organisation, Unity Accounting has listed three key aspects you should consider before diving in.

Two women talking at the office

1. Engage your accountant

Let’s face it, when it comes to streamlining payroll, bookkeeping, tax returns and audits – accountants are the experts. Don’t hesitate to seek advice from your accountant. They have already seen the pros and cons of different accounting systems with other clients.

They understand how to create an accounting system and choose the software that aligns with a client’s needs. It will save you hours of research and investigation time to engage an accountant who intuitively knows what will work for you and your organisation.

Engaging an accountant to advise on business systems will build a long-term partnership with an expert who will ultimately help grow your business. Initially, it may feel simple to choose Xero or MYOB or QuickBooks, but beyond establishing the basic efficiencies, you need expert advice as your business shifts and grows. Your organisation may diversify, you may engage with offshore staff, expand your customer base, create new income streams, or a global pandemic may hit. As your organisation develops and adjusts, you will need insight and advice on the right accounting system to track new initiatives.

Now, here’s the truth – paperless audits, online approvals and easy-to-read reporting are all possibilities because of accounting software integration. An accountant who understands how systems integrate seamlessly will be a priceless investment. There is no off-the-shelf system that holds endless capabilities, but you can add software to create more efficiencies. It makes sense to engage an expert who can teach you how to use your accounting system. So, listen to an accountant who can educate you on this; it will save you time and money. And it will also empower you to use the accounting system to benefit your business, not just tick it over.

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2. Choose flexible functionality

Think about this – adaptable accounting functionality to grow your business. An accounting system is no longer just for accounts receivable and payable and for reporting the profit and loss statement. The accounting system functionality will connect data from the point of sale, inventory and client relationship management systems and from marketing events/campaigns. From a personnel perspective, the functionality will need to be mobile, connect to email and calendars, deliver the payroll function, allow online approvals for invoices and leave, produce reports in real time and calculate forecasts.

From a compliance perspective, the right accounting system needs to support your organisation with tax and audit preparations in an instant.

Now, if your organisation is new, an accounting system with basic functionality will be all you need. But try to assess your future needs, ask staff what would make things easier and seek guidance from an accountant who’s seen it all before. Choosing the right accounting system now means opting for future flexibility.

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3. Make it user-friendly and seek value for money

If you’re reading this, we both know accounting systems are not your speciality. It’s important you choose an accounting system that you and your team will intuitively understand and find easy to use. Plus, it shouldn’t break the bank.

The right accounting system will empower you to focus on finding more customers and scaling the business. The accounting system must be seamless and simply work well. To avoid a complex system, seek advice from your accountant; you will also avoid getting stung by extra costs for multiple user access or added features.

Unity Accounting can help find the right accounting system for you and your organisation. Our team is committed to keeping accounting simple for clients. We partner with different SMEs, Aboriginal Land Councils and not-for profit clients and can guide you to an accounting system that aligns with your organisation’s needs.

Contact us to talk about how to streamline your business operations. We’d love to help.