New accounting systems are rising in popularity for companies (of all types and sizes) who want the flexibility and mobility of a new accounting system that is cloud-based with all the features and functionality they need to make sure that business financials and tax details are being properly handled and tracked.
Top Accounting Software Features
The features offered by new accounting system providers are the tools that will help enhance your company’s processes. While your business needs, users, and budget will all work together to help you choose the best new accounting system for your business, there is a list of core features offered by most new accounting system providers that you will want to make sure are included in whichever option you choose.
Features of the new accounting system include but are not limited to:
- Invoicing and billing
- Payroll management
- Tax calculation
- Stock and inventory management
- Sales and purchase orders
- General ledger
- Financial reporting
Accounting Implementation Timing
If you’re interested in implementing a new accounting system, you’re probably wondering when the best time to make the switch is for your business. Ultimately, it’s best to time your new accounting system implementation or switches at the end of a fiscal year (or if that’s not feasible, then at the end of a quarter).
But is Q4 a good time to make a shift in your new accounting system and processes? Here’s a closer look at the pros ad cons of implementing a new accounting system at the end of the year.
Q4 Accounting Software Implementation: The Pros
Q4 is considered an ideal time for making a new accounting system switch. This way, you can finish up your current year while you’re getting everything needed in place for your new accounting system and be ready for a fresh start on your new accounting system alongside the start of a new year.
There are many advantages to choosing Q4 as your planning and implementation timeframe for a new accounting system solution.
Time to Plan for a Successful Year-End Switch.
Successfully choosing and implementing your ideal new accounting system will take some planning and preparation, and using the end of the year for this phase can be very advantageous for companies whose businesses slow down near the end of the year and gear up at the start of a new year. You can use this time to compare new accounting systems, research vendors, get demos of your top choices, and carefully consider all the integrations and process changes that will happen upon changing to a new accounting system.
Clean Transition Before the New Year.
Making the clean transition at the end of the year to the new accounting system (or the end of a quarter) gives a cleaner cutoff and switchover date for all your data and financials. This will set up your business for a successful, productive, and efficient start to the new year.
Q4 Accounting Software Implementation: The Cons
While switching to a new accounting system at the end of the year, during Q4, tends to make a lot of sense for many companies, it simply may not be the best option for your business. There are several factors that can make a Q4 accounting implementation much more challenging for your company.
Year-End Might Be Your Company’s Busiest Time for Sales.
If your business depends on the Q4 sales rush for a large portion of your yearly profits, or if your company is exceptionally busy during the last few months of the year, then it may be best for you to consider different timing for implementing a new accounting system.
Large changes in product inventory, deliveries, and sales spikes can impact the switch, so it’s best to make the transition to a new accounting system when these things are not going on.
Training Resource Limitations Due to Busy Year-End.
Since Q4 is such a popular time for companies to switch to a new accounting system, some companies may be busier than normal which can lead to limited resources for implementation support and training.
As you’re scoping out new accounting system vendors, make sure that their company is prepared to support your implementation in Q4 with dedicated resources and training to ensure a smooth switch.
Tips for a Successful Accounting Software Implementation
No matter when you decide to make the transition to a new accounting system, the switch doesn’t have to be confusing, stressful, or difficult if you follow our simple tips for a successful implementation.
Plan and prepare in advance
Preparation is crucial to any software implementation, and accounting systems are certainly no exception. You’ll need to allow yourself time to choose the best new accounting system for your business needs and then make sure you have all the key integrations completed before you launch and begin running all your financials through your new accounting system.
Make the switch at the end of the year.
Timing is very important in a new accounting system upgrade and implementation, and to make sure you experience the least amount of disruption to your business and current accounting processes and systems, you should time your implementation for the end of the year (or at the very least, the end of a quarter).
Train your employees to increase adoption.
A step that many companies often miss when introducing a new accounting system is employee training. Making sure that all of your employees who will need to use the new accounting system fully understand how it functions and how it benefits them in their role and the company overall can improve adoption drastically and ensure that you get the maximum benefit from your new accounting system.
Please visit our Accounting software page for a complete list of all the solutions we have on offer.
