Cash Flow Planning for Life

Choosing an accounting software package can be daunting, but it’s a VERY important task.

This is part 4 in my 7 part series “7 Things Every Small Business Owner Needs To Know”.  You can download this entire series in my eBook on my web site – www.Makara-Assoc.com.

Selecting the wrong software for your company could save money in the short-term but cost more in total resources in the long run.

Additional costs incurred will include:

• wasted time by employees preparing manual calculations or forms,
• added total employee count to keep the accounting system functioning or
• having to purchase additional non-integrated software to perform accounting tasks.

Questions to consider when making an accounting package purchase:

• number of transactions (invoices and checks) per month
• will job costing reports need to be produced
• will sales estimates need to be produced
• will your company have retail sales / collect cash and process credit cards
• number of users that will need access
• will inventory need to be tracked
• how will payroll be processed
• will the information need to be available online

No matter what software is selected – backing up data files is a must!

Having a back-up system is not enough; you must check the back-up at least once a month.  Restore a file to insure the backed-up data is in working order.

If your company is new make sure a back-up system is in your budget, if your business has been operating for any length of time and you don’t have a back-up system, set up an appointment with an IT professional today.

If you have a back-up system in place and have not checked the data files in the last 30 days ask your IT manager to review this procedure and have the file(s) checked. The cost to rebuild data files runs into the thousands of dollars in lost time needed by your employees.

If you have any questions, please give me a call at (239) 384-9688 or visit my web site at: www.Makara-Assoc.com.

– Mark

This information is based on facts, assumptions and representations as stated and authorities that are subject to change.  We will not update this information for subsequent legislative or administrative changes of future judicial interpretations.

LEGAL NOTICE AND DISCLAIMER:  The information within this eBook is for informational and educational purposes only and is not tax advice and should not be used as such.  The facts of each individual situation can have significantly different outcomes when applying tax law.  The hiring of a CPA is an important decision not to be based solely on advertisements.