Coupon Accepted Successfully!


Sourcing of an Accounting Software

It is essential to consider some factors before sourcing an accounting software, i.e.,
  1. Flexibility - A computerized accounting system must be flexible in respect of data entry, retrieval of data and generating designs of report. The user should be able to run the software on a variety of computer environments and machines, that is, on any configuration of computers and available operating systems.
  2. Cost of Installation and Maintenance - It is a must to consider that the cost of the accounting software, its relevant hardware and the maintenance, cost of addition of modules, training of staff, updating of versions and data recovery in case of data failure are negotiable and within the ability of the organization to afford it.
  3. Size of organization - An accounting system must be according to the size of the organization, i.e., volume of business transactions, multi - user requirements.
  4. Ease of Adaptation and Training Needs - some accounting softwares are user - friendly and require a simple training to the users. However, some other complex software packages, linked to other information systems, require intensive training on a continuous basis. The software must be capable of attracting users.
  5. Expected Level of Secrecy (Software and Data) - Security features of an accounting system software are also important. Software should ensure that it prevents unauthorized access and manipulation of data. In tailored software, the user rights may be restricted according to the departments and their relevant accounting software functions.
  6. Exporting/Importing Data Facility - The software should allow easy data transfer option for flexible reporting, such as transfer of information directly from the ledger into the spreadsheet software like Lotus or Excel.

Test Your Skills Now!
Take a Quiz now
Reviewer Name