AB Financial Group wants you to have independence from worry when it comes to the best financial software tools and resources to meet your business needs. It begins with an assessment of the optimal match between the products and services necessary to operate a robust financial function that is accessible, efficient, versatile and accurate. Here is our Top Ten questions for evaluating the best business accounting software services for achieving ultimate independence in accounting and finance.
1 – Core Capacity
What is the core capacity of the product and service? It must cover each of the generally accepted accounting principles (GAAP) of accounting and finance. The checklist includes: the general ledger, billing, accounts payable, accounts receivable, revenue recognition, project accounting and financial reporting. Is customization built in with an eye on required specifications for efficiency and accuracy? Can various analytics be generated for custom reporting, ana and forecasting? Core capacity is unique to each company, and is the starting line for any product or service.
2 – Price Point
How much does it cost? Finance management is an expected cost of doing business. Whether a high quality software suite, a partnership with an accounting professional, or a fusion of options, it is part of the annual budget. Business owners find the cost for an internal software solution is initially an economic choice. These owners also find that the required management of an in-house software solution is a substantial time commitment every month. This time could be spent growing the business and increasing revenue.
In-house solutions with an initial low cost have a higher true cost over time. Purchasing software does makes sense for entities with few employees, a simple operation, and owners who also have a numbers and finance background. Even so, the need for professional accounting and finance services will arise, most often with a tax filing issue. Cost over time is the proper lens for evaluating finance product versus services decisions. Price point independence should be based on the true cost over time.
3 – IT scope
Is information technology (IT) and data management adequate? The structure and design of the product and services must be examined for information management breadth, quality and control. Considerations involve automation such that data entry, connectivity and collaboration are streamlined, linking business data to internal and external stakeholders. Full 360* visibility and the capacity to scale-up with the enterprise are critical. Most importantly, does the product and service enjoy a high-level reputation, with a strong, customizable application program interface (API) that, above all, provides security, especially against cyber attack? Properly vetted IT is insurance against worry.
4 – Customization
Can functions be customized to your requirements? Important to financial and accounting independence is the ease of use and capacity for expanded functionality of products and services. Carefully evaluate the options for quality delivery of the following accounting and finance requirements:
- Ease-of-use for contributors and end-users
- Adaptability to required processes
- Speed of access via cloud based systems
- Agility and accuracy of automation features
- Data security, both internal and external
- Customer care via communication systems
- Ability to link and track customer / banking transaction
- Efficient process for recurring and subscription billing services
- Comprehensive and custom analysis of archive, current and forecast data
- Fluid production of revenue and expense tracking
- System updates are consistent and adequate
- Ability to capture external data essential to reporting and reconciliation statements
AB Financial Group can provide further analysis for specific requirements for your business. Contact us.
5 – Scalability
Will the product or service grow with the enterprise Take into account not only the vendor’s current standing among its competitors, but where it is headed. Is it in a role of leadership among the crowded field? Most companies anticipate growth. Their accounting product and services being considered must have the capacity to grow along with your business. Achieving this certainty at the beginning of a vendor relationship supports your own competitive edge, long-term.
This will be especially important when it matters most, at the point of growth, when management’s attention will be focused on developing the business and not on accounting basics. Identify accounting features that maintain the expected ease and speed of function, as the business grows. With the ability to scale built in, systems across the company will be stable, support increased production, and ensure a positive customer experience. Scalability is an essential component for growth.
6 – Consistent Updates
Does the product or service stay ahead of the curve? Technological advancement in the management of finance and accounting is a competitive niche, with a persistent evolution of improvements. Next-gen research and development is typically on a 10 year growth cycle, so there are a wealth of upgrades available to users all along the way. As such, evaluate products and services as to the history and pace of upgrades, and the ease of integration. Beginning with even the baseline product and service, knowing improvements and capacity will be seamlessly available is the standard. Eliminate the need for a new vendor search, or a burdensome conversion process.
7. – Integration
How readily does the product or service integrate business wide? Verify the product or service has the capacity to integrate with the universe of data management systems already within the business. A secure cloud-based platform is the baseline. Ensuring all data and transaction systems recognize and work together is a necessity and a major cost savings benefit. Choose only products and services that promote all third party integrations available with their finance and accounting goods. Verify the required level of security embedded throughout the reach and agility of the product.
8. – Reputation
Can you rely on the provider? Consider the reputation of the product and service provider. Is there a solid presence, and durable standing within the sector? A less experienced vendor or service may not meet your needs long term. Is their financial standing such that the commitment to research and development will remain active over time? Do they offer customer support that is effective? Is there evidence of staff development to maintain a market competitive edge? Do they offer visibility into current customer satisfaction, such as opportunities to connect with other businesses like yours who have a history with the product and service, verified testimonials, reviews, press coverage and market wide recognition?
The decision to go with a specific product and financial accounting service should be viewed as a long term asset that pays dividends in protecting your investment long term.
9. – Customer Care
Is there assistance when needed? Customer contact is the front line for a provider’s entire enterprise. What level of customer care does the product or service you are evaluating provide? Focus through the lens of customer care standards which include:
- Consistent modernization
- Clear expectations
- Problem solving expertise
- Excellent communication
This is an area where digging a little deeper is recommended. Check with the Better Business Bureau (BBB) and Business Software Alliance (BSA) for reports on any vendor customer care issues. Finally, how much visibility is available into verified current client customer care satisfaction?
10. – Get More, Hire A Pro
AB Financial Group is the professional accounting and finance service firm of choice for many businesses. In addition to all of the above, when hiring a professional accounting and finance service provider you secure an exclusive set of benefits not otherwise available. Ultimately, outsourcing is a lower cost than in-house, when it comes to the true cost, and these perks make the deal even better.
Quick – A professional accountant is skilled at efficiencies, and able to produce required deliverables with speed. Even the annual reports and tax filing complexities are handled with timeliness.
Easy – Independence from the labor of maintaining accounting and finance tasks makes managing a company easier than otherwise. All aspects of the enterprise are tracked through the accounting system. When partnering with a pro, tasks that would require employee time to tackle are handled.
High quality tools – Just as businesses invest in state of the art tools to ply their trade, professional accounting firms like AB Financial Group invest in top rated accounting and finance software that has greater capacity than typical business grade product. These software tools provide advanced level outcomes supported by sophisticated features of the professional level software, and are available to their clients. Speed of scanning data, line item search for analytics, and customized organization tools are a handful of the benefits available through these pro software tools.
Face time matters – The professional partnership with an accounting and finance firm is a rich source of guidance. The human touch is available as needed. The micro and macro snapshot of the business is readily captured. The history and anticipated future of the entity is known. Experience and expertise of the accounting professional is a valuable resource for questions, issues, and planning. Ask a professional, and you will know, with confidence, the options ahead.
365 accessibility – Not only is a finance pro available for tax and reporting seasons, they are available year round. The partnership is available for consultation with questions and concerns when required. Your pro is part of your team.
Complex issues handled – Working with a professional firm is an insurance policy for unforeseen complex financial issues that can arise. Be it regulatory, monetary, or any issue in between, the know-how of a pro can be counted on for the best possible guidance, direction and assistance to resolve any issue.
AB Financial Group celebrates your independence from finance and accounting worries. Save money on the true cost. Contact us today to learn more about your independence from accounting management worry today. All Colorado locations, including Edwards, Denver and Colorado Springs can be reached at (970) 444-5586. Call today.