Accounting system

Is your accounting system up-to-date?

An organisation expects its controller to have knowledge about new developments that influence his financial department and the accounting system the department relies on. It’s paramount financial software complies with the latest legislation. Technological developments can increase the efficiency and flexibility of the financial processes.

A few considerations:

How often do you exchange ideas with your software supplier?

Does your software supplier have a roadmap for future innovations? Can you influence, as an individual client or forces combined in a user group, the new technologies and features incorporated in new releases of the software? Some innovations are a result of (EU) laws and regulations, like customers who need to quote an International Bank Account Number (IBAN) and its associated Bank Identification Code (BIC) to make a European cross border payments. Other innovations are technology driven.

Are you in the cloud?

In the last years cloud computing became an increasingly popular business model for the manufacturers of accounting systems. Is your supplier using the latest technologies cloud computing has to offer? Are your daily management reports available on smart phones and tablets? Are web services used to exchange data with other applications? Cloud computing is an attractive model saving you the costs of system administration. A new trend is mobile computing. An increasing number of software makers provide apps to access information on mobile devices.

Does your accounting system support electronic invoicing?

Electronic invoicing or e-Invoicing can result in considerable savings for businesses by making the financial supply chain more efficient. Unfortunately, emailing invoices in PDF is not e-Invoicing. It entails issuing, receiving and storing VAT invoices in an electronic format for automatic processing. As a temporary solution, we see scan and recognition tools in order to scan purchase invoices and receipts, digitally store them, recognize and book them.

Electronic Bank Reconciliation

If your bank supplies electronic bank statements, your accounting system should support electronic bank reconciliation. This time saving feature allows you to download and import your bank statements and automatically reconcile all entries that match.

Stay informed

Keep yourself informed about what's going on in the world of accounting systems and stay in touch with the latest technological developments. It will save you time and money!