If you’ve ever searched for just the right business accounting software, you’ve probably noticed that the price varies greatly by product. Many people wonder why there is such a variation in pricing among software products. Accounting software can range from ‘free’ to $100,000+ in price! Well, much like the price for your paid for the vehicle you drive, business accounting software prices vary for a wide variety of reasons. Here are some of the major components impacting the price tag.

Functionality

Business accounting software ranges greatly in its functionality. The free and least expensive programs offer the most basic of features, like the ability to add customers, vendors, accounts and basic business information. Small businesses and those just starting up should be able to enter their basic accounts payable and accounts receivable information into the system and also pull out basic standard financial reports. The smallest of systems will usually place limits on the number of companies, customers, users, memory, and other data. More complex functions such as multiple warehouse management, customizable reports, serial number tracking and much more are available in mid-market systems, a great option for those who are outgrowing basic systems. Larger companies will typically opt for programs where the source code is available, meaning the actual software itself (not just its features) are customizable.

Customization

There are two types of customization when it comes to business accounting software. One type is more basic and allows you to customize components within the software. As systems become more robust, more customizability is offered within the system. The other is, as mentioned above, ‘open source code’ which allows you (actually, a programmer) to customize the actual program to meet your needs. The more customization available, the more expensive the software becomes. This is because more resources are needed to plan for and implement custom programming for your software system. The ongoing support of customized software takes more time and resources, thus the more complex your system, the more your support will cost.

Support

How do you feel as a customer of the software you use? When you contact the company for help, do you feel important? Or do you feel lost in a sea of other customers, trying to get your voice to be heard? Your business accounting software is only as good as its support team. Maybe you need help in setting up your system, trying to find the most efficient way to do something, or solving a problem that seems to be taking you a long time on your own. Your software support team should be able to help you with any of these issues and more. If you have to spend time waiting and hoping for somebody to call you back, only to realize they are not experienced enough to help you, that is wasted time and lost dollars. Opt for support that is experienced and available within a reasonable amount of time. Yes the price tag may be more, but in the end you will save money and keep things running a lot more smoothly.

As with any important purchase you make, many factors should be considered when purchasing business accounting software. Every detail and feature within a business accounting software system costs money to develop, distribute, support and maintain. Instead of focusing on price, be sure that the software you choose can handle your business needs and help run your business for years to come.

Do you have employees who are paid by piecework? This type of employee payment is typically used in agriculture, manufacturing, and other industries.

Obviously there are both Federal and State minimum wage requirements you must meet as an employer. No matter what method you use to pay your employees, you need to make sure they are earning at least minimum wage. This can be difficult when you are calculating pay via piecework, unless you have the right software.

If you pay employees via piecework, be sure your payroll system has a feature to manage minimum wage adjustments, or in other words, a system that can tell you whether your employees have earned minimum wage. More importantly, if the employee’s piecework has not added up to minimum wage, the system can calculate the difference and add that amount to their pay, so that you are meeting the Federal and State minimum wage requirements.

CenterPoint Payroll Software for business and for agriculture has a minimum wage adjustment feature that can make this task much easier! Save the time and guesswork associated with minimum wage adjustments, and ask us about CenterPoint Payroll today!

If you’ve ever called Red Wing Software, you’ve probably talked to Roxie Thoner. She’s been helping Red Wing Software customers get what they need for more than 21 years! We caught up with Roxie and asked her a few questions, so you can get to know her a little better.

1. What has been your favorite part of working at Red Wing Software over the years?

   The people - we have a great group here which makes it fun. Also, things are always changing in the software industry so even though I’ve been here a while, there is always something new.

2. What’s one of your favorite stories, having spoken with so many Red Wing Software customers?

   I feel like I have many friends I’ve never met all around the country. I have to laugh when I answer the phone and someone who hasn’t called in years says, “Roxie I can’t believe you are still there.” I think they are happy I’m still here!

3. Tell us a little bit about your twin grandsons!

   Ezra and Ashton are our 1st (and 2nd) grandchildren and are 14 months old. It’s so much fun to watch them interact with each other. They are mobile now and what one of them doesn’t think of the other one does. I hope I can keep up with them. Everyone told us being grandparents is the best and they were right.

4. What do you like to do outside of work?

   Well, when I can’t go visit the grandsons, I enjoy working in my flower gardens, sitting around a bonfire and visiting with friends. Now that we are empty nesters, I’m hoping to do some quilting. I like to travel and am currently looking forward to visiting a former co-worker who now lives in Alaska this August.

Good blog post by CFO Daily News about preventing stress, and the errors that go along with it.

http://www.cfodailynews.com/massive-payroll-error-result-of-stressed-out-staffers/?pulb=1

Guest-post by Erin Palmer, of Villanova University

If you’re like most hard-working entrepreneurs, you would love to leverage your educational background and training to help your business grow. After all, you invested many years and plenty of money in your education. Now it’s time to make it work for you by boosting your business’s bottom line.

Using Your Degree to Make More Profits Starts With Networking

Along with your degree, you “earned” a valuable resource during your college years: a network. Successful business owners know that networking can be one of the major keys to building and growing a sustainable business. Here’s how:

• Finding unexpected opportunities: Most private companies don’t advertise when soliciting bids on contracts. The majority of sales are made through personal recommendations. Your network contacts can keep you informed about appropriate opportunities for your company.
• Locating the best talent: You’ll have much more luck finding proven performers by asking your contacts than by placing an online ad.
• Connecting you with mentors: No matter how much experience you have, there are other people with more. Tapping into a mentor’s knowledge can pay off by helping you avoid mistakes, improve operations and earn more profits.
• Multiplying your knowledge and experience: Your network is likely filled with people from all walks of life who have worked for hundreds of industries, in thousands of roles. Many will have the insights you need at various times, and all you have to do is ask.
• Growing your customer base: Network contacts can be your best customers. Plus, each has his or her own circle of friends, family and colleagues. This results in nearly endless promotional potential. Referral customers are often the strongest and will refer even more customers.
• Establishing a vendor base: Strong businesses need solid supplier relationships. Avoid over-dependence on one or two vendors; look to your network for supplier recommendations.
• Forming strategic partnerships: Many folks in your network share a similar customer base, but are not direct competitors. Referring work to each other is a great way to increase business.
• Knowing key players: Many business owner needs to establish relationships with bankers, lawyers, community leaders and political figures. Rely on your network to introduce you to these key people, who could help your business when you need it.

Don’t worry if a busy work schedule has prevented you from maintaining ties with your college network. Simply join your alumni association and you’ll be instantly reconnected to a network of people, whether you were good friends and lost touch, or you never even met during college. And if you’re not already establishing business connections through social media networks like Facebook and LinkedIn, be sure to get started as soon as possible.

Another way to leverage education for the benefit of your business is through professional training for you and your staff.

Seek Out Training That Can Increase Your Profit Margins

Education is powerful, and can be extremely valuable for small business owners. Wherever you seek more knowledge, whether in an advanced degree program, professional training, or continuing education course; attending conferences; or joining professional organizations, you’ll be doing yourself and your business a favor. If you don’t stay up on industry trends or continue honing your business skills, you could quickly fall far behind the competition.

Moreover, don’t neglect professional training for your employees! Professional certifications, webinars, software classes or on-the job training initiatives will help them keep up with industry news and developments, which can pay off in numerous ways. Studies show that better-educated workers do a better job and tend to be more loyal. They will also be empowered to help drive business by utilizing their up-to-date skills, and by confidently promoting your business wherever they go.

Use Your Education in Business and Enjoy a Stronger Bottom Line

Business owners are natural risk-takers with willpower and determination to spare. While that’s a powerful combination of traits that are necessary for success, it’s not always enough. By using these tips, you can also leverage the power of your education and training to make your business stronger and more profitable, and keep it alive for the long run.

This post was provided by Erin Palmer. Erin writes about topics such as business intelligence certification. Her work helps students learn about business analyst training options.