So you’ve done your homework and narrowed down your accounting software search to just a few systems. Now it’s time to test out each system and see which one works best for you. There are several ways to test out your new system. Being aware of what is available will help you choose the right method for you and your business.
View product videos
Watching a video about your potential software is a good way to get to know the system and in general, what it has to offer, including some of its features and the user interface. The downside of product videos is that you can’t search for the features you are seeking, or see how the product works. It is a great way to get a general feel for the system, which can be extremely helpful at the start of your software search.
Attend a live demonstration
Some software companies offer potential users the opportunity to join a demonstration of their software, whether it’s via the internet or in person. This can be a beneficial use of your time, since you can watch an expert navigate through the system, with the ability to ask questions along the way. After all, who is better at showing you the system than a system expert? Attending a demonstration is a must-do for the purchase of any software system!
Fully functioning trial software version
Some software vendors offer a trial version of their software for you to try out. Some software trials are fully functioning versions of the software, and others are more limited. The advantage to using a software trial version is that you can really get a feel for how the system works. However, without some training or at least familiarity with a software system, it’s nearly impossible to get a true picture of how the software really works.
In a perfect world, you would have the option to use all three of the above to make your decision. First, view a product video at the start of your software search, in order to gain familiarity with the system. After that, attend a live demonstration to get an idea if that system (how it works and its feature set) is an appropriate option for you and your business. Using these two options together can be enough to make your decision, but if you still have questions after that, installing the trial software version can really help. Just be sure that when you are in the trial version working, there is somebody at the software vendor company who is willing to help you along the way and answer any questions that may arise during your testing.
Every business seems to have some recurring transactions. Recurring payments are those you have to pay more than once, and often on a regular basis, such as monthly bills, insurance payments, rent and more. You can use the recurring payments function in Accounts Payable to streamline the process of paying monthly expenses.
Individual Recurring Transaction
Creating an individual recurring transaction involves setting up and saving the basic information on the invoice, so it can be retrieved and processed each time you need to pay that invoice/vendor. Typically you would enter a description that is familiar, so you can find the correct transaction each time you need to use it. Once you have entered all the necessary information for the individual recurring invoice, that invoice will be saved in a list of recurring transactions. When it comes time to processes the invoice, simply select it from the list, open and edit the dollar amount (if necessary), and save the transaction.
Groups of Recurring Transactions
For even more efficiency, set up your recurring transactions within a group (or batch)! For your monthly recurring transactions, set them up in a monthly recurring group, for your quarterly transactions a quarterly group, and so on. First, create the name of your transaction batch, for instance “Monthly Recurring Bills.” Set up individual transactions and assign each of them to their group. By assigning the transactions to a group, the entire group of transactions can be created easily when needed. When it comes time to run a group of invoices, you go in and change any information if needed, run those invoices, and print them along with a check.
Setting up and using recurring transactions can save you significant time!
Direct deposit is a feature included within a payroll program that allows you to deposit employee pay directly into a bank account. Payroll software programs vary when it comes to their direct deposit capabilities. For example, some systems allow you to deposit funds to your choice of bank account, while others require the money to be transferred via their service. Here are some factors to consider when trying to find the right direct deposit feature for your business.
Transfer options.
There are two main ways payroll systems allow you to transfer pay. You can either have the funds deposited directly into each employee’s individual bank account from your own choice of bank, or you can use a service which takes the funds and deposits them into the employee bank accounts for you. By using your own bank to deposit the funds, you may save money; however some banks do charge for this service and fees vary greatly. Using a service to deposit the funds does incur ongoing costs also, so be sure to check the costs of the service before deciding on one.
Deposit employee pay and third party pay.
Obviously the most important aspect of direct deposit is the ability to distribute employee pay to their bank accounts. But some payroll systems go a step further, and also provide an option to deposit third party pay electronically. This function allows employers to pay third party payees, such as 401K management companies or insurance companies, via electronic deposit, rather than processing a check manually. Sending these payments electronically can be a huge time saver when compared to writing and sending paper checks.
Deposit to multiple bank accounts.
A basic direct deposit system will allow for one account, but some systems allow for multiple deposit accounts. This way, employees can deposit part of their check to checking, part to savings, another part to a holiday savings account, and so on. While this typically does not cost the employer extra, it provides employees with the perk of more comprehensive money management options. So it’s a win-win!
Pay cards
Some payroll companies offer employers the option of loading (depositing) employee pay to a pay card (a debit card) instead of into a regular bank account. This is an excellent option for employees who do not have bank accounts. For those without bank accounts, it eliminates concern about where to cash a check, and also the associated check cashing costs.
It pays to use direct deposit, and all the features that go along with it. Check into your payroll software and what it can offer you for direct deposit. You could be on your way to great time savings and happier employees.
Accounting software programs can be purchased in a variety of ways, depending on your needs. One of them will most certainly work for you and your business.
Brick and mortar retail store
You can purchase basic accounting software programs on the shelves of retail stores. It’s convenient to put the software in your cart purchase it so easily, but keep in mind that if you have questions about the program’s specific functionality, you may have troubles getting those questions answered by the retail sales associates.
Software developer
Buying software directly from the company that developed can be beneficial because you can get your questions answered before making a purchase. You may even be able to get a personalized demonstration of the software, something that is nearly impossible for retail stores to offer. Talking to somebody who knows and understands the system, and also takes to time to understand your business, can not only bring you peace of mind, but can ensure a better accounting software program match for your business.
Online
Buyers do most of their research online these days, and therefore it might be tempting to simply go in and purchase accounting software programs online. If you decide to purchase in this way, be sure you are able to really understand how the system works and get all of your questions answered before buying. This might require communication via email or phone, but the time spent will be well worth it down the line. After all, this will be the tool used to manage your business finances!