Setting up new accounting software?
If you are setting up accounting software in Edmonton here are a few things to think about:
Who will completing your data entry?
What accessibility do you want them to have?
What information do you want or need to track?
How do you anticipate your company to grow?
If you are looking after your data entry then you have no concerns. On the other hand, if you have administration staff who will be looking after this function you will want to consider exactly what information you want them to know. They will not need to know your bank balances and exactly how well (or not well) the company is doing.
When it comes to tracking specific information, how you set your accounts will make it easier to grab that info you need. Many people have a tendency to want to set up an account for everything. Do you really need to know the dollar value of paper clips purchased this year, or will a lump sum of office supplies give you what you need? Then again, if your industry uses a lot of paper, you might want a separate account for it to give you better info to be able to purchase bulk quantities with accuracy.
Setting up a chart of accounts also involves a little bit of forethought when predicting your company’s future. If you do not carry inventory now, is that a space you may look at down the line? Do you suspect that you will be making investments or looking for others to invest with you? Accounts can be created to accommodate these occurrences before they happen. It will reduce the chance of other people just coding transactions based on a guess because they didn’t know what to do.