5 Tips for Selecting the Right Accounting Software in Malaysia
Starting up a business can be super challenging, while tirelessly looking for customer and better bargain supplier, business owner has to put effort on filling the accounts precisely and wisely in order to maximize the profits. Most businesses will look for an accounting software to reduce their workload and concentrate on the core activities.
Compare to the manual written account books, accounting software today can do much more in lesser time. It is not only records income and expenses, it can help you forecast sales and manage inventory. Accounting software basically allow you to create invoices, track expenses and generate a variety of reports that help you analyse your business's performance from various angles.
Since most accounting software offer the similar features and there are plenty of products available in the market. You should consider your needs, accounting experience, future business plan and hardware such as server, computer, cash drawer and printer.
#1 Understands your Needs and Define your Problems
There are plenty of accounting system and solution in the market, therefore you are needed to study your business model carefully before making any decision. Try to understand your current problems, what solutions do you expect or improvement can be made? Do you need accounting, billing, inventory control or any special customize function for your business industry?
Invite the software consultant to meet up for a software demo session, share your concerns and expectations on how the software can help you in your business. Software consultant will then introduce you the suitable accounting system package for your business, listen and understand every little feature that you might use. Some functions can greatly save you time for better things, such as search feature, ready-made reports, how convenience to create bills and more.
Talk to the consultant, if there are some features that you don’t require, try to request exclude it from the package, reduce the cost on getting the unnecessary functions and modules that you wouldn’t use now. Most software company offer scalable solution that allow you to upgrade your features package or allow to purchase additional modules anytime.
#2 Windows-Based Software vs Cloud-Based Software
In Malaysia, there are plenty of business are still preferred Windows based accounting system as their business solutions. The reasons are the rich features that cloud based cannot offer, such as the conveniences of data entry in peak period, report customization based on own preferences, advance user access right settings, rich features, database backup copy, data security fully monitor by company I.T. technician. It is difficult for them to switch to Cloud-Based by taking away the Windows application functions even Cloud can offer better access and security.
But Cloud computing becoming a more prominent influence in modern business, we cannot deny that Cloud-Based accounting software come with a variety of benefits. It allows you to access your account anytime, anywhere from any computer with internet access, helping you run your business remotely, whether you're home or on vacation. Using Cloud accounting software can save time on software upgrades and patches is done on the server end, so you and your IT staff don’t need to worry about keeping the software up to date. And, cloud applications can be accessed using a tablet, laptop or smartphone. Furthermore, your records are kept secure at a data centre far from the physical location of your business; this ensures their safety in the event of a local disaster or other destructive event.
#3 Sales & Services Tax (SST)
Choosing a local developed SST Accounting Software is important, I believe many businesses have experience it during the GST era. Especially when government introduce new taxation rules or tax code, foreign accounting software will not act immediately, you have to study the tax update guide by your own and submit the tax manually by your own and it is quite challenging for small medium business. The local develop system will response immediately and update the system for you without any delay. Besides that, it can make you and your accountant's life easier with the features like automatic tax calculations, multiple tax code, tax rates and tax reporting. Most system allow you to configure the user access right, make sure that you give your accountant access to relevant data within the system.
#4 Customer Support
Migrating to new accounting software, however, user-friendly or advanced, is a bit uncomfortable to everyone involved. Make sure everyone involve can attend the training to learn the basic operation, and for sure that from time to time you or the staff are going to need support from the solution expert. Some accounting software does upload video guide on YouTube, or product’s user manual on website, but somehow it is not going to have all the answers.
The level of customer support offered by the manufacturer of accounting software is one of the vital factors to consider when selecting a software package. If your staff is not happy with the software, it is going to delay the transition from the old system to new one.
While survey for the best accounting system in Malaysia, make sure you do a basic cost-benefit analysis to avoid over or underpay for accounting software based on what it will do for you. Remember, you may pay more for some accounting software, but if it saves time and minimizes common accounting errors than it may be well worth the additional cost.
There are many factors to consider when purchasing an accounting software program, such as what industry you work in, what features you need, and price, just to name a few. You will want to choose the top accounting software in Malaysia that will meet your needs. By planning ahead, you can make a better, more informed choice. You can prepare a list of features you need, the software you are running, and see what type of help is available should you need it.