Buying an accounting software in your company - Morison Menon, Dubai, UAE

Any enterprise small or big needs to constantly ensure its accounting software is able to meet the ever changing requirements of the industries like business consulting in UAE. Since so many standard accounting packages are available which have matured over the period of time, it makes sense to buy a standard package rather than make one.

Choosing a packaged accounting software is not simple for accounting team and the management unless organization is clear about its requirements before performing due diligence on products available off the shelf.

Most accounting packages that we went through in markets of Accounting Dubai were able to provide basic chart of account and period-end close processes, along with standard reports required for businesses. However performance differences were significant when it came to executive dashboards, ability to interface with other applications,security features, etc.

I am listing few things that should help organization to look for when evaluating accounting software so as to ease the information processing for their accounts team and the management.

Executive Dashboards

Most companies have generic and fair amount of unique reporting requirements. All so different levels will have different privileges while accessing the reports. This can vary from ‘view’, ‘create’, ‘modify’, etc. All such features and requirements should be clearly defined and compared while selecting the appropriate set up services UAE package.

Budgeting and forecasting

Many companies with customized packages continue to use Microsoft Excel for their activity and then upload the same to the package. This is not the best was to make use of the package. A robust package should provide tools to develop budgets and forecasts using standard accounting methodology.

Integration with other applications

The accounting package that is being considered should be able to interface with other legacy systems that are running in the areas like company formation UAE. The package should have the necessary plug-ins so that seamlessness is created between various applications already running in the of company formation Dubai. The migration of data from existing legacy systems should be easy.

Internal business controls

The package should be able to enhance the internal controls and reporting system as per SOX or any other regulatory requirements. The package needs to be flexible for the administrator to create customized controls with adequate security in place.

Flexibility

The accounting software package that you intend to buy should be scalable to meet additional requirements that are obvious as business services Dubai and other areas grows.

Licensing and Maintenance Cost

Lastly the licensing cost and annual maintenance cost needs to be taken into account. Some packages will slab rate for licenses under which a minimum number of licenses will have to be procured even if the requirement is not there. Also many packages will count their licenses based on number of cores that is present in the CPU. If you buy a dual core or four core processor you end up paying more for the license though you may not be wanting the performance of Dual core and so on.

About Author :

Morison Menon Chartered Accountants provides professional advisory services in the areas of Accounting Dubai, business consulting in UAE, hr consulting dubai, company formation Dubai, Incorporation help in Dubai, set up services UAE, company formation UAE & Business services Dubai.For more information visit : http://www.morisonmenon.com/