Accounting System
| Package Type | Why? | Why Not? | Why Fab? |
|---|---|---|---|
| Bespoke | Specifically designed to fit in with your organisation and the unique way your business operates. | Expensive and not usually cost effective for the smaller business. | Bespoke systems are usually designed to manage the front end of the business, either the sales or the stock control. With so much accounting information available, it is difficult to get concise, meaningful reports. FAB can help manage the accounts module so you can extract the relevant data, rapidly! |
| Off the shelf’ boxed’ software (Sage, Quickbooks or similar) | Usually capable of handling any normal application with add-ons for stock, payroll etc. Widely used with lots of standard features and functionality. Basic versions usually an affordable solution for the smaller enterprise. | Can become expensive when scaled up and when including service and upgrades. Resides on system only, requiring version control. | Through our TeamViewer facility, we can provide instantaneous on-line support to you, whatever your system. By letting us log into your system, we can update, perform monthly routines for you or this feature can be used just to identify and correct any posting errors or guide you through the process. TeamViewer also allows on-line meetings for up to 25 participants so periodic accounts reviews can be done from your desk. Also useful for training or webinars. |
| Excel Spreadsheet Cashbook/Googledoc | Cheap, simple to use, ideal for a basic one man band type operation. | Limited when integrating different functions and as business becomes more complex. Will usually require someone with accounting knowledge to piece together to generate reports. | If you are too busy, or your business cannot afford any internal accounting expertise just yet, you can enter your basic sales or purchases information on a spreadsheet or a Googledoc and we will do the rest! We can report the relevant information back to you as often as your business needs. Ideal for the smaller enterprise, or just for the compliance work such as VAT, or payroll. |
| ‘Cloud’ based system such as Xero, Liberty | Software can be accessed from anywhere allowing users to work on the system and always on the most up to date version. | Relatively new concept and some functionality still a bit cumbersome. Prices usually relate to number of users so can become expensive at a certain level. | All authorised users can have access to the data in real time, on-line. User access to more sensitive areas can be limited so that certain functions or access to bank accounts can be restricted. Most banks now facilitate automatic statement uploads which allows the formerly time-consuming task of reconciling the bank account to be completed in minutes! |
Other considerations are:
Staff training: We recommend someone with accounting knowledge to avoid costly mistakes.
Timing: Ideal time is at the beginning of a new financial year.
Data Transfer: When migrating to a new system, ensure that access to the old data is accessible (for up to 7 years) or transferrable to the new system, to maintain
continuity and for on-going comparison purposes.
