Modern accounting software packages already have the built in technology to help increase your productivity and profitability.  This technology is not limited to high end software systems that cost hundreds of thousands of dollars but exists equally in systems that cost less than $2,000. The following three steps can be used as a guideline to unlock the full potential of your accounting software.

1. Understand Your Business Process

The first step is to analyse your current business processes and understand how your accounting software can capture this information. This analysis will identify operations that can be combined as well as determine weaknesses in your current operating model.

2.  Keep it Simple

Due to the technology built into the software package there is no longer a need to heavily rely on third party software solutions. In fact, software systems today have the capability to add user defined fields that will enable the system to adapt to each company’s specific operating structures.   Before adding a third party software to your existing accounting system carefully review your business process in order to make sure that this is really necessary. It is worthwhile to note that as a system becomes more complex this will increase the maintenance/ownership cost.

3. Training

Accounting software packages are designed to do a lot more than simple accounting transactions. These systems can help with payroll, project costing and even inventory management. However, it is important to learn how to use these features correctly in order to get the most benefit from them. This training can be obtained directly through the software provider or by one of their certified trainers.

Companies that followed these three steps where able to achieve a minimum net savings of $50,000 annually in their operating costs. Imagine what they can do for your organization!

Martin Gould is a Gold Certified Consultant for Sage 50 and founder of CLM Business Analysis – a consulting firm dedicated to helping small to medium companies increase their profitability through improved visibility of their operating processes. Martin has a master degree in mechanical engineering and a MBA in finance and more than 15 years experience working with accounting systems by developing custom reports and dashboards along with streamlining administrative and operational tasks.