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Things to Do When Switching to a New Accounting Software

Things to Do When Switching to a New Accounting Software

Following a systematic process, with a checklist, is an excellent way to switch to new accounting software. This allows you to cover all the bases and check on your progress without missing anything important. Switching to new accounting software will cut your costs, but before you do this, make sure you make the transition is financially feasible too. Making decisions is the most crucial aspect of good business. Things don’t always work out, so eventually, when you make a decision, you need to turn that decision into the right decision for your business. Once you have made the decision to switch to new accounting software, you need to transition smoothly. ABSS can help you do this. 

 

Systematic switch 

If you want to do things properly follow international best practice. Before switching your software, prepare as best you can so that you can try to transition smoothly. Start off by

  • identifying exactly what you need 
  • do your research of what software is available on the market
  • speak to experts and friends
  • compare costs, take some free software trials
  • create a shortlist then select thoughtfully
  • make your new accounting software purchase decision

You don’t want to find some new accounting software that looks great and then buy it only to find that it doesn’t suit your needs. Once your decision has been made, the implementation process and staff training become the ultimate measure of success or failure. 

 

Implementation

Make sure you’re prepared before you start migrating to a new accounting system. Here is a checklist:

  1. List any problems with your current accounting software system that you want to fix with the new system such as automating invoicesautomating debtor reminders or simply getting better reports. ABSS accounting software does these!
  2. Prioritise and define what you need from your new accounting software system, identify your ‘must-haves’ to make sure that your new accounting software delivers what you need
  3. Decide who needs to access your new accounting software system; you as the owner, your Managing Director, your bookkeeper or accountant and what level of access you or they need
  4. Prepare a list of your current accounting processes. What don’t you need to do anymore, what could be improved, where are you consistently making the same mistakes, wasting time, and sources of stress to be eliminated
  5. Decide on a changeover date for ‘going live’, plan contingency for plenty of time as this can be a complex process and mistakes can happen
  6. What information do you want to bring across into your new accounting software? Do you need any historical data or would it be better to start with a clean slate
  7. List out the reports you need from your new accounting software system and what information do you need to make your business work better
  8. Connect your bank feeds. When you’re ready to start, turn on your bank feeds to bring your bank transactions from the migration date onwards. Your bookkeeper will be able to help you with this. Bank feeds are one of the biggest time-savers in accounting, and ABSS accounting software offers this
  9. Set a specific date for closing off your old accounting system, or make sure that your new accounting software complements it without duplication
  10. Plan to allow plenty of time to learn how to use your new accounting software system to get the job done effectively, so you avoid stress and having to rush. ABSS accounting software is easy to use and there is help at hand

 

Following a systematic process with the checklist above should ensure a smooth and efficient transition to your new accounting software. There is also financial support available for changing to ABSS accounting software in the form of SME grants and government funding for entrepreneurs with up to 70% funding available through Productivity Solutions Grants (PSG). Just take a quick look at IMDA’s website for more information about financial assistance for switching to ABSS accounting software for your SME. 

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