Key Questions CFOs Should Ask About Their Accounting Software
As the Chief Financial Officer (CFO), it is essential to evaluate what you require from your accounting software and personnel. Some of the top questions to ask as you undergo this exercise include:
- What are the top needs and wants from your accounting software and accounting personnel?
- Have you prepared a list of your current software’s pros and cons?
- Is your staff capable of addressing your financial and statistical questions quickly and efficiently?
In today’s fast-moving business environment, maintaining a competitive edge is crucial. Transforming traditional accounting processes such as bank reconciliations, paying bills, recording receivables, and making deposits can enhance your business operations and give you that edge, separating you from your competitors.
Consider the following questions to assess your current situation and identify areas for improvement:
- Do you have multiple excel sheets you use every month to close the books?
- Do you have multiple instances of your accounting software open just to see all your entities?
- Is your accounting software up to date – and is it backed up?
- How quickly after month-end can you generate valuable financial statements to make important decisions?
These are important considerations that can help you find optimal solutions for your accounting and financial functions.
Exploring your current accounting software and bookkeeping needs, as well as learning about potential areas for growth, reporting, or efficiency improvements, can be very beneficial. By asking, "Why and how are we doing this?" you can gain valuable insights into your processes and identify opportunities for enhancement.
Contact our On Demand Accounting and Advisory team for a review of the various accounting/bookkeeping software available and find out if the software you’re using is the best for your business needs. We’re eager to learn about both new and existing client operations that may benefit from improvements in growth, reporting, or efficiency.
Article Contributed by Cory Eiler
