Learn how to set up your accounting software
Setting up accounting software for your small business might seem daunting, but using software instead of a spreadsheet can offer excellent benefits. You will save a significant amount of time on creating paper records, and the automated system has a much lower error rate. It might seem intimidating to start the process, but we are sure you will be pleasantly surprised by how simple it can be to set up accounting software. And if you get stuck, 3rd Arm Admin is always here to help you with the process. Here are a few things that you need to be mindful of when setting up your accounting software.
Choose an accounting software package
There are numerous accounting software packages on the market that work well for small businesses across New Zealand. Make sure you do your research and select a package that includes all the necessary features that you are looking for. Can you connect apps? Does it have shortcuts like the e-invoicing ability? Can all GST, creditor and debtor information be found easily? Is it going to enable you to expand as your business grows. As you are investing in accounting software to make your bookkeeping more streamlined and automated, it is important that it has all the features to make the process simpler. While it’s still possible to convert from one accounting software to another, as your business grows this becomes a bigger task so ensure you choose wisely.
Think about when you move to the accounting software
The best time to move to accounting software is at the beginning of a new financial period (either financial year or beginning of a GST period). In this way, you will have all the balances available for the whole period, and you won’t need to manually update any financials that you might have missed. You can start it at another time, but you will need to be diligent to enter any previous income and outgoings to ensure that there won’t be any error in the process. Ensure your bookkeeper understands the system well and get support from our friendly team if you need some help with accounting software training.
Have all your business records on hand
To successfully set up your accounting software, you will need to enter your bank accounts, accounts receivable, accounts payable records, contacts and items manually for the first time. The system will have all the necessary information to automate some of the process from this time on. If you have just started your business, then all your beginning balances will be zero. Enter all the basic balances to have an accurate account of your data. You will be able to add any additional bank accounts or balances to the accounting software in the future. It is important to pay attention when entering the numbers and contacts in this first step to ensure that your financials are set up correctly.
Connect your existing apps and add automation
Connecting your apps when setting up your accounting software will make your life even easier in the long run. There are many, many third-party programmes, like MailChimp or TSheets and a lot of industry specific add-ons that have integrations with accounting software. These can most often be found in the settings or on the dashboard. This will help to get all your apps in a single software, where you will have a thorough overview of them.
The setup process is usually similar across all accounting software, but it is not a one-size-fits-all approach. Explore any of the automation settings that will save you time in the future and have a browse among the add ons that the software provides. This can include default email messages, invoice reminders and other useful information that will help you with the bookkeeping process. These settings can make a big difference to your accounting software, so it is a good idea to optimise them for your needs.
At 3rd Arm Admin, we are experts in all kinds of accounting software, including MYOB, Xero, MoneyWorks and many others. We can help you select the ideal accounting software for your needs and support you with the setup. Our friendly team also offers advice and training for your bookkeepers to maximise the performance of your accounting systems. Get in touch with us if you need support with your accounting software setup!