How To Choose A Management Accounting System For Your Business?

(Last Updated On: December 13, 2022)


i2_enDue to technology’s constant evolution, keeping up with the times poses a real challenge to many businesses. This is especially true when trying to stay efficient and accurate in Management Accounting.

In a survey conducted in 2011, nearly one third of accountants surveyed showed concern towards their business’ ability to incorporate technological change.

For the small and medium-sized enterprises, limited resources is a big reason why acquiring the latest accounting systems is put on hold.

The Requirements of a Management Accounting System

Regardless of all the different products offered on the market, every Management Accounting software must allow the user to enter accounting data as well as properly monitor accounts and finances. This seems to be quite obvious, however it should still be at the top of your check list when looking at the many different options of accounting systems.

A good Management Accounting software must also:

    • offer excellent quality at an affordable price
    • does not require too much maintenance
    • be practical and user-friendly
    • be flexible (can be changed according to your needs)
    • be easy to use
    • help save time
    • eliminate the risk associated with manual entries
    • ensure timely access to information
    • meet the specific needs of each industry
    • can be used by a large number of users
    • be used for a large number of accounting transactions (billing, collection, reporting, financial results, etc.).

The Perils of “FREE” Systems

Today, many Management Accounting softwares can be downloaded from the Web for free. As much as these options may seem very attractive to business owners, it does in fact have many shortcomings.

To start with, few of these systems provide technical support and proper maintenance. With any software system, technical support, upgrades and maintenance are all extremely important to stay up-to-date and to prevent any issues arising on a daily basis.

If you are not an expert in software and you do not have an internal team to resolve installation problems, start-up, updates and maintenance, then this “free” option will soon become very expensive as an external team will need to be hired.

On top of it all, most of these programs provide only the most commonly used applications. You will not find all the useful features of which a business needs that come with the non-free Management Accounting software systems.

Cloud Computing to the Rescue!

Management Accounting Software: How to Choose ? �

To accommodate their financial records, more and more organizations are relying on hosting in the cloud (cloud computing). Business managers are realizing the many advantages associated with choosing an outside service provider for the maintenance of its Management Accounting system.

However, some of these managers are still hesitant in this method as they prefer to store their accounting files on location. Their reasoning behind this is due to the fact that most financial papers contain strategic information that is highly sensitive. Of course, hard copies can be easily lost or damaged, a serious problem these managers face on a daily basis.

The solution is cloud computing. This entails storing these important documents in digital form, where they are very safe and easily accessible at anytime, anywhere and there is no fear of getting lost or destroyed.

Another advantage includes freeing up considerable space at the company and saving on staff time. Think of all the physical channels that go with sorting, filing, placing, updating and rearranging the files. With cloud computing, all these efforts and costs are eliminated.

Namtek’s Management Accounting Solution in the Cloud

Namtek Consulting Services provides small and medium-sized businesses a cloud-based solution that can safely host accounting data. We strive on developing user-friendly, accessible, high quality and affordable solutions.

Cloud computing works by hosting your accounting records on a private server in a certified data center, all via the Internet. You have the ability to access your accounting records anywhere, anytime.

SMEs can finally afford a top-quality SaaS (Software as a Service) Management Accounting software. There is no need to spend on expensive on-premise servers or internal IT staff. Namtek offers an affordable monthly subscription fee, which varies depending on the number of users and modules you choose.
“In the cloud” has become very popular among businesses as it has recently been praised by IDC Canada for its performance, reliability and customer confidence.

Now is the time to judge for yourself!