Good Systems Are Simple And Cost Effective

The primary function of any business is to make a profit yet thousands of business owners across the country are unable to report on their financial performance because they lack accounting software that would produce a statement of income. Many business owners have invested in accounting software that they are unable to use because of its complexity. Business performance is not only a mystery for many companies but that performance would have been enhanced if investment had not been made on inappropriate software and systems.

Benefits

FIGG offer products that range from basic household budgeting tools to a fully integrated financial system that links sales, purchases and cash transactions but also offers additional elements such as payroll and fixed asset control programmes. It is possible to trial the products before they are purchased and this is a measure of the confidence the developers have in the product. The software is also reasonably priced, another big factor for small business owners. It is important that businesses use software that suits their needs, it should only represent a small percentage of overall expenditure. Larger more expensive systems are designed for companies operating with large numbers of users across multiple sites. Some systems may need to factor in a greater degree of internal control that is simply not required for small businesses who may only have a small number of system users. Just as a family of four would not purchase enough food for a hundred people the same principle can be applied to accounting software. It is inefficient to purchase something designed for larger companies and business owners should be wary of any product that is offered at a low headline rate but requires frequent costly updates and training. FIGG software products are inexpensive and are provided with free support. Business owners and finance professionals are switching to FIGG every day as they realise that there is a system that is easy to use, integrates with familiar software, inexpensive and reliable. A revolution is occurring in the world of finance and business owners are being empowered by FIGG products creating a leaner and more responsive small business sector

Accounting Standards

FIGG systems work well because they are simple to use as development of the products has been completed with considerations of small businesses as a priority. Small business owners want a product that provides them with the answers they need about their business delivered in a language that they understand. Whilst it is necessary to ensure that data entry and reporting is easy for users, it is important that products are compliant with generally accepted accounting standards which are governed by the Accounting Standards Board. If business owners are confident in the financial systems they use they are able to focus on their business activities and make their company stronger. The ability to produce accurate financial data in a presentable format is essential when making any application for business finance. Lenders look favourably on businesses that appear well organised and in control of their financial affairs. The availability of financial information enables business owners to be proactive in their business activities. If accounting is a function that is handed to a third party such as an accountant this will achieve compliance with taxation law but will not provide the business owner with the knowledge required to run the business effectively. Decisions will always be made as a reaction to historic data and the knowledge of the financial picture may be presented too late to make a significant difference to the overall position.

What Makes a Good Accounting System

Accountancy is a common language across the world and although there are local differences in the treatment of items within accounts the principles are the same in any country. Despite this there are hundreds of different accounting software packages, all claiming to be the best. The most important consideration must be whether or not the company that has made the investment in the technology, is able to train its staff to get the best out of it. Most small and medium sized businesses need something that can record all sales, purchases and cash transactions, before producing reports that allows a user to extract the information required to run a business efficiently.