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.