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  • Writer's pictureCarol Kok

How to Choose the Right Accounting Solutions Provider for your SME Business

Having a tough time looking for help managing your business finances? Looking for solutions that can help your business automate? Looking for a vendor that is there to support you when you need it the most?

Choosing a suitable accounting solutions vendor is often compared to choosing your future husband or wife, after all marriage is a business. Refer to this previous blog article.

Automation must be easy, fast, accurate and with as few errors as possible. The question is, ‘how can I find the most suitable one for my SME business at the moment?’

MYOB has guideline’s that will help you to find the most suitable accounting solutions provider or providers for your SME business.

Here’s a check list to help you:

  1. Security – When choosing a vendor you should consider: Are they recognized and accredited by a government body, especially in the field of accounting? Are they GST accredited in your region?

  2. What local partners do they work with, are they well known and do they also provide other benefits for your company? Make sure everything is legal, this ensures you avoid any chance of non-compliance. Desktop vs online – what best suites your business model and budgets?

  3. Unparalleled Quality of Service to Customers Does it offer a streamlined business process in accordance with local accounting processes? Do they have certified partners and trained staff who understand local accounting laws and compliance? Is the vendor capable of providing local support and technical assistance when required? What are the costs and are people readily available? As a buyer, we are always looking for the “X” factor, that factor is commonly called “after sales service”. With accounting software this is crucial! Is this part of the solutions offered? Is their HQ local? are their staff local? Will they understand my requirements?

  4. Value for Money This is the main battle for almost all vendors and suppliers because all buyers are looking for “WIIFM” (WHATS IN IT FOR ME) this is the same as with the question “Does the cost justify the quality of products and/or service being offered by the vendor?) Please note: Don’t be blinded by the low cost strategy of vendors, always keep in mind that low priced goods and services do not necessarily mean good value for money. Let’s keep in mind that the best value for money comes with the right combination of proper costing, reliability & quality of the service.

  5. Financial Security Make sure your vendor has all the means to deliver what you want and what you need. Knowing they are financially strong and capable should make you feel confident, safe in the knowledge that you won’t be left high & dry. There are many vendors offering a wide range of products at various price points, many of which disappear in one or two years. Look for a partner or partners currently working with market leaders in your region. This will ensure continuity for your business.

  6. Adaptability & Flexibility This checklist is useful in determining the right “Accounting Solutions Provider” for your SME business at the moment. Think about your “NEEDS vs WANTS” (Needs are things crucial for your day to day operations). Accounting software can vary in price. Sometimes the costs involved can be prohibitive. Select a vendor that meets your core business requirements first. Ensure they have a history in on-going product development, determine if your wants justify the additional costs associated. If your wants are too difficult or not common business practice, identify a vendor who can provide acceptable, cost effective solutions.

Choose MYOB -Apscom Solutions

Which MYOB accounting software solutions you choose depends on the needs for your SME business at the moment. MYOB Accounting Software Singapore offers Desktop solutions for you to pick and mix from. Find out more now.

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