Are you looking for the right accounting software or an appropriate ERP solution? Our fiduciary experts will provide you with expert advice and show you the best options for 2021!

In advance, we have taken the time to provide you with a detailed overview of what you need to consider with these systems and the advantages of good software:

Key benefits of accounting software:

Financial management software includes tools and processes that manage and control income, expenses, and assets. An overall goal for any financial management solution is not only to maintain a company's day-to-day business operations, but also to maximize profits and continuously protect financial data from fraud and theft. In principle, an accounting system should offer the following benefits:

Here’s the text version of both tables so you can copy it easily 👇

Key Point: Networked business processes

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For larger companies, financial management software is part of the ERP system (Enterprise Resource Planning) that connects financial data and other data across companies, plants or divisions. By consolidating financial data, business processes are aligned and complexity reduced.

Key Point: Scalability for growth

As companies grow, so do their systems and processes. This means that their financial management software must also be quickly and easily scalable to handle growth across different markets, regions, and products.

Key Point: Data and System Security‍

‍Financial management systems should be able to protect critical data from theft, fraud, and other criminal activity by tracking and managing financial data across the organization. When financial management solutions include risk and compliance management, organizations can also ensure the future resilience of audits and internal controls to enable segregation of duties and assignment of roles to responsible parties across the organization.

Key Point: Error-free financial management

Modern companies need more than just a digital version of tactical accounting with spreadsheets. Beyond simply recording transactions, financial management software should help finance teams maintain fiduciary control, avoid accounting errors, shorten billing cycles, comply with constantly changing tax laws and government regulations, and optimize daily, monthly, and annual cash flow.

Key Point: Compliance with current and future accounting standards‍

‍National and international accounting standards set rules for private and public companies. Through fixed rules, definitions and processes, these standards ensure consistent financial information. However, these standards are subject to frequent changes. A financial management system should therefore be flexible to incorporate new changes immediately.

Key Point: Accurate financial data‍

‍Financial software should be able to do more than just simple bookkeeping. You should also think beyond basic features: forecasting, auditing, cash management, budgeting, recording and planning. Either through and proper categorized expense management, offer clear insights into working capital, deliver automation of audit trails and backups, and keep detailed records of all assets and liabilities.

Key Point: Data and system security‍

‍The accounting, financial, and audit processes must also provide comprehensive system security with absolute data security that is integrated into the entire financial management solution.

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As you can see, there are a few points to consider when choosing the right accounting software and this can therefore become complex very quickly.

For this reason, we at MKY Group AG have developed a solution that keeps your financial management simple, agile and clear: Money Key is a digital web and voice application that is connected to your accounting system. The financial management tool is a trustee and financial assistant in one and, thanks to its intuitive operation, offers quick and understandable insight into your company finances.

Contact us for a demo presentation and we will show you the comprehensive functions of our innovative software solution.

Disclaimer: The content of this blog post is for informational purposes only and does not constitute professional advice. Each individual case should be reviewed individually and we recommend that you seek professional advice for specific questions.