There's more than 1 route to the right accounting software

Don't leave your accounting software in the hands of your IT team. Understand the tech you can pick and choose for your finance department.

 

Choosing the right accounting software

In days gone by your accounting software was probably left in the hands of the IT team, and was more a case of you get what you’re given.

Today's tech is infinitely more tailorable and scalable than the options of the past, making it more important that the finance team understand and contribute to the choice of a system driven by their own needs in order to get better value from your system.

 

In the closet or in the cloud

Traditionally accounting software was always delivered ‘on-premise’, meaning a physical copy of the software is installed on individual computers and on-site networks, but with a requirement for ever more versatile systems Cloud-based options are typically coming the norm. But which is the one for you?

On-Premise Hosting

• The advantage of this physical presence is that your IT department has more in-house control over all systems and the data within
• The disadvantage is that it’s on-site presence does leave it vulnerable as a security issue

Cloud Hosting

• Provides vastly improved security
• Remotely accessible by any department from anywhere
• Available in monthly payments rather than upfront costs
   

93% of businesses are already using at least one cloud-based service.

43% of businesses using cloud-based systems, wish they’d made the move sooner.

 

Choosing your database

How your accounting system is hosted is just one of the forks in the road to decide before you choose the database that’s actually being delivered. There are many relational databases available that make up the underlying architecture of the finance system your supplier will be offering, but the two most widely used are Oracle and Microsoft SQL server. Often you might not even know what database your supplier is utilising, but it's worth digging deeper and understanding the differences between what's available.

Oracle

• Can be utilised on any platform, including Apple and Microsoft
• Advanced specialist programming particularly suited to Cloud based systems
• The advanced nature of the system make it a more expensive option for on-premise use, but all the benefits of the system can be achieved at a fraction of the price as a cloud based system
• Fast expanding market share

SQL Server

• Only available on Microsoft products
• Suited to the abilities of in-house IT teams for manageable on-premise systems
• Currently has 46% of the market share

 

How is your accounting software licensed?

Whatever accounting system you are currently using, being more aware of current tech and licensing opportunities could help ensure your system is truly working for you, and not just working.

The days of ‘all or nothing’ software licensing are over. It used to be the case that you’d pay for the full database license, which allows the use of unlimited systems built on a certain database, but in reality, most only use one!

An embedded software licensing system like Oracle allows you to pay for 1 application at a fraction of the cost, whilst still benefitting from the full backend database. If you are running multiple systems using the same underlying database the full license is probably still the best option.

 

Interested in knowing more about the latest technology trends to affect your finance department, get in touch for a no obligations consultation.

 

More Reading

• How to choose the right accounting software for your business

• A step by step guide to reviewing accounting software