List considerations when reviewing existing software and its suitability for financial management.

Answer:

• Review the suitability of accounting software reviewing the suitability of the software, you need to consider the following:
• Is the system ATO compliant allowing the organisation to process and electronically lodge tax payments?
• Is the system Australian Securities and Investments Commission (ASIC) compliant, allowing the organisation to electronically submit forms and reports?
• Can the system effectively produce profit and loss statements, balance sheets and statements? Does the system enable managers to analyse data and produce variance reports
• Does the system handle a number of users at the same time to efficiently process data and obtain information?
• Does the system allow you to keep financial records for each business de within the organisation?
• Does the system allow for integration with existing systems relating to customer relationship management, human resource management, project management, production, inventory management, sale and e commerce ? Is the system able to produce sales, purchases and inventory reports?
• Are expensive add-ons required to conduct analysis and present financial budgets and statements?
• If a change in is made, what costs are involved in purchasing the software.