Businesses say accounting software not meeting their needs

13 April 2011

Nearly half of New Zealand small and medium business managers say their accounting software doesn’t add up.

In a new survey of small to medium businesses for New Zealand accounting software brand MoneyWorks, 47 per cent of respondents say their current software is letting them down in some way. Just 38 per cent say they are happy with their current software package.

The MoneyWorks survey also found that two in five users regard accounting software as a “necessary evil”, while just one in three say they find it easy to get the information they need.

The survey comprised owners, directors, CEOs and CFOs and other senior financial respondents from 100 SMEs throughout New Zealand. It was compiled for MoneyWorks, owned by Cognito Software, which recently launched its latest ‘business-friendly’ accounting package, MoneyWorks 6.

Cognito managing director Dr Grant Cowie says the survey results show that Kiwi businesspeople want their accounting software to be more than simply a bean counter.

“Kiwi businesses want their data to provide them with easily-accessed insights into their business operations to help them plan for the future and improve their business,” he says.

“This is especially important in the current climate, so when 47 per cent of those surveyed say their software is letting them down, it’s time to take notice.”

Ease of use tops the list of features that respondents want to improve in their accounting software (55 per cent rank this in their top three desired changes). This is closely followed by reporting (42 per cent), flexibility (41 per cent), speed (38 per cent) and lower cost (36 per cent).

The preferences were also reflected in what users find most important in software, with integrity and audit trails, and detailed business insights also coming into consideration.

Dr Cowie says, “Accounting software shouldn’t be viewed as a ‘necessary evil’, but rather a critical tool to help businesspeople make the decisions they need to make their business better.

“This is why we designed MoneyWorks with the senior business user in mind rather than simply providing book-keeping and compliance services for accountants. We know it’s vital that businesspeople have important information about their businesses at their fingertips.”

Indeed, 43 per cent of respondents identified management / financial information as being the main reasons for using accounting software.

Cost is also an important element cited by respondents – one in five say they find their current software package too expensive. Cost concerns – software / upgrades / fees, transfer and training costs – are also the biggest barriers to changing packages.

Dr Cowie says, “Businesspeople want insightful, easy-to-use software that adds value to their company. Right from the start, we’ve focused on ensuring our MoneyWorks software is intuitive, flexible and most importantly, good for business.

“Because MoneyWorks 6 is so quick and easy to pick up, the costs of switching are greatly reduced – we also have dedicated trainers should you need them. In addition, it’s cross-platform (Mac / PC), with a fully-compatible product line should your business expand.

“And because we don’t tie accounting software to payroll, upgrading accounting software to keep up with payroll rules should not be necessary – so you won't get stung for an annual upgrade you don't really need.”

Visit www.moneyworks.net.nz for more information and a free 45-day trial download.

About the MoneyWorks survey
The survey was carried out by Perceptive in February 2011 for MoneyWorks, a New Zealand-developed accounting software programme with more than 25,000 clients in 70 countries since its inception in 1992.

Respondents comprised owners / directors, senior management or financial personnel from 100 small and medium enterprises from around New Zealand using a variety of software packages (with just 3 per cent using earlier MoneyWorks versions).

Industries surveyed included wholesale trade, construction, accommodation, food services and education and training among others.

MoneyWorks Survey – key findings:
• 47 per cent of those surveyed say their software is letting them down in some way. The most common reasons for this are, in order of preference:
o Stocktake / stock levels / receipting
o Bank reconciliations
o Cash flow
o GST

• 38 per cent of respondents say they are happy with their current software package. The three most common barriers to change are, in order or preference:
o Cost of software / upgrades / fees (30 per cent of those surveed)
o Cost of transferring (30 per cent)
o Training time and costs (28 per cent)
o Concerns about compatibility with current software (16 per cent)

• Features respondents most wanted to improve are, in order or preference:
o Ease of use (55 per cent rank this in their top three desired changes)
o Reporting (42 per cent rank this in their top three desired changes)
o Flexibility (41 per cent rank this in their top three desired changes)
o Faster (38 per cent rank this in their top three desired changes)
o Lower cost (36 per cent rank this in their top three desired changes)

• These preferences are also reflected in what users find most important in accounting software:
o Ease of use (81 per cent rank this in their top three most important features)
o Flexibility (61 per cent rank this in their top three most important features)
o Reporting (51 per cent rank this in their top three most important features)
o Integrity / audit trails (34 per cent rank this in their top three most important features)
o Low cost (31 per cent rank this in their top three most important features)
o Detailed business insights (31 per cent rank this in their top three most important features)

• Two in five businesses consider accounting software to be a necessary business evil.

ENDS

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