Cotswold Management Limited
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West Oxfordshire Gloucestershire and Warwickshire
My name is Miles Barrington-Ward FCPA and I have set up many businesses' accounting systems including three using Reviso. I have found that Reviso is a very scaleable and user-friendly system that is especially well-suited to businesses which do not want to invest heavily in in-house IT systems and / or are geographically widely spread.
The steps to successful implementation of any new accounting system
Whatever accounting system is chosen, I usually recommend businesses to run through many if not all of the following steps to design an accounting system that is easy to use and relevant to management: • Research and write a business plan detailing the key objectives including market and competitor analysis. Identify the key activities and who will be responsible for each activity and will have responsibility for each activity's budget. Write a financial plan, which can be used as a budget for each of the activities. • Ensure that the proposed chart of accounts structure not only meets all financial reporting requirements, but collects information relevant for management to understand financial performance for all of the key activities. (Generally businesses are able to work with 4-digit account numbers to account for the separate activities. However, Reviso does have an optional department module, which enables the accounts to have many hundreds of departments or activities separately accounted if required.) • Ensure for whichever accounting system is chosen that it will integrate with any other business critical systems such as e-commerce websites, electronic tills (EPOS), etc. • Identify which staff will operate which parts of the accounting system and set up access controls to grant each group access to just those parts they should be able to use to perform those functions. This is a very straightforward task, in Reviso. • Set up all the accounting system parameters including stationery templates such as invoices and purchase orders. This is particularly relevant for Reviso which enables users to email documents straight from the system to suppliers and clients. • Train the staff to use those parts of the system for the tasks they are responsible for, and write up procedures for those tasks. • Set up the management reports. Whilst Reviso has a powerful report writer, I have developed a powerful report writer using an Excel Add-in that is in many ways even more powerful and flexible, yet easy to use to generate the monthly financial and key performance indicator reports. • Establish with staff the deadlines for activities to be completed to ensure timely reporting of accurate management and financial accounts. • Establish with staff the deadlines for production of management reports for each reporting part of the business. • Periodically review and update all of the above to manage the development of the business and help it to address the opportunities and challenges it may face. Please do feel free to contact me, Miles Barrington-Ward at Cotswold Management, if you would like to have a free day for us to meet and see how I may be able to help you achieve your dreams. Miles Barrington-Ward FCPA Managing Director Cotswold Management Ltd