I have worked in the field of controlling and finance for more than twenty years. The finances of a company, processes and legal requirements, are familiar terrain for me, where my role was to deliver transparency.
I have worked mostly for large international corporations, so I have seen and tried a lot. There was everything from extremely outdated systems to halfway clever solutions which were able to present many financial processes clearly and concisely. The big problem I have observed, especially in last 10-15 years, is that unfortunately a lot of companies are using extremely outdated financial software. I have spent a lot of time in my career making data transparent and preparing it that it could be further used for monthly closings and reports. From accounting or backend systems for reports of various kinds, to the annual financial statements, both statutory and IFRS, which I even had to compile myself manually (in excel, on account level!). At the end of my financial career for big corporations I completely lost interest in such a work. It's like being a human computer, but only dealing with junk. Fortunately, it came to this, because this realization brought me to completely different solutions. Modern solutions and on the pulse of time!
Since my life partner started his own business a few months ago and appointed me as his personal financial advisor, I thought to myself "Ok, we're going about this tricky data issue smartly and thus very differently than I know from my financial career for big corporations. Luckily we are free to do what we want to. ;o)" So I started research what cloud based online software was out there in the market. I went searching under the following criteria:
Online accounting and order processing software
cloud solution, several people should have access from different locations
I first discovered a program whose name sounded very promising. I am extremely quick with new software and learn it really fast. Unfortunately, I also had to realize so quickly that in this case it was a software that was under development. Only parts of it were released, but already offered to customers. Many, especially legally important modules were not even programmed. Offers could not be changed afterwards, but only deleted and created anew. This is an absolute no-go for daily offers. Impossible. There was no stock book...there was simply a lot missing. I wrote to support three times and always pointed out errors and missing programming. In the end I gave up on this software before it could come to the subscription. Still in the test phase.
The test phase is a great thing, which every company should definitely use. It should not only test if the environment fits and is user friendly, but also if all the features you need for your business are there. Only when all requirements are met, one should choose the right subscription.
So for me, it was back to the search. And I found it quickly. I found FreeFinance, a software which has been around for years and which has all that my life partner's business needs. It has the following features that convinced me as a financier and digital enthusiast: Austrian legislation, accounting (simple, double) with chart of accounts, evaluations and lists of balances, even monthly lists of balances. It has complete order processing with all documents, as well as logbook, diets, cash register, etc.
I love the import of bank statement data including posting suggestions. And the total highlight is the direct connection via web service to the tax office. Reports on turnover i.e., the controlling part of the game is rather weak, but since you can export everything to Excel, it is really a daily pleasure to work with this system. From anywhere and at the same time. So from my point of view, after months of use, FreeFinance Software gets the best rating: 1. And they justifiably call themselves 'smart accounting software'.
Are you also looking for modern software solutions? Maybe an online business solution? If yes, then proceed wisely and you will create a modern transparent base for your business.
Here are the most important points to consider:
forget everything that is not online, offline solutions are out and obsolete, their time is running out
pay attention to the legislation, choose such software that is valid for the legislation in the country where you need accounting and also pay taxes
use the trial period and test all modules and functions
the most modern standards are all digital and today's digital standards look like this:
extensible modules for further phases/parts of a company
completely exportable data in multiple formats
upload of data possible (this also includes scanning of invoices)
import of bank statements with booking suggestions
automatic check of tax identification number
a highlight that speaks for a first-class software is the direct reporting and communication with the tax office and other authorities via web service
As for the cost, nowadays these solutions do not cost much or you pay them by modules. Simple accounting is about 300-400 €/year, double-entry accounting a bit more.
These are affordable prices and the benefits if you legally choose a local variant are huge.
Do you have questions regarding your business and plans?
Do you want to work more transparently and digitally?
Do not hesitate and contact me for consultation.