President's Message
Atty. Benedicta Du-Baladad Message from the President:

Benedicta Du-Baladad


To FINEX members and friends,

PRESIDENT’S REPORT
November 2017 Issue

We are now on the final stretch of 2017. This year has been one of the busiest and exciting for both FINEX and the country.

Earlier this month, our country was once again placed in the limelight as we hosted this year’s ASEAN Summit. The summit provided us to showcase what our country can share to the world and the creativity of the Filipino people. Indeed, the recent hosting of the ASEAN summit placed our country

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July 28, 2010 - ACCOUNTING SOFTWARES – WHICH ONE SUITS YOUR COMPANY?
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ACCOUNTING SOFTWARES – WHICH ONE SUITS YOUR COMPANY?

By:  Wilma Inventor Miranda

In the outsourcing business, clients usually come to us asking for help in finding the right accounting software.  We always ask what accounting software the client is using before quoting a fee to a client since this helps determine the volume of work and the complexity of the processing of recorded transactions we have to perform.

Accounting software packages are available in thousand brands in the market. Different packages offer different features and capabilities and can be awesome and mind-boggling.  However, when you really look closely and test the product or do some research from the existing users of these packages there are a lot to be desired of from these software packages.  Problems such as lack of support, bugs, missing modules and key features, obsolete technology, huge capital investment, etc. are the common problems faced by many businesses.

To be safe, one should seek the major players for they have proven capabilities and there are past and existing users who can provide information to avoid the pitfalls and problems they might have encountered while using such software or the satisfaction they gained by using such software packages.  These major players are the more popular brands, widely-adapted and had been proven to be effective.

Some were saying that there are over 4,000 common features found in the top accounting software packages but I am sure we do not have all the time to examine those features.  However, there is an initial test to find out if the software is good.   If this passes your initial test, you can go further and evaluate.  But if it fails, you save a lot of time and effort by not pursuing further evaluation on such product.

The initial features one should look for in order to find out if this is worth your time for evaluation are: print screen capability of financial reports, customization of a data input screen, encoding an inventory item, processing a sales transaction or sales order, capability of drilling down and around, integration to other accounting system for subaccounts such as accounts receivable, and one should also evaluate the account number structure.  If in these areas, the software fails the test you are better off looking for some other accounting software.

The top accounting software in the market would depend on the size of the business.  For a small business you do not use the ERP packages for that would be like using a Rolls Royce when you are just a mere paid employee.  From our experience in the outsourcing business and per research and inquiries the most widely used for small and medium enterprises in the Philippines are: Peachtree, Quickbooks, and MYOB.   These software packages could come in different versions but the latest version are the more improved ones although it may cost more.  For the companies belonging to Tier 1 (or companies with revenue ranging from $250 Million and up – convert that into peso for the Philippines companies) the most popular ones are: Oracle Financials, SAP R/3, ACCPAC Advantage Series Enterprise Edition, Great Plains, PeopleSoft World. 

Running a small business looks easy – just keep track of the cost and make sure that the revenue comes in.  But without proper accounting of your transactions, you may find your company one day diving into losses.  Accounting software is a tool that can greatly help companies whether big or small keep track of their accounting transactions and thereby have the necessary information at their fingertips to make the right decision.  Accounting software is here to stay and is evolving as businesses evolved. It is gradually becoming a necessity rather than just an alternative tool.  And finding one is a step towards making your business grow.  If you need expertise to help you find the right software package, find the right people but you cannot remain stagnant.  If you are, then you are going downhill and the only way to go is move up and that means keeping abreast with technology particularly on accounting software. They are a boon and never a bane to one’s business.

(Wilma Miranda is the Vice President- Chief Business Development Officer of KPS Outsourcing, Inc.  (For comments please email her at This e-mail address is being protected from spambots. You need JavaScript enabled to view it )

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