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Choosing Payment Processing Solutions There is a vast array of payment processing solutions to choose from to accept credit, debit and checks at your place of business or online. Technical solutions for face-to-face electronic payment transactions include hardware terminals, pin-pad devices and scanners. Hardware can stand alone or be integrated into a POS (point of sale) system. They can work through a dial modem or be wireless. For non-face-to-face payment transactions that are made over the telephone or in an environment where card numbers are keyed manually, software programs are available that are also stand alone or integrated into a network that, for example, "plugs and plays" with accounting software. Online or Internet payment processing solutions require a virtual storefront where customers can enter their own card numbers and a secure gateway connection to transfer the payment information to the payment processor. Selecting the best processing solution for a business begins with a needs assessment based on the business requirements of the departments of the business impacted. A needs assessment for payment processing solutions may be performed just with the owner and their CPA, or such business departments as Accounting, Order Fulfillment, and Information Technology (IT). Consumer needs may also drive the choice for which electronic payment processing solution is best for a business. Customer requirements that are important to consider are security, the need for itemized receipts, deferred or installment billing, repeat purchasing, or a preference to using Purchasing Cards. For more information on choosing the right payment processing solution for your business, or to receive a complimentary needs assessment, call or email: Craig Stokum, CPA Sr. Vice President Capital Payments, LLC 631-719-8654 cpa@capitalpayments.com www.capitalpayments.com Choosing Accounting Software<br>for Your Business We live in a society of choices. And while this is a good thing, too much of a good thing isn't always good. With so many software packages on the market that promise to help you improve your business, selecting one can be a daunting task. The good news is that Windows-based accounting systems are better than ever, especially in terms of value and performance. The bad news is that if your hardware is three or more years old, you may have to upgrade or replace your hardware in order to have enough memory, speed and storage to run your new software. Technology is changing rapidly, with new upgrades available every few months. It is important to know what you want out of technology before you put your money into it. Plan to upgrade your systems as a result of sound business decisions, not emotional responses (like when you go to CompUSA and everyone's buying stuff and you feel like you need more stuff too!). Steps to take for choosing an accounting system Involve the right people with the right diversity. Input from your managers and staff will help you determine your accounting, MIS, administration, legal, and word-processing needs. Part of this process requires defining the problems you expect the system to solve. Does the business need a better way to control cash flow? Could billing be improved? What kinds of reporting features are needed? Once you have a needs list, prioritize it. No solution will be perfect, so decide on what you must have versus what you'd really, really like to have. Once you've established your priorities, investigate a system that will meet your immediate needs and will be flexible enough to offer a growth path. Just in case a need becomes identified after the fact, your new system should allow for things like a report writer and some level of customization. If you do everything correctly (or you're just lucky) and your system helps take your business to the next level, will it leave you there having to start all over? Or can it grow as you grow? Strongly consider hiring a consultant. In a small office, it is common to find a full charge bookkeeper who, with a little help here and there, can setup and run an accounting system on QuickBooks. It is uncommon to find a CFO, financial VP or controller who has the time (not to mention experience) to install, implement, train, etc. a mid-range accounting system in the class of SBT, MAS90, Great Plains and so on. Evaluate the vendor not just the software. Do they offer frequent updates for enhancements and corrections (yes, all software has bugs)? Is there product R&D following the latest trends and technologies? How long have they been in this business? How large is their installed base? Do they offer technical support to their resellers and/or you? These are important considerations. Choosing accounting software for your business is ultimately a very business-specific decision. Prior to settling on one program, you should talk to a computer expert or consultant about your specific business needs, the business's path for growth and your budget. Lou Kabzan is the Director of Computer Consulting at Marcum & Kliegman, LLP. He has completed extensive training in both SBT systems and QuickBooks, and has more than 20 years experience in computer consulting. He can be reached at 516-390-1000. |
• Peachtree Accounting v7.0
• Personal Budgeting
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