Any output from accounting software is only as good as the information entered. We frequently find users of computer software use the wrong codes when entering transactions (e.g. GST coded on personal expenses, hire purchase payments coded to fixed assets, general expenses full of unknown entries, suspense accounts with transactions that need to be recoded …). When data has been coded to the wrong place, time must be spent correcting that data entry. Generally speaking, the use of a computer system doesn’t lead to cost savings until the software is being used properly.

Good accountants will offer to review your accounting software and provide you with recommendations so transactions are coded properly. As you use your accounting software better, the services offered by your accountant normally shift from that of compiling the data to providing advice on how to do better based on the data which means your accounting fees won’t necessarily decrease.