PUBLISHED:
October 27, 2008
Now is the perfect
time to be implementing Microsoft Dynamics® GP or SL accounting software.
You may well be
asking, "Is this guy nuts? The economy's tanking, people are pulling in their
horns, and you want me to spend money and time on new accounting software?"
Yes, that's right.
Now granted, I have a vested interest, but the reality is that a number of
important trends and developments have come together to argue for implementing
software that very quickly will pay a host of dividends. The Economic Stimulus Act of 2008 and Federal
bailout, coupled with corporate weakening and failures nationwide, have created
the perfect opportunity for forward-thinking small to mid-sized businesses to
outmaneuver competitors via leading-edge accounting solutions. Here's how:
- Take a tax break. The Stimulus Act permits businesses to take a 50 percent
bonus depreciation on qualifying software (including accounting software) and
hardware purchased and placed into service before year-end. Added to the
regular depreciation allowance, a business could realize a real-dollar tax
savings of nearly $3,000 on a $15,000 purchase--saving almost 20%.
Of course, you'll
need to consult your tax advisor to see if/where you qualify. Growing
businesses shouldn't shut down their spending in dicey economic times. They
just need to spend smarter. This certainly qualifies.
- Become a financial reporting fanatic.
Your company will need to be in better control of financial reporting than ever
before. Ability to collect the right information at the right time will be
critical to companies wanting to achieve and maintain a competitive edge.
Microsoft Dynamics
accounting software scores extremely high in this...