"Many companies do not understand the business case for spending some time on tuning these systems for their short- and long-term needs," says Randy Johnston, executive vice president of Hammond, La.-based K2 Enterprises, which conducts seminars on how to use accounting software. "So, they'll buy an accounting package as an off-the-shelf solution without taking the time to discover the range of functions that can be customized."

Accounting software packages, which once were limited to basic accounts payable and receivable functions, have become increasingly sophisticated in the last decade. Many systems have a series of "modules," which enable users to expand into more detailed applications, such as managing workflow, monitoring production cycles, calculating sales commissions -- even tracking external hits to the company's Web site.

Small businesses that use a program like QuickBooks can often make use of most of the product's invoicing, bill payment and basic accounting functions. But midsized companies that use a more sophisticated enterprise wide accounting program often just use the general ledger module and little else.

Based on his training experiences with hundreds of companies, Johnston says businesses tend to use only about 20 percent of the available functions in any given accounting software system. For example, he notes that a typical mid-level small to medium enterprise (SME) accounting package -- designed for companies with about 500 employees and $500 million in sales -- has a number of labor-saving features that are rarely tapped by the average user.

"In these programs, there are often automatic tools like document imaging systems that will scan an invoice, record it in the system and match it to a purchase order for preapproval," he says. "But users often bypass that feature -- either because they don't know it's there or because they don't know how to use it."

There are several reasons why companies frequently don't exploit the more advanced capabilities in accounting software packages. For starters, the purchase price of an average mid-level program can run from $40,000 to $100,000-plus, with a similar amount of money spent on implementation. During that roll-out process, many companies designate only one staff person to learn the intricacies of the product, leaving the business vulnerable if that employee moves on to a new opportunity. And, once a new system is up and running on the basic functions, it's easy for a company to decide that further investment is not justified.

Johnston disagrees.

"Most organizations tend to underbudget for training and support services, with the false expectation that they're saving money," he says. "But in my experience, if you continue to train users in the first three to four years of using a system, you'll make more than that investment back in increased productivity and broader system applications."

If you are ready to explore untapped features in your accounting system, professionals suggest the following steps:

Reassess your primary and secondary needs. When preparing to purchase a major accounting software system, many companies will conduct a needs assessment to identify mission-critical and supplemental needs. However, after a long implementation process, the support functions are frequently overlooked. If your company installed an accounting program more than two years ago, it may be a good time now to revisit how the software can address previous -- or emerging -- needs.

Look for duplicate applications. Because many end users do not have a detailed understanding of the breadth of features in their accounting software, they may install and run nonintegrated programs that perform the same functions. This approach requires users to enter the same data in multiple locations, increasing the chance for errors and duplications. It also increases the cost of staff time to handle routine tasks.

Take advantage of quick customization opportunities. While some features in an enterprise accounting package are fairly complex to launch, others are surprisingly simple. For instance, it takes just minutes to select and implement custom menu options on one Great Plains accounting product.

"If you take just a little bit of time to do that for your user work groups, you can drive their efficiency way up," Johnston says. "But because most users never know it's there; they never go looking for it."

Support ongoing user training. Virtually every major software provider issues updated versions of its accounting products on an annual basis. Without a regular update and training schedule, companies will miss out on key features that may improve productivity or help cut costs. Johnston suggests that CFOs or other business leaders budget funds to cover anywhere from four to 16-plus hours of annual user training and continuing education.

By taking these steps, you can ensure that your company maximizes the value of its accounting software to boost your bottom line.