Business accounting software significantly reduces the likelihood of human error that comes with accounting on paper. In the same way, it also allows you to gain access to critical information with just a couple of keystrokes.
But with many options available, finding the right accounting software can take time and effort. To choose the best accounting software, you must weigh the functional and technical aspects of your business.
Choosing the Right Accounting Software for Your Business
Choosing the right accounting software for your business can sometimes make your head spin. That’s because your company has specific needs.
With so many commitment timelines, software features, and price points, it can take time to keep things straight. To help you sort through the options, we’ll walk you through some handy tips on finding software that best serves your business needs.
Once you have identified your business needs and have narrowed down your options for accounting software, the next step is to consider the implementation process, and if necessary, seek out a NetSuite implementation partner to ensure a smooth transition to the new system.
1. Keep your budget in mind
A wide range of business accounting software can fit all budgets. Usually, for general applications with a broader user base, you can download it for free or buy it at a much lower price.
However, the more specialized software you get, the more expensive it will be. That’s because the user base for specialized software is smaller. If you want something more specific or customized for your needs, then be prepared to purchase a premium.
2. Opt for the one that you know how to use
Like many business owners, you probably have in-depth knowledge in your field but not accounting. The last thing you want is to spend all your working hours learning bookkeeping.
It’s also worth noting that accounting software comes with various skill levels in mind. Some are simple and made for non-accountants. Meanwhile, others are well-suited for accountants themselves.
In the end, it doesn’t matter who you are. The most important thing is to look for software that provides free resources and excellent customer support. This allows you to learn something new and ensure that you have the correct information in your hands.
3. Decide what features you’ll need
The great thing about having too many features to choose from is that you get to find the right accounting software tailored for your business.
Here are some of the most common features that you might come across:
- Create, and track invoices
- Compile financial statements
- Incorporate bank accounts
- Pay vendors
- Process credit cards
- Record customer histories
Then also be aware that Making Tax Digital is very important, so make sure that you choose accounting software that is Making Tax Digital compatible, as you then do not have to worry about those new rules.
To make things more organized, develop a checklist of all the features you’ll need. Then, prioritize the list from essential features to the least.
Then, look for a software solution that supports your business’s current and future needs. Ideally, look for software that can grow alongside your business.
4. See to it that it has an excellent customer support
You might also have questions or need help figuring out your new software. When that time comes, you want to work with a customer support team that can help you quickly and easily.
Remember that quality support is highly knowledgeable and easy to get hold to.
Here are some of the critical questions that you need to ask yourself when thinking about customer support:
- Is the support free, or are there any additional recurring fees?
- What is the time zone of your customer support team?
- Are they knowledgeable when it comes to the needs of your software?
- Are there other ways that you can get ahold of customer support? This can either be through emails, phone, or online chat.
It also helps to give the customer support team a call, ask them questions, and take notes. You can tell pretty quickly whether or not they’re the right customer support team for you.
6. Decide with the help of your accountant
Your accountant might prefer an application compatible with the ones she’s using.
Generally, your accountant is in the best position to educate you on the best option for your business. They can even help you set up the software you pick.
7. See Cloud application
Cloud computing has become a prominent influence in today’s business landscape. It also comes with several benefits.
You can easily access these applications from any location as long as you have a strong internet connection. You also don’t need to buy purchase licenses or servers to run them. Usually, installing upgrades and patches is done on the server end, and there’s no need for you and your staff to worry about keeping your software up to date.
In the same way, cloud applications can also be easily accessed via a laptop, tablet, or smartphone. You’re also sure your records are secure in a data center far from your business’s physical location. This ensures its safety in case of a destructive event or a local disaster.
On the other hand, if you opt for desktop software, you should be aware of the risks. Instances like crashes, water damage, and power outages can spell disaster for your accounting records.
Over to You
Whatever business accounting software you use, remember that you’re not committed to it forever since most software offers some form of conversion.
Still, you shouldn’t take this decision lightly. The last thing you want is to commit to one application and start investing your time in it, only to discover that you have to switch to another accounting software just a couple of months later.
So, hopefully, these practical tips will help you come up with the right decision. Good luck!