How to Choose the Best Accounting Software for Your Business?

How to Choose the Best Accounting Software for Your Business?

Accounting Software

In today’s fast-paced world, it is pretty easy and inevitable for one to get caught up in conducting day to day operations. It’s high time, one must think of incorporating accounting software such as Intuit QuickBooks Online, Zoho, GoDaddy online bookkeeping, Oracle NetSuite Accounting Software, FreshBooks, Plooto and the list goes on! 

I recently happened to stumble upon a post stating what makes ideal accounting software. It said Manufacturing, Retail, banking, finance, and Accounting have started acknowledging and adopting custom software development.  Amongst all this, developing Accounting software is a blessing in disguise and it is one of the transformative tools that can augment business against their peers.

Therefore, I decided to write an article on why it is important for businesses to opt for accounting software and most importantly, how to pick the right choice of accounting software for your business? So without any further ado, let’s begin!

Accounting Software have become the Need of the Hour

Keeping up in the fastest growing world can be insanely tricky, especially when at the same time you are expected to deal with complex and complicated financial data. Gone are the days when it was feasible to handle business accounts in the form of spreadsheets. More or less, it wasn’t appropriate enough as it was pretty confusing, time-consuming and prone to errors. As a result, it’s time to look for a scalable accounting solution.

Now how can one manage financial data seamlessly? Well, accounting software is said to be one featuring basic invoicing, billing, calculating taxes, assists in managing projects as well as valued clients, reconciling bank accounts, and of course, not to mention generating insightful financial reports, and assisting in businesses to grow to the next level.

Further below I would like to mention certain benefits of choosing accounting software. More or less, these software programs can streamline your books and ensure that your business is absolutely working properly.

Benefits of Using an Accounting Software

#1 Efficiency

One of the obvious benefits of accounting software is that it increases efficiency to a great extent. As mentioned earlier, donning multiple hats such as completing admin duties as well as focusing on other core activities of the business can be insanely tricky. So in this case, you must opt for accounting software to address your accounting needs which will be a pure bliss. After all, you get to focus entirely on those tasks which can generate profit for the business.

These accounting softwares can certainly enable you to do bookkeeping in a few easy steps. All you have to do is enter the business transaction and let the software perform the task.

Also, do you know what’s more interesting here? You can take care of your account from anywhere, all you need is a proper internet connection. Also, not to mention that gone are the days when you had to spend some time in digging through paperwork or spreadsheets.

#2 Payments

Another interesting benefit offered by these accounting softwares is that easy payments can be well taken care of. You see there are times when collecting payments can be extremely tedious if not done quickly.

Here your accounting software can successfully be integrated with different online payment gateways. Of course, these means are extremely safe and secure and moreover, they are bound to make records of the payments done and received, basically each and every transaction done. Everything is accepted here right from credit cards to debit cards, online bank transfers and so forth.

Imagine what would happen when your clients find out that your business handles all kinds of currencies with proper safety measures. Nothing can stop them from trusting you and maintaining the relationship for the long haul. Also, one of the bottlenecks found when conducting foreign transactions includes discrepancies and extra calculations which can be removed using accounting software.

#3 Cost-effective

Another astounding benefit offered by accounting software is that it turns out to be an extremely cost-effective venture. You see since the accounting software offers speed and efficiency, you are bound to find a reduction in the overall cost, especially in the department’s payroll and administration costs. You see here each member using the software will be able to do more in the given time.

Another additional benefit businesses can avail is that they no longer have to outsource finance management or hire an expert for that.

On and all, accounting software turns out to be a valuable asset that will work wonders for your company. It won’t just improve the company’s financial health but also assists in making wiser decisions.

How to Choose the Best Accounting Software for Your Business?

Well, every accounting software is useful in one way or the other! You see but there are some features which must be taken into account for more accurate and top-notch results. Do you know what matters the most for a business? It’s the money! Several transactions happen in a day, maybe even in minutes, money comes in and goes out simultaneously. Keeping this track record can be extremely difficult so you need accounting software that can :

  • Assist in tracking your accounts payable and expenses
  • Size, capabilities and integrations
  • Compliance, Quick and easy to understand reports, keeping accurate track and certain other add-ons.

Also, whether you want to manage your daily accounting tasks or keep track of payments and invoices and reconcile transactions, all this is possible with one solution here. Certain features to consider in an accounting software include:

Consider the Needs Precisely

One of the obvious things to do is consider your accounting needs. Apart from that while choosing one see how your business operates and look around for different types available in the market. For example, if you have a well-established business that makes several million dollars a year, then I am sure you will have different accounting needs in comparison to those who have just commenced or are considered as a startup.

So yes be precise about your needs, conduct proper research and then make a choice.

Determine a Budget

The next thing you must take into consideration is deciding on a budget. Of course, you can opt for some off-the-shelf softwares such as QuickBooks, and MYOB which are available at quite a reasonable price. However, this doesn’t mean if you choose a customized solution, it will turn out to be a costly venture. Also, customized software will always be an industry-specific solution.

So try reaching out to as many software providers as possible, see how much they can offer and of course at what price! More importantly, if you consider a customized solution, make sure you ask for certain add-on features such as enabling remote access or easy transfers online, and well-integration with third-party services and softwares. 

Must-have Features in an Accounting Software

You see picking the right accounting software is not an easy choice, I mean with a plethora of options around, you need to choose wisely!

  • Easy integration – Imagine you already purchased a feature-rich accounting software but everything goes in vain if it fails to integrate well with your existing solutions. Yes, I am talking about sales platforms, shipping systems, payroll applications and whatnot! Definitely, accounting software is important but there is no point in buying one if it doesn’t offer proper and seamless integration.
  • Multi-user access – Another interesting aspect to look into when seeking for accounting software include multi-user access. Yes, it must be capable of inviting users and controlling the data. For example, you can keep full access to yourself whereas giving partial access to all the employees such as simply tracking their time and invoices. 
  • Cloud-based Software – With the technology invading our lives to a great extent, there is a huge demand seen in regards to cloud-based software and solutions and your accounting software should be no exception. Consider one that offers you to access accounts from anywhere and anytime.

In a Nutshell

On and all, there is no sure shot way to consider when looking for an accounting software but all I can say is that you can consider Quickbooks, Zoho, Freshbooks, as they are some of the best accounting software providers around. So that’s all for now! In case, if you have any doubts or queries, feel free to mention that in the comment section below.

Leave a Reply

Your email address will not be published. Required fields are marked *

5 × five =