Last Updated on September 19, 2019 by
In the previous article, you have learned about Best Accounting software and how it helps you to create invoices, track complete record of expenses, free bookkeeping, and produce a variety of reports assisting you to analyze your business’s performance from different angles. Many accounting applications can track your bills quickly and correctly. Along with this, it can manage your inventory or projects.
Choosing the best accounting software like QuickBooks accounting software can be a big challenge for you. But each accounting program includes a variety of features offering multiple pricing plans that you can choose from.
Basic things that you need to keep in mind while selecting accounting software for handling your business:
- Costs: Would you like to prefer inexpensive software, basic accounting software or an accounting application whose cost is more but has extra features?
- Usability: Usability arise many questions like how many users are required to access the software? Are you interested to prefer a cloud-based system that is accessible anywhere or desktop software? Do you need that it has a mobile app?
- Features: What do you want in your accounting software program? Are both accounts receivable and accounts payable tools required to you? What kind of reports do you need your software to generate? Do you want it to track inventory accurately? Is there any need to include ancillary services in this, like time tracking, project management, and payroll.
Accounting Software: Options
There are many accounting packages for software in the market allowing the business managers to control records successfully without an accounting degree. Some commonly used small business accounting software used by small businesses are:
Usability factors of Accounting software
In order to find the accounting software for your business, consider how and where you want to use it carefully, and whether anyone else will use the system.
List of some factors to consider:
Multiuser access: Most of the simple accounting software products enable you to invite other users to the system. It controls the data that they can see as well as the tasks accessible to them. For example, you want your business partner and accountant to have complete access and you want to permit your employees to track their time and invoice customers on the system. There are some systems that allow you to invite more than one user at no extra cost. While other systems provide accountant access making compulsory for you to subscribe for a higher pricing plan or pay additional in case you want to add more users to the system.
Multiple-business support: When you have more than one business, you may need accounting software that can support multiple small businesses under a single account at no further cost. Otherwise, you will have to pay an extra amount to set up individual accounts for every entity.
Cloud-based software and mobile access: There is most small business accounting software that is cloud-based that helps you to access your account anytime, anywhere from any computer system with Internet access. Bookkeeping software helps you to run your business from a remote location too, no matter whether you are at home or on vacation.
Accounting Software Features: You Need To Know
You can opt for any bookkeeping software by looking at a list of accounting features that you need in order to run your business. Most of the easy accounting software offers many accounting features:
- Inventory management
- Sales tracking
- Manage customer contacts using your current contact management software
- Provide merchant account support in order to accept credit card payments
- Business tax reporting
- Cloud accounting
- Home accounting
5 Step Process For Selecting The Best Accounting Software
Talk to all those employees who will use the accounting application
Search for the factors that employees need to have their job done completely. Once you understand all your accounting needs in a better way, create a list of it and keep it handy.
Try to know your budget
Find out the amount that you can pay at this time. It will really work in filtering out almost half of your options.
Search & shortlist
Google should be the first point to start your research and it is as trustworthy as your best friend. Look for all the software comparison sites as well as testimonials of the already existing users. Select all your software names in a simple spreadsheet.
Schedule a demo
Visit the website of the software provider and make a request for performing a demo. You can ask unlimited questions that are related to your niche while taking the demo. Try to watch application and walkthrough videos if available there.
Take a trial
Never miss a trial before purchasing any accounting application. Enter dummy transactions related to your business and check how much accurate your reports are. If everything looks fine, it means you are all set.
We come to the conclusion that there are so many factors needed to consider while purchasing an accounting software program like what industry you are working in, what features do you require, as well as the price. You wish to opt for accounting software that can satisfy your needs. Make a proper plan for accounting package with a more informed choice. Prepare a list of features you require, the software currently running by you. By doing all this, you can easily choose the best accounting software whether payroll software, financial software, invoicing software, online accounting software and many more without making any mistake.