Gone are the days when businesses used manual systems to balance their books. With the advancement in technology, there has been a rise in various accounting software to meet every business’s needs. Some are designed for specific industries while others are simplified to suit any company. Are you in the process of opening up a business and you have not yet decided on what type of accounting software you will use? Worry not. Below are some of the factors to consider before getting a specific one.
It is every business owner’s wish to expand in the future. How soon do you think the company will expand? Do you have any immediate expansion plans? If so, getting software whose features are expandable could be the right move. Is the software upgradeable? If not, then going for one that has the option of upgrading is a better decision. That way you don’t incur higher costs when your business needs to expand, and you have to change the software.
When choosing the software that fully suits your business, it is important to look for one that has access control options. There is some business information that not everybody should have access to. Find that accounting software that restricts some people from accessing some of the company information.
Some of the accounting software available has a free trial option while others don’t. Always go for one that has a free trial option so that you can sample it out before making the final purchasing decision. Doing this will help in seeing how well it captures the financial details of your organization.
The budget you have set is also a major factor to consider when you want to purchase the particular software. If you have identified what you want, check how much it takes to buy it. Sometimes, it may be way above the budget. If you are starting out, try sticking to the budget and find one that fits in to avoid any deficits in the company. Some of the software comes with a monthly fee while others are a one-off package. The more features the software has, the higher the cost. You can always consider a loan to help get you started. Check out some lending club reviews to see if this would be a good option for you.
What do you want the accounting software to contain? If you are working with an accountant, he can take you through some of the features it must provide for his docket to run smoothly. Do so in the rest of the departments like procurement and so on so that you can choose one that suits the firm. One point to note is that the features contained in the software are also determined by the size of the company. Have a list of the most preferred features so that you can cross-check with the different available options.
Desktop or Cloud-Based Software?
There are two forms of accounting software: desktop and cloud-based. Desktop software is one that is installed on a particular PC. On the other hand, the cloud based software is one that you can access online regardless of your location. Analyze your business needs and decide what is convenient.
Some people may ask what examples of accounting software are available in the market. The truth is they are so many we can’t even exhaust them. Anyway, below are some examples that could work for businesses though it’s not limited to the list.
This particular accounting software has been around for so many years and has had various updates over time. Interestingly, with its different versions, there is one for everybody. There are versions tailored to suit small, mid-sized and large companies. The good news is that it has both cloud-based and desktop versions. However, for the cloud-based, it is mainly for small businesses.
- Sage Peachtree
When talking about accounting software, it is tough not to talk about sage. Just like QuickBooks, sage has different versions that are tailored for various industries. Currently, it has four versions which are designed for the wide variety of businesses.
- NetSuite Financials
The particular software is cloud-based which means it is accessible online and anywhere. One unique aspect about NetSuite is that it is not only accounting-base but is an all-rounded system that incorporates marketing and even management of the company’s website. It sure is an integrated version that is worth giving a try. It is accessible for all business types and comes in handy to almost all of the company’s departments.
Before purchasing, talk to experts who are conversant with most accounting software so that they can advise you accordingly. Get to benchmark on a company that has been using specific software and analyze the pros and cons. Most importantly, find one that allows you to download your bank’s transactions. Regardless of what you choose, ensure that your accountant is familiar with it for the smooth running of your business.