The right accounting software will make work so much easier. You improve efficiency while removing human error. You can complete work that would have taken days in hours. With so many options, deciding on the right one can be difficult.
It helps to know important qualities to look for when shopping. Our article will show you the factors to consider.
1. It Must Be User-Friendly
The work of technology should be to improve efficiency. It should not make work more difficult due to its complexity. Look for accounting software that is easy to use. QuickBooks Online helps businesses keep track of their finances by printing checks, creating invoices, tracking expenses, and managing accounts. The software also has a payroll feature that lets you calculate taxes and submit payments. It is available in both desktop and mobile versions. Everything should be easily accessible from the dashboard. The aim should be to simplify your accounting from a central location.
2. Easy-to-Learn And Customizable
The accounting software package should be easy to learn. It helps if you have access to training opportunities for your team. The best software will have no use if you do not know how to use it. As a business owner, you should learn the basics of using the software. You can keep a closer watch on your business by having such knowledge.
For example, some sites offer Quickbooks training for beginners. This will help you and your team learn everything there is to know about using this tool. Having training courses available for such tools means having a better learning curve and faster acquisition of how they are used.
The software should also allow for customization. Every business has its unique needs. The needs determine the kind of applications to choose. The right software should allow you to make necessary adjustments, thus improving efficiency.
3. Cost Implication
Determine how much you want to spend and then go shopping. Accounting software should offer different subscription packages. It makes it more cost-efficient if you can pay for only what you need. It helps save money that you can put to other uses.
Ask the provider if other costs come with the package. Hidden costs will significantly drive up the price of the software. You may end up paying for maintenance, add-ons, and upgrades. If you do not feel that they are very forthcoming, read customer reviews.
4. Data Security
The type of information the accounting office handles is very delicate. You cannot afford to lose it or have anyone tamper with it. Such information in the wrong hands could spell doom for your business. Your accounting software should have inbuilt security features. It should integrate with the security you already have in place seamlessly. You do not want to incur the extra cost of adding security features. You can find fantastic software with the right security measures in place.
5. Online And Offline Functionality
The world is moving towards cloud-based transactions. Getting access is as easy as signing up. Upgrades are automatic, and your office is with you wherever you are. Maintenance is easier, and team members have access anytime, anywhere. To use such software, you do require connectivity to the internet. Offline software does not require an internet connection. They also work well if you tend to generate over-the-counter invoices. Both have their advantages, so determine your needs and then choose.
6. It Should Allow For Scalability
You do not start a business to stay in the same place. Growth is part of the process, so you must always look to the future. Your accounting software should allow for scalability. You do not want to keep replacing the software every time your company grows a little bit bigger. When shopping, find out how the software can accommodate changes within the organization. Can it, for example, allow for more than one accountant? Can you incorporate other functionalities that you may not currently be using?
Look for something that has advanced options. It allows you to maintain the same software, but at a higher level. As a start-up, you may want entry-level software. But, it helps to know that you can move up if and when you need to.
7. Integration With Other Applications
Only purchase accounting software that can easily integrate with other third-party applications. There are many facets to running a business. Each may come with its software or tools. You want to be able to utilize all of them without any disruptions. Think about your future needs, as well. As the business grows, you will probably increase the range of goods or services. You will need a way to streamline activities without having to change your accounting software.
8. Updates
The software you buy requires constant updates. Any outdated technology can impact the efficiency of your processes. You also put your business at risk because you do not know what vulnerabilities may be present. Developers are always pushing out updates. You get the latest security features and other functionalities. Your provider should let you know what to expect from the get-go. Willingly walk away from any that do not continually offer improvements.
9. Multiple Functionalities
Choose accounting software that offers multiple functionalities. Fortunately, many of them have some fantastic features. The right software should allow you to create invoices and track expenses. Inventory management, bank reconciliation, and purchase order creation are also basic features. Look for those that support multi-currency transactions and help with employee management. It all comes down to what your business needs, so shop with that in mind.
10. Customer Support
Accounting software is a critical component for a business. You want to have it up and running 24/7. If you experience any problems, you want to know that customer support is easily available. Any support you get should be from a professional. They should be available anytime you need them. Read customer reviews to determine what kind of after-sales support you can expect. You can also call up the provider and see how they respond to you. If they are not helpful or take too long to respond, move on. You do not want to be in a situation where you need them and cannot get in touch with them.
Final Thoughts
We have looked at 10 important qualities to look for in accounting software. Determine what your business needs first. You must then do your research to understand the options available. Read customer reviews because you get honest feedback about the software. You do not want to invest your money in something that will not add value to your organization.
