Accounting is one of the most important aspects of any business, whether big or small. One of the reasons why many companies fail is because they don’t incorporate an effective accounting or bookkeeping system in their operation. Remember, accounting is crucial in the success of your business because this helps you keep track of your finances, meet your deadlines, and comply with tax regulations, among others.
There are usually three choices to set up a bookkeeping system – you can set it up manually (do-it-yourself), hire a qualified professional bookkeeper, or use accounting software. Well, unless you want to get familiar with accounting procedures and pay additional cost for outsourcing, using accounting software is the most ideal option.
But as with any other products in the market, there are many accounting software to choose from and picking the best can be overwhelming, especially if you don’t have a solid technical background. To help you choose the right one for your needs, here are a few tips you should consider when buying:
The size of your business. Are you a start-up or small business? Are you a medium-sized enterprise or a large corporation? How many employees do you have, do you have over 500 or below 100? If you’re a smaller firm, only buy software that is designed specifically for small businesses. If you buy software with features you don’t need, it will cost you in maintenance and give you a hard time to learn it.
The kind of business you run. What industry is your business in? Some software are industry specific, which means they only work effectively in a particular business or industry. You may want to consider purchasing software that is designed for the particular industry you’re in. But of course, it still pays to do your research before buying.
Features you need. Software systems vary in features; there are some that only cover basic accounting tasks, including tracking cash flow and tax liabilities, and there are others that do everything, from handling inventory to processing payments and budgets. Choose the one that could cover your accounting needs.
Your business finances. The typical cost of accounting software can range from $10 to $200 a month. When buying, it is crucial to consider your business budget to avoid any problems in the future. Well, of course the best advice is to buy a program that gets the most out of your investment.
Ease of use. This is one of the most important things to take into account when buying software. No matter how great the program is or how cool the features are, if the software is too complicated to use and manage, it’s worthless. So don’t get too excited by the amazing features that some software programs offer. Only buy what you need, and you’ll be thankful for it.
Training and support. Finally, make sure that the accounting software that you choose provide help, in case of trouble or confusion, in the form of chat, email, or telephone support.