Accounting software for your business can be hard to come by. With complicated inputs and add-ons, the search for the right software can be grueling. However, it doesn’t have to be. There are seven key factors you should consider when looking for accounting software for your business. Don’t just choose whatever seems cheapest. Rather, spend the money on a program that makes your life easier in multiple ways. In short, your accounting software decision should be based on the factors:
- What’s your budget?
- Can add-ons make your business run more smoothly?
- Do you want to store your accounting in the cloud?
- How hard is the accounting software to learn?
- Make a wish list
- Is the accounting software compatible with your bank?
- Have a professional accounting firm help you
What’s your budget?
New accounting software for your business will be heavily dictated by the budget you have. Accounting software ranges in prices and each offers various features for different businesses. It may seem simple, but having a budget can help narrow down the choice. You don’t want to overpay for accounting software for your business. However, You do want accounting software that can grow with your business. It’s always best to plan for the future when deciding on software.
Even simple changes in accounting software can make your business run more efficiently. If you are brand new to accounting software, focus on the basics of bookkeeping and ease of learning. Being able to do the basics and having easy to understand software is the foundation that can help your business go to the next level.
Can add-ons make your business run more smoothly?
Some bookkeeping software has additional add-ons that help a business run more smoothly and profitably. These add-ons can eliminate human error, allow online payments, and forecast projected earnings. Accounting software for your business should help you do more for less. Ideally, you should spend less time worrying about your financials and focus more on running your business. Add-ons can also be specific to businesses. If you’re in the retail industry you can find accounting software that is tailor-made for you. We highly recommend any accounting software for your business that will help you prepare for tax season. Having an intuitive accounting program makes tax season easier and less time-consuming.
Do you want to store your accounting in the cloud?
Popular accounting software is increasingly pushing cloud-based accounting. The reason is that it solves a multitude of problems for most businesses:
- Remote access to bookkeeping on phone or tablet
- Remote storage of documents. Your information is stored on secured servers, which means you don’t have to worry about your documents being damaged or destroyed.
- Your documents automatically save
- You can track multiple accounts in real-time. You get all of the latest information on your business right from your phone.
- Restricted access or open access to other employees
Cloud accounting makes life easier for small and large businesses alike. If you want the features, accounting software for your business needs to at least have some cloud saving capabilities. The right accounting software will give you the right tools anytime you need it.
How hard is the accounting software to learn?
All accounting software has a learning curve that your business will need to adjust to. The question is whether or not we can learn it in a timely manner. Also, you’ll need to be able to teach this software to others. Don’t try to buy a piece of software that is only going to burden your workload. , it should speed up your transactions and bookkeeping endeavors. Consider this factor whenever looking at accounting software for your business. In addition, you can also hire an accounting firm to teach you the software or help walk you through the setup process.
Make a wish list
If you need your accounting software to do specific things for you, make a wish list of those items. Let this list be the guiding force in the accounting software that you use. Features such as:
- Cash flow analysis
- Inventory management
- Online payments
- Payroll automation
- Tax preparation
- Invoicing and billing
- Security
- Accounts payed
- And more!
Pick the essentials that you need for your business, and then go on to list some features that would be nice to have. This brings the needs of your business to the forefront while you conduct your search.
Is the accounting software compatible with your bank?
Having an accounting software that is compatible with your bank makes life a whole lot easier. You won’t have to worry about missing payments or confusion with your bank. It will be easier for you to record and track transactions. While it may seem simple, a compatible software can save time and headaches
Have a professional accounting firm help you
A CPA at an accounting firm can help you select the right accounting software for your business. They will conduct an assessment based on the number of transactions and business you are in. Then, they will offer recommendations for accounting software you can use. Once you have looked over the options and select one that CPA firm can help walk you through the process. It automates both the search for software and the implementation of it. An accounting firm can help your grow your business with the best tool available. If you are looking to find the best option for your business this is the way to go.
Thinking about accounting software for your business? Want to get ahead of tax season this year? Sheffield, Trackwell, and Rapp can help your business get to the next level. Whether you are looking for accounting software or have other needs for your business, We’ve got your back. Contact us today and see how we can help your business.
