In the past, maintaining business books meant manually recording figures with pen and paper in a ledger. However, times have moved on significantly since then and today, businesses of all sizes use accounting software to track their revenue, forecast sales, manage inventory and calculate tax owed. Business accounting software comes with a wide number of benefits and greatly reduces the risk of human error compared to accounting on paper. In addition, it is far more convenient of an option, allowing you access to key figures and information in just a few keystrokes or taps. But, with so many options to choose from, finding the right accounting software for you or your business can be tricky. Here are some top tips to help you find the right fit.
#1. Consider Your Needs and Skills:
The best way to go about finding the right accounting software for your company is to consider how your business operates, and then compare this to the different options on the market. For example, if you lease products, services, or properties to clients, you will need to ensure that the software you choose follows any lease accounting compliance rules you must meet. It’s also worth considering the amount of money that your company is making – for example, a business making millions of dollars per year is going to need different accountancy tools than one bringing in just a few thousand, for example. You may also want to consider specialized software designed for businesses in your niche. And finally, consider your own accounting skills – do you have previous experience, or will you need software designed for anybody to use easily regardless of their accounting skills?
#2. Check Out Reviews:
Online reviews are a great place to start when it comes to finding the right accounting software for your business, as they help you get a better idea of how they work by reading how past users have found them. In addition, you can get more information about the types of users, helping you to get a better idea when it comes to which types of business are better suited to the different software options. It’s also worth looking for reviews that compare two or more accounting software packages, such as this look at Xero Vs Quickbooks by PieSync, which goes into more detail about the various features offered by the two.
#3. Consider Add-On Features:
Many accounting software packages offer a range of add-on features which can bring an extra layer of functionality to bookkeeping for your business. For example, certain add-ons may be available that allow you to access the software remotely, accept online payments that will automatically be added to your books, as well as compatibility with tax software and integration with an e-commerce store.
#4. Ask Your Accountant:
Many businesses today use both accounting software and the help of an accountant. If you already have a business accountant, whether freelance or on your payroll, then it’s worth asking them for a point in the right direction when it comes to which software to choose. Many accountants use accountancy software and applications and will have a preferred one; if your accountant is already using a certain software program, then opting for this will make everybody’s life easier.
Which accounting software would you recommend?