How to Choose the Best Accounting Software for Your Business

Choosing the best accounting software for your business can be truly confusing.

It seems like each accounting software product has something that you think your business needs or might need and it doesn’t help the fact that almost every accounting software out there gets rave reviews, confusing you even further.

To make it easier for you to filter out the products you don’t need and ultimately decide on the accounting software for your business, we have compiled a list of questions you need to ask yourself while shopping for the best accounting software for your business.

Would it hurt Your Wallet?

In every business endeavour, the first thing to consider is your most important resource: your budget. Keeping your accounting software purchase within a reasonable limit is necessary to keep your financials running smoothly. After all, you’re purchasing accounting software to optimize your business operations and become cost-efficient in the long run.

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That being said, expensive accounting software is not entirely out of the question. As long as its features provide a significant strategic advantage or operational improvement that you can easily quantify, then your business might be better off with expensive accounting software instead.  Run a Cost-Benefit Analysis to see if the financial benefit of acquiring expensive software outweighs the cost of purchasing one in the long run.

 

Does it answer Your Business Needs?

While it’s great to have all-around accounting software that tends to almost every aspect of your business, the question still remains: does it answer your business needs?

Every business is unique in its own way, making a one-size-fits-all accounting software solution a difficult option to settle for. A restaurant might need a stock tracking feature and a shipping business might need a built-in bill of lading generator, vastly different needs for different businesses.

One good way to answer this question is to make an accounting software wish list. List each one thing your business needs. Then shop around for accounting software and see which ones match the ones written on your wish list.

 

Can You Use it Without a Problem?

Accounting software needs to be extremely user-friendly – it serves as the financial hub of your business and making sure you know your way around the software is essential to keep yourself on top of business operations and cash flow.

Fortunately, rapid technological innovations have led to huge advances in accounting software usability, all you have to do is to try each one of them and see which software feels right to you. Don’t worry 90% of accounting software offer free limited trials.

 

Is it Safe and Secure?

Hacking and data breaches are getting more prevalent and sophisticated by the minute, are you sure your accounting software can keep up and ward off these potential threats consistently? Safety and security ensure your confidential business records are safe from prying eyes which may lead to financial exploitation.

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Aside from external threats, there’s also the potential problem of system failure, software bugs, and data loss. Does your accounting software have backup data in case of emergencies like these? Does it constantly update itself to handle present software problems? Cloud Accounting software have lately been on the rise, it’s not a bad idea to look into this area and see what it can offer your business.

 

Is it Government Compliant?

Accounting software that isn’t government compliant is a waste of money and time. You’ll end up either getting accounting software that meets your government’s requirements or paying more to make your present accounting software meet the system requirements. Either way, checking with the relevant government office is the way to go.

The Australian Taxation Office, in particular, has a list of accounting software and system requirements that they approve of, so you’d know beforehand if the accounting software you’re getting is government compliant, ensuring no hassle whenever you lodge your annual payment report online.

 

Have You Talked to Your Accountant about it?

It’s no surprise that your accountant will have a feel for what kind of accounting software is best suited to your business. After all, your accountant is the one going through all of your business’s financial records, so he or she knows the overall flow of your business and its operational bottlenecks.

Keep in mind that your accountant will properly gauge which accounting software would perfectly fit your business requirements since he or she will be the one who’ll go through all the processes, so it’s in your accountant’s best interest to get you what you really need so he or she can optimize and automate all the accounting-related duties.

 

Still Confused about Which Software to Use?

No need to worry! Darcy Bookkeeping & Business Services’ top notch team of licensed and experienced accountants will help you work your way through your accounting software decision until you land the one that fits your business needs like a glove!

All you have to do is contact us and let’s get that perfect accounting software right away!