Whether you have an existing business or are about to launch a start-up, you will need some form of accounting software for your business. The aim of accounting software is to help a business keep track of where they stand in terms of financial health and to identify potential problem areas that need attention. This software will be an integral part of your business’ success and should make your accounting needs a breeze.
There are various considerations to be made when choosing the correct accounting software for your needs. Take the following tips into consideration when choosing your accounting software:
Think about what your software needs to do for you. What business systems and processes have to be addressed in the software. Think about payroll functionality, automated entries, inventory lists, which departments need input, tax rules and regulations etc.
Ensure your accounting software allows you to perform multi-currency transactions i.e. can handle multiple denominations and ZAR conversions. Foreign currency denominated balance sheet accounts should be stated at closing exchange rates at month- or year end, your software should be able to perform such conversions automatically.
If you are on the road often or if you would like the ability to access your accounting software from anywhere, consider a web-based software application to allow remote accessibility. Real time financial data, reports and information should be able to be accessed from anywhere and at any time. Cloud-based accounting software is the best solution for on-the-go professionals, especially if there are mobile apps included in the package.
Seamless integration of business software and your accounting software is an important consideration in choosing the right software for your business needs. There are various platforms you may need to integrate, such as CRM, e-commerce systems, inventory software or Microsoft Office. The holistic approach of integrating all your business systems can save time and money and similarly prevent mistakes.
Online accounting software is saved on external servers which means your data is safer than if storing on your own servers. Security experts are tasked to ensure your data is as safe as can be. IT security professionals use the latest in security technology to protect your data and do regular back-ups which is a crucial safety feature.
When choosing accounting software, find out if the level of customer support will be sufficient to meet your business requirements. Reputable accounting software providers will have an extensive and experienced customer support team to put your mind at ease.
Most suppliers will offer a free 30-day trial in order to assist you in choosing the correct software for your business. This enables companies to use and ‘test’ the accounting software for a short period in order to decide on whether to proceed with the supplier. This test driving of software can help you identify any questions you may need answered and whether your expectations will be met before the purchase.
When choosing your accounting software, ensure that the software considered is scalable to accommodate a growing business. Think of the future and how you intend to grow, and ensure that the accounting software can do the same.
As advocates of Xero Accounting solutions, we offer secure and flexible access to your business accounts on any device, any time! The flexibility of Xero Accounting makes it accounting software of choice for any entrepreneur or small business owner. Talk to us about switching, or visit our website to find out more.