There's never been more choice when it comes to accounting software. Here are some questions to ask yourself and vendors to narrow it down.
Committing to any new product can be daunting. We’ve all experienced buyer’s remorse, but that regret can be more acute if your small business is tied up in the wrong software and you have to start all over again.
On the bright side, with so many accounting products and services, there is an accounting software program that suits you. Every business is unique, with its own demands, strengths and cultures.
So before you commit to an accounts software package or service, it’s worth examining your company’s specific needs.
An accounts package doesn’t necessarily need to be simple: if you’re comfortable with accounts or you’re tech-savvy, maybe a more sophisticated package suits you.
However, if you only have basic, specific requirements, then it might be important to go with something that suits those needs.
Watching demos, talking to peers and reading online reviews with this focus in mind will help you decide what works for you. Generally, the fewer steps to completion in a demo, the easier it will be to get a handle on.
Or to put it another way, what benefits are important to you?
Accounting software uses can broadly be broken down into the following categories:
Some packages do more than one of the above. And some have optional add-ons if your needs change.
As your business scales, you might require additional uses. If your business has just two people and you hope it will one day employ ten, you might need payroll software in the future; or a software that’s usable by multiple people.
Some companies, of course, provide multiple packages. So if one provides a service you use right now (general ledgers, for example) and a future one (like the aforementioned payroll software) that would be ideal.
Remote working, of course, has been a growing concern in recent times. But even without considering home offices, you might want to look at using software on the road.
Accounting software should be a money and time saver. Look at how much it costs and how much labor time will be saved. Some software packages rise in price the more you use them. That’s fine too, as long as you know about that before you get started.
The right accounting software should give you a deeper understanding of your company’s finances. And in the best cases, it should deepen your conversations with your accountant or bookkeeper. If they’re spending less time chasing you for receipts and invoices, and more time sharing their expertise on business projections and finances, you’re on the right track.
Some accounting software is intended only to be used by managers, sole traders or those in accounting. Others, like AutoEntry, are designed to be used by anyone who uses invoices, receipts or bank statements - from construction workers to florists and every other kind of small business.
If you’re still unsure of what’s right for you, here’s a checklist of what to look out for...
Since its inception, AutoEntry has been helping sole traders and small and medium businesses work faster, smarter and more efficiently. Sign up for a free trial to find out how we can make your working life easier.