Business accounting software scraps human error that is part and parcel of doing everything manually. Instead, it enables you to easily access the vital information without the hassle.
Even better still, there are numerous cloud accounting software options available. Finding the right accounting software can be a difficult decision to make but there are five ways to help you in your search for the right solution.
Choosing the right accounting software
1) What are your accounting software requirements?
It is vital that you take into consideration how much money your business pulls in annually when it comes to choosing the right accounting software. A business that pulls in several million yearly will require a different software solution to a company that invoices thousands. The way your business operates is also something you must take into consideration as there are a large array of different accounting software systems available.
You need to consider software that is designed specifically for your business and what you do; there are plenty of systems that are industry specific and you need to find your niche and theirs. Whether it be manufacturing, hospitality, retail or commercial, there is a suitable system and plan available for you.
The software that you eventually decide on is going to make bookkeeping easier for you, you still need to be financially literate in order to use it effectively. Despite the software sophistication, it is still only there as a tool to help and guide you, rather than do the work for you. You need to know what to do with the software once it’s in place.
2) Have you considered cloud accounting apps?
Cloud accounting applications come with an entire assortment of beneficial features:
- They can be accessed anywhere
- No software licenses or servers need to be purchased
- Upgrades and patches are done automatically
- You can access them from any device with a web browser
- Your records are kept safe and secure at a data centre rather than a filing cabinet
- Many cloud accounting apps integrate with your other cloud apps, saving you time
3) What is your accounting budget?
Business accounting software is available to you no matter what your budget is. Generally, you can access apps for a low monthly price that scales with your business so the larger your organisation, and the more features you require, the dearer the price.
Accounting software allows you to pay on a monthly or yearly basis. You can choose a subscription that meets your business needs rather than buying the software outright and having to update later. If you decide to purchase a year long subscription, you will also often pay a discounted rate.
4) Have you thought about accounting add-ons?
Add-on features generally allow flexibility, functionality and personalisation. The incorporation of an accounting app add-on may allow you to access the software remotely, accept payments online and link your e-commerce software with your accounting software. Additionally, you can incorporate your tax software as it’s generally compatible.
Before deciding on your accounting app, consider which software you are already using. Does it integrate with any accounting software? Integrations can save you significant amount of time on paperwork: as you avoid handling the same data.
5) Have you sought out expert advice?
Using your accountant when you are making the decision about which software would suit you is not a necessity, but it could help you choose something that is going to be compatible with what they have in place already. Additionally, your accountant is probably in a much better position in terms of knowledge and experience to make an educated decision on what would suit you and your business best.
Alternatively, you can ask us to make a recommendation based on your industry, business and specific requirements.
The team here at Monpellier have years of experience working with accounting software, and are partners of numerous software companies, allowing us to provide you with an agnostic recommendation.
Give us a call on 0191 500 8150, or email info@monpellier.co.uk and one of our Business Software Consultants will be able to book you onto a free demo today!
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