How To Choose The Right Accounting Software For Your Business

Accounting software helps many businesses run their financial operations smoothly and accurately, but it hasn’t always been that way.

Before accounting software was adopted by the majority of business, financial data and information was tracked through physical books or ledgers using pencils to write out the company finances, this then progressed to spreadsheets that made some calculations for you beofre ending up where it is today, dedicated accounting software solutions. With so many options out there for your business’s accounting solutions to choose from, we’ve popped together a short guide to help you navigate the next steps of your process.

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Accounting software is important to all businesses of any size due to it’s purpose built technology. Most accounting software brands allow you to complete and update purchase ledgers, general ledgers, generate invoices and process company finances without the risk of human error. With the complex reporting that’s now avaliable, accounting software today gives you insight like never before into every area of your business. From sales forecasts to stock control, if you choose the right accounting software you can manage multiple business operations within one accounts software package.

Accounting software is there to make not only the business owners life easier with quick access to reports and financial health, but allows the accounting team to manage their day-to-day activity in a controlled solution. Choosing the right accounting software can have a huge impact on the efficiency of how the business is run and can be a great support to growth when the right reports and processes are in place. However, choosing the wrong accounts software for your business could mean a big investment, only to find out later down the line it’s not suitable for your needs.

Here are a few things to consider when choosing your new accounting software:

 

What Features Do You Need?

You need to set out and think about exactly what your accounting software needs to do? What do you need to process on a daily, weekly or monthly basis? Think about what you’ll need to be reporting on, do these reports come as standard with the software you’re looking at? What areas of the business do you want to be able to manage with this tool, do you need to manage stock at multiple locations? Or track project management? Do you need a water tight payroll system and a way to manage company expenses? By setting out exactly what features are important to your business you can make a start on the next point – Who is going to be using it?

Is It User Friendly?

Once you know your features think about who will have access to this software on a daily, weekly or monthly basis? It might be that in your business only 3 people in finance need access to it, or you might have multiple heads of department who have to input their own expenses and financial information themselves. If non-finance users need access, you might have to consider what application the software has avalibale to allow non-finance users access to what they need, whilst keep full access for the accounts team.

Cloud Or On Premise Based?

Once you know who will be using it, where will they be using it? Do you need to look into a cloud based financial system for non-office based workers or are you looking to simply use an on-premise server to run the accoutning software? Depending on the size and scale of your business you’ll have to discuss what is the best option in terms of long term cost vs reward. You might find you need an application that can be accessed by sales people on the road, maybe in the form of a mobile app?

Finally, But Importantly – Cost.

How much are you willing to spend on your new solution? You want to think about what the costs involved are with setting up a cloud vs on premise solution, along with the cost of users and what basic features you get from each accounting package. Many accounting packages come with a basic set up for general accounting purposes, but if you need something more bespoke like stock management or Bill of Materials, you may need to factor in the cost of add ons or additional modules.

So that’s a lot to consider. We know it can be daunting if you’re looking to update or change your current accounting software solution, that’s why we offer our simple process review to help you make the right choice. We will go through all of the above steps with you to help you consider what features and processes you need now and in the future. Once we have an idea of your businesses processes we’ll set up a demo of the software packages with think will work best for your business. During the demo you can see the accounts software in action and we’ll answer any questions you may have. We partner with some of the biggest UK accounting software brands including Exchequer, Sage and Pegasus. Our unique position as working as a partner with multiple accounts software providers means we can give our unbiased opinion and genuinely help choose the right software for you to ultimately grow your business.

If you’re ready to take the next step and speak to us today then please get in touch and one of our accounting software experts will give you a call back to talk about your requirements.

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