A Guide to Choosing the Best Accounting Software
Companies needs accounting software to assist them in managing and handling finance-related tasks. This includes tax returns, invoicing, sales, payroll processing, and many other tasks. Today, companies can find several options of accounting software in the market, and only need to choose what works for them. When looking for an accounting software, consider the following factors.
The first important point to note is the major scope of the companies’ financial activities. What are the expectations of the company in regards to the functions the accounting software will be performing. Before making a final decision on the best software, list all the solutions the software is expected to provide. This will help in determining whether the company will need a bespoke software or an off-shelf software.
One important point to note is that the business has the capability of expanding in future; therefore the system should give room for that. The software should be able to accommodate future growth of the company. Some of the aspects the software should allow being added is the number of customers and various software roles.
Consider the number of users the accounting software will allow for a go. Ensure that the system allows different users to perform the same task at the same time, e.g., raise an order or invoice at the same time. Will the system allow for an increase in the number of users in future?? The software should have a high level of integrity especially when handling delicate issues such as payroll computation and tax filling returns.
Consider the cost of the accounting system in regards to the functions that the accounting software is expected to perform. Establish what the vendor has quoted that the cost will cover. Some of the aspects the cost charged should cover are the software, the installation, training, and maintenance costs. Licenses for most accounting software are renewed annually at a specified fee. Before buying the software, discuss with the management where they intend to have the software installed and host. If the company intends to save on costs, they can have the software installed off-site and data hosted on cloud. There are corporates companies who can cater for the costs of having the data and software installed on their servers.
Is the software user friendly? Different accounting software require different accounting skills to use. Ensure that the vendor or developer if the software will be customized will offer training to the users, after successful installation.
Look for a software that can be customized by the user to give various reports depending on the users’ needs. Consider the capability of the software in terms of incorporation several functions together such making an order and generating an invoice together, submitting returns, etc. It should also maintain an inventory record of all companies inventory.