Manual accounting is an outdated technique and it must be rarely considered even for small businesses especially with thousands of accounting software available online which gives no excuse not have a software that will ensure an easier management of your business finances.
You have a lot of choices when it comes to small business accounting solutions from basic to full-suite with additional features such as inventory management. There are also plenty of downloadable ones but cloud-based ones are more common because it allows access through any device wherever you are.
To know what solution is the best for you, here are some tips to help you out:
1. Know the Features You Need the Most
It’s difficult to find a one-size-fits-all accounting software as they are often designed to cater different needs of businesses. So, in finding one, you must be meticulous and look for a solution that will provide most if not all of your accounting needs. Some important features that any small business generally needs includereal-time monitoring of sales, expenses and profits, faster invoice creation and sending to reduce manual effort, remote management and monitoring of sales tax, integration capabilities, and free support.
2. Consider How It Will Work Out with Your Accountant
For those working with an accountant at tax time or throughout the year, it is worthy to consider choosing an accounting software that provides financial data access to your accountant. There are some accounting software that require a separate subscription of your accountant. This means it depends on that software if you will either assign your accountant as one of your users or you have to export the data to share it with your accountant.
Depending on the accountant and their typical client base, they can use a software designed to handle the needs of small-to-medium-sized businesses or one that is designed support much larger businesses and more complex payroll networks.
3. Mind Your Budget and See What It Can Get You
It’s important for you to have a clear estimation of what you can spend. Different accounting software also have varied costs depending on what they have to offer. As a small business owner, it is understandable that your considerations might be limited to free offering to something that is below a top-tier product.
What’s good about most cloud-based accounting software providers that offer subscription tiers (usually vary in terms of the features you will be allowed to access) is that you are allowed to freely scale up or down your monthly costs depending on the urgent needs of your business.
4. Choose a Software that can Protect Your Business
Data breach is the last thing you would want to happen while doing your business. So, your have to make sure that the accounting software you will choose will offer an adequate protection of your business’ financial data. Keep in mind that most software that are free usually does not have enough encryption capabilities to protect your data. It is better to look for a cloud-based software that will store your data with high levels of security
5. Look into Online Reviews
Lastly, you can learn a lot from case studies and reviews of other small businesses. Consider looking into them first before finalizing your decision. It is easy for an accounting software provider to stake a claim on the list of the best providers but what truly define who’s in or who’s out are the real-world users.
In short, small business owners must prefer a software that knows and offers your business’ needs, allows you to manage your business from around the world, provides data protection, and has proven its reputation by being tried and tested.
Visita Solutions offers top notch accounting system. Learn more about our Accounting System or request for FREE DEMO by calling us today at (02) 8887.3301
