Businesses today start adopting accounting software to streamline their business operations and manages cash flow. However, some business owners discuss whether this technology will be here to stay or the traditional accounting method should continue to reign supreme.
With the wide variety of accounting software out there and the different benefits each solution offers, it is indeed worth learning more about it before integrating it into your business. Here are the key factors to look for in choosing the right software for your business.
1. Automatic Invoice Generation
Money is the backbone of every business. When the invoicing process is digitalised and optimised, business owners start having better control of their cash flow. When the invoicing process is slow and clunky, the business will go down like a lead balloon. If you’ve ever had to generate recurring invoices for multiple clients manually, you know how tedious it can be and how often errors occur.
Good accounting software comes with a feature that simplifies the invoices generating process. You can even send automatic payment deadline reminders and follow-ups, allowing you to achieve maximum efficiency and focus on running your business.
2. Cloud Applications
Cloud computing has become a favourite choice for businesses looking to achieve transparency and efficiency. One of the key benefits of cloud applications is that your business data will be stored remotely on a secured server, safe from prying eyes and malicious attacks.
Another reason businesses are turning to the cloud is to suit their increasingly mobile workforce. Cloud accounting apps can be accessed anywhere with internet connection and a smartphone or laptop. That means you no longer needing to go to the office to access and work on your company’s financial data. Even the regular system updates are delivered automatically by the cloud accounting provider, eliminating manual process updates. Finally, you and your staff can focus on other important tasks;
3. Add-On Features
Beyond the key features we’ve mentioned, the software can come with many add-ons and integrations that widen its functionality. For example, you can look for accounting software that integrates with your e-commerce platform. Think of all the transaction data that can be synced or import into your accounting software; this saves you from lots of manual work.
4. Bank Support
We cannot stress enough how integration can save you lots of time. When choosing accounting software, ask if it can be integrated with your bank. Can you import your bank statement directly into the software? With this integration, you can view your bank balance and make payment directly from the software.
Another cool feature is the bank feed from your bank into your accounting software. This will go a long way in making your bank reconciliation faster and less painful.
5. Free Trial
Everyone likes free samples. Before you dive deep into your pockets and commit to a subscription, check if the accounting software offers a free trial. This way, you can identify any loopholes and determine whether they have all the features your business needs.
6. Customer Support
When you’re using the software, especially during the first few months, you might still be unfamiliar with some features. When this happens, you need to be able to get help from the customer support team. Before taking the plunge on an accounting software solution, make sure it comes with an accessible, responsive customer support system. Keep in mind that some software comes with chargeable support and some provide free support. Go for whichever makes sense for your business.
7. Access Control
Primarily, if you work in a bigger organisation, not every employee needs to access every accounting software function. Some users will require full access, while others require access to a few features only Ensure that the software has intuitive and fine-grained access control capabilities. This helps to streamline your business and improve productivity and facilitate data protection.
Accounting software helps save time and money managing your business finance. When choosing software, start by talking with your accountant to understand the needs and requirements, and preferred report formats, as this will help you choose the right software. Last but not least, choose the software that offers all the features your business needs to scale operations, boost productivity, and save both time and money. for more information, feel free to get in touch with us.