If you run a business, you’ll know the importance of an effective accounting system; it’s something you simply can’t do without. Your accounting system is where you record financial transactions and get a clear understanding of your business’s performance and financial health. For small businesses, a good accounting system is essential for keeping track of cash flow and facilitating better planning and decision-making these are the reasons that more and more businesses have chosen to adopt accounting software.
With so many accounting solutions out there, it can be overwhelming to pick the right one for your business. Well, not unless you know what features to look for. To help you choose the best accounting solution for your small business, we’ve compiled a list of the most important features to watch out for. Keep reading to find out more.
1. Data Security
All computer systems are vulnerable to cyberattacks, and accounting software is no exception. But you don’t have to worry if you choose an accounting solution that comes with cutting-edge security features.
For example, cloud accounting software, which doesn’t store users’ financial data on a desktop or laptop (which is vulnerable to viruses and physical damage) but instead on a remote server which is highly secure. These cloud servers are guarded using strong antivirus tools and are monitored 24/7 by teams of professionals. This greatly reduces their vulnerability to cyberattacks and safeguard your data.
2. Access Control
If more than one person uses your software, you may need to restrict each user’s accessibility base on their job role and responsibilities. It is a safer bet to assign role-based access instead of granting a few of your team members the “super-user” role. Before you choose an accounting solution, make sure it has role-based access control.
3. Inventory Management
While keeping track of your business’s financial details, you have to keep an eye on your inventory management This can be difficult if you are using a separate software. If you run a small business, try choosing an accounting software that comes with an inventory management feature. This will save you time and money over having to buy a separate solution.
4. Support System
Even the best accountants using the best software face challenges sometimes. And when you do, you’ll want an experienced and responsive support team you can rely on. A good customer support department are patient even when put under pressure. This way, they can provide assistance, guidance and effective solutions to any complaint or user request.
The primary customer support feature to look for is a ticketing system that lets you call, email, or chat with an agent as needed. Response time is another crucial factor to consider—depending on your business’s needs, you may want a support team that can start working on your inquiries within a few hours.
5. Can It Be Accessed Online?
Cloud accounting software is a web-based software that runs securely through your browser. This means any user can access it on their desktop, laptop or tablet anywhere, anytime, as long as they have an Internet connection—without having to install anything.
Before you choose an accounting solution, do consider its accessibility online. There are accounting software that comes with mobile apps too. If you are always on the go, this is a bonus.
6. Bank Integration
One of the best features to look out for is bank integration. You’ll often need details of bank transactions to perform activities like bank reconciliation. Being able to download them directly from your bank saves you from physically trips to the banks as well as the hassle of logging in and out of your online banking to retrieve your bank transactions data. Make sure you find out if your bank supports or integrates with your chosen accounting solution.
7. Free Trial
Of course, you can compare features all day, but you won’t truly understand how an accounting software solution will work for your business until you try it. Most companies offer a free trial to showcase what their software has to offer. Be sure to sign up for free trial and see for yourself whether it has all the features you need.
In a Nutshell
We’ve looked at several features that you should have in the back of your mind when looking for an accounting solution for your small business: security, access control, inventory management, customer support, web access, bank integration, and a free trial. A good accounting solution can be one of the most important choices you make for your small business. Consult your accountants if you are still in doubt during your search. For more information regarding accounting software in Malaysia, get in touch with our specialists. We’ll be happy to share more.