Lifestyle   Money
By Consumer Team | 12 July 2021

What to Look for in Accounting Software

choosing accounting software

If you are looking for accounting software, it may be difficult to find the solution that is right for your specific set of needs. How to evaluate a solution is one of the hardest subjects to consider when it comes to selecting solutions for your business. Here is what to look for in accounting software.

Do you want to work online or offline with your accounting software?

Whether or not you want to work offline is an important consideration. If you have a team that will be working from various locations, then a solution that is hosted is probably ideal for you. If you are working with multiple users who will be using the solution simultaneously, you will need a solution that is available online. Many people purchase a solution that sounds like it might be the right fit, only to find out at a later time that they could’ve purchased a solution that is available online.

How do you conduct business?

You should always try to get as much of your work done as possible completely in one solution. You want to avoid investing in multiple solutions with overlapping capabilities because one solution is lacking one or two attributes. You want to instead, choose the solution that accommodates credit card processing if that’s how you conduct business. If you want to be able to accept payments, then chances are, the vendor has a feature that allows you to do just that. Never assume that a solution has the feature you are looking for, instead make an effort to conduct research. If the feature is lacking, the solution could be extended with a third-party solution that can be integrated with that system.

How much is multiuser access?

Multiuser access is a feature that is not available in all solutions. If you want multiple people to be able work in the solution at the same time, then you need to have multiuser access. If this becomes a budget concern, then consider implementing the accounting solution that offers licensing for multiple users in the base version. You may have one solution that limits access to one and charges for each additional issue. You may find a solution that grants access to as many as five users at the same time.

What industry are you in?

A contractor operates their business differently from a manufacturer. If you purchase a solution that isn’t designed for your type of business, you may find that you will be reinventing the wheel in having to create workarounds to make the software work for your business. You may have a contractor version or ecommerce solution that works specifically for the type of business you operate that will save you time where you won’t need workarounds.

There are endless solutions available to you as a small business owner. Matching those needs to the solution is the challenge. By answering these questions above, you will be well on your way to finding the perfect solution for your business. Always evaluate your accounting software with a demo prior to committing to a solution.