Now we have ushered in a new era where everything is becoming cloud-based and every person is becoming dependent upon the internet or online or automated services. Nowadays, it is also attracting accounting or bookkeeping fields as most of the business houses demanding automated accounting software who will prepare Report from their records in ready to use format for various purposes. In this article we will deeply understand all about Accounting software and the checkpoints on the basis of which you can decide and choose the best accounting software for your business.
In our previous articles we discussed the cloud environment and how virtual bookkeeping is becoming our future. Now, here we will discuss how and on what basis you can choose suitable accounting software for your business and this will depend upon various factors which we are going to discuss now:
Nature of Business & its needs: This is the most important aspect to think before procuring the accounting software. As it is only being used for your business then you must think of your business requirement from that accounting package like you need only accounting or need financial results too from that. What’s your expectation from that package, what are the desired outputs which are being expected are some of the key areas for which you should think off and then take the decision wisely that which accounting package is useful for your business.
Single user or Multi-user access? : In case you need accounting software that can be accessed by multiple users at one time or if you don’t have any such kind of requirement because of a small business or any other reason then you must check whether this feature is available with the software provider or not. As multi-user access based accounting software is completely different from single user accounting software because in the case of multi-user software you and your business partner can anytime access the accounting reports on a real-time basis without disturbing the working of your employees or accountants working on that. So, this specification must be there in your checklist to procure software.
Cloud-Based remote access and online Backup facility: This is again the question of your business needs but also irrespective of the nature of your business and its needs it is the requirement in today’s digital world because by having this feature in your accounting software you can access anytime anything from the cloud and also physical space of storing hard drives will also not be required in the cloud-based storage system. Also, an online backup facility will also protect your business records from data loss and you or anyone else you have given access can retrieve the reports and get every useful information as and when required.
Proper Support from software provider: Purchasing software from a software provider is not only sufficient for a businessman as this may be his first time he is using such kind of software and as we know he shall require proper guidance or training on how to use such software and he may further face some challenges while working over it then it shall be required customer support on a prompt basis so that his daily working should not be hampered. Also, proper support while updating the software should be there as there may be some challenges in order to install updated packages of such accounting software.
Are you getting outputs in desired formats?: The most important thing which must be enquired before procuring any accounting package or software is the desired and expected outputs that are required and expected from such software. As we know there are many legal compliances that need to be done by business houses such as GST return filing, compliance for MCA filings, Income Tax, Customs, etc. So, there may be your expectation that statutory reports need to be submitted with the government could be fetched by this software in their desired format and many accounting software are actually providing ready to use reports for their users. This may help your business in not only saving time to prepare reports but also mistakes can be avoided.
Final step by step guide for you to select accounting software for your business:
Analyze your requirements so that you should know what exactly you are expecting to be done from that software and your business needs can be fulfilled. This is the first main step because if you know what exactly you need then only you will be able to find the best which can fulfill your needs.
Create a budget under which you are ready to procure software for your business in order to analyze cost-benefit analysis for your business.
Prepare a list of service providers and after doing proper research, you must shortlist the one which fulfills the best your business requirements and is under the budget fixed by you. In this step you must go through all the FAQs issued by such providers in order to avoid any ambiguity in the future.
Finalize the deal in case you are being satisfied with the services provided by the service provider.
So, here is the complete guide by following which you can choose the best suitable accounting software for your business. In short I must say anything you are planning to buy then must think for your requirements and business needs and must do a cost-benefit analysis in order to decide whether you are getting worth of which you have paid. Still, if you have any queries or want to ask about suitable accounting software for your particular business you can contact us and we will assist you in taking the best decision for your business.
Great article . Thanks for sharing!
Thank you