There is an abundance of accounting software on the market, and they are all different in their own way, just as every company is different. Some of their aspects will be essential to certain types of businesses, but the structure of each company also dictates the needs of the accountant and the business. The best way to approach selecting the right software is to think broadly and narrow down from there.
Cost – Start Up and Continuing
First, it is essential to look at the cost of the software, not just the start up costs, but keep an eye on the costs for additional users, updates, and customer service calls. Remember, tax laws and rates change, so you will need updates, and the accounting software company may try to charge you extra for these down the line.
Platform – Cloud or Server?
Once you have narrowed down the options within your price range, the next concern should be the platform style of the software. If your business is conducted mostly online, and you have no need of a dedicated office space, a software with cloud based technology could be the right fit. Other companies may prefer to have a software that is server based and perhaps more secure, but remember to consider the cost of back-ups for the financial data.
Features – Consider Your Accountant
The final thing to keep in mind, is the features and reports that the software offers. If you have payroll that is processed in-house, a software with payroll add-on is ideal. If you have a lot of equipment in need of deprecation make sure you find a software with the ability to track long-term and short-term assets.
Once you have selected a few candidates, download a trial version and try out all the features based on your monthly, yearly, and even daily accounting needs.