How To Choose The Best Accounting Software For Your Business
As a small business owner, you may find the available accounting software choices to be overwhelming. There are several things that you should consider when you are trying to choose an accounting software, including the money that you have available to pay for it, the needs that you have and the features that your business requires. Here is what Thomas M. Ditullio Accounting recommends to help you choose the software that will work best for your accounting needs.
You can find accounting software at a variety of price levels, depending on the particular features that you choose. Many providers have subscriptions that are available for different packages, and some providers offer free versions with limited functionality or users. For paid subscriptions, you can expect a price range from under $10 per month to up to $40 per month. Additional features increase the costs and include such things as the following:
- Tracking expenses
- Recurring invoices
- Tracking sales
- Past-due billing
- Payroll services
- Team functions
- Company branding
- Advanced reporting capabilities
It is important for you to think about why you need accounting software. Some businesses are able to make do with handwritten ledgers, but most need the ability to use software to improve the ease and efficiency of their accounting practices.
If your business is new, using software from the beginning can help your business in the future. It’s much better to begin with accounting software than trying to implement it months or years down the line. If you have a growing business, manual systems can become too complex and inefficient, leading you to need to use software. Similarly, if you require immediate access to accounting information, software can be used to quickly give you the numbers, names, addresses and credit histories that you need.
The software can be used to help your business to streamline its operations. The various tasks can be integrated to help you understand and track how your business is doing and to keep up-to-date with your expense tracking. You may already have software but have found that it is too complicated. If this is the case, you may want to find a software package that is simpler to use. Finally, if you want to make certain that you are complying with the applicable regulations and laws, a good accounting software system can help.
Choosing the features
There are numerous available functions and capabilities offered by various types of accounting software programs. Most small business owners look for time savings and ease of use as the foremost features that they are looking for. A good software package should include the ability to tailor it to your needs and to help you to see your business’s big picture. Some of the available features might include the following:
- Performing basic accounting tasks
- Automating billing, payments, notifications and other processes
- Creating estimates and quotes
- Preparing taxes
- Allowing multiple users
- Processing payroll
- Allowing mobile access
- Integrating with third-party applications and tools
There are a number of other benefits that you might receive from your accounting software. Some packages offer all-in-one solutions, simple interfaces, reduced stress, tracking capabilities and do-it-yourself solutions. You’ll want to think carefully about what features you’d like as well as what you need in the context of your available budget.
Picking the right accounting software
When you are trying to find the accounting software that will work best for your business, you’ll want to ask vendors a number of questions. Ask if their product is designed for small businesses and if it is a good fit for your industry. You’ll also want to find out if the company offers customized solutions, the number of employees and clients the software can accommodate and whether or not the software helps your business to comply with regulations and tax laws. Finding out how your data is backed up and protected is also important, and it makes sense to ask about the security measures, the total cost and whether or not there are setup fees involved. Finally, you’ll want to find out about the vendor’s customer service and technical support that it offers.
Choosing a good accounting software is important for your business. In order to make certain that your information is accurate, it is a good idea to get help from a professional at Thomas M. Ditullio Accounting. We can work with you and your software to help your business start on the path to success. To learn more, fill out our contact form today.