7 Things to Consider Before Buying Small Business Accounting Software

Jul 15 2020 Published by under Uncategorized

The world of small business accounting software can be a minefield for any business owner. However choosing the right package is one of the most critical business decisions you will make.

Here are the seven things you must consider before making a purchase that will help you achieve your businesses goals.

1. Scalability

Businesses change over time so it’s critical that the small business accounting software you choose can change too. Some

things that often change are the number of products and services offered and the number of employees. When you choose your package try and imaging the business in 5 years or 10 years time and how different it will be. Use this information to guide your purchase decision. It may well be better to pay a little more now for the software knowing that it can be easily

upgraded when needed with minimum disruption and cost to your business.

2. Support

It is important that any software has great support for when something goes wrong (and it always does). Most major companies

offer support but you also need to think about support in your local area. It’s often much easier to have someone locally

come in and do things you need done with your software than have someone trying to help you over the phone. Make some

enquiries with other businesses about the package they use and who helps them.

3. Accountant Interface

It’s most unlikely you will handle every aspect of your businesses accounting. Your accountant is an important factor in making the right decision. What software are they used to working with and what do they prefer? Can you easily supply them data and reports from your package without the need for any extra work (which you’ll have to pay for). Don’t be afraid to ask their opinion as they live and breathe this stuff.

4. Best Value For Money

Once you have selected the right package for your business you may as well get the best value. Shop around as the price can

vary greatly and the product is exactly the same. Online merchants such as Amazon may offer better pricing because of the sheer volume of products they sell. However price is only one part of the equation so if their is great merchant locally with support or installation assistance this may be far more valuable.

5. Major Brands

There are two major players in the small business accounting software market. They are QuickBooks and Peachtree. Microsoft is expected to enter the market soon. I recommend choosing a major brand so that you can get regular updates and you know the company will be around as long as your business needs them.

6. Ease of Use

Ease of use is a personal thing but it is worth trying the software before you buy it if you can. Remember to get the person who will be the main user to test the software as well. Also consider how well the package can interact with other software you use. This is an advantage the Microsoft package may have when it’s available.

7. Features Needed

I touched on this earlier when talking about thinking ahead as to where you business will be in 5 or 10 years time. Most

accounting software packages come in several different versions. If you don’t need certain features now and can’t see a need for them in the future then don’t buy them. The major differences are usually – number of users allowed, inventory management capability and number of reports available.

To sum up think ahead when planning your purchase of small business accounting software. You will make a much smarter

business decision that will save you plenty of trouble and money in the future.

Comments are off for this post

Small Business Management Software: Advantages For Accounting Firms

Jul 14 2020 Published by under Uncategorized

Managing an accounting firm, whether big or small, can be challenging. And, doing it all alone, only adds more to the challenges. If you wish to turn your business into a soaring success, a slew of factors needs to come into play; at the right time, at the right place.

Small Business Management Software is one such factor that helps to take your business to another level.

Small business owners usually believe in taking things in their own hands. Naturally, it saves money. However, this practice may be doing more harm to their business than anything else. If your office desk is covered in piles of sheets, paperwork from days is lying unattended and your staying up late in office is not taking you anywhere, then it’s time to seek professional help.

What Can Small Business Management Software System Do For You?

1. Saves You More Time At Hand

Surveys reveal that entrepreneurs who do not use computerized accounting struggle with management of their accounts. Using a business management software system can take control of an array of routine tasks. Thus, saving a lot of time for the owner’s benefit.

2. Can Be Learnt Quickly

The software developers understand how occupied entrepreneurs and business owners can be. Hence the software is constructed in such a way as to ensure that the users can learn to use them with ease and in the least possible time. A team of experienced technicians is also available for 24*7 assistance.

3. Generates Invoice From The Same Application

Business management software will streamline the follow ups. With everything at one place, owners can manage sales in an effective manner. Price quotes and invoices can be generated easily with low possibility of errors.

4. Allows You To Follow a Time Table

A business requires an array of tasks to be managed at the same time. There may be meetings, deliveries, queries and client/customer visits all happening at the same time. With an inbuilt calendar in the business management application, reminders can be set and appointments can be met, without a miss.

5. Leaves You Less Paperwork To Deal With

Once again, the application allows the owners to store everything at one location. All work-related files, whether invoice, price quotes, orders, shipping documents and customer’s emails can be stored into the system. These files can be accessed anytime, anywhere, without unwanted delays.

6. Ensures Better Management Of Your Projects

A business owner has several projects at hand. There may be meetings to attend to, prospective clients waiting, a price list to create or an inventory to stock. The project management tools offered by the small business management software can offer a great deal of help in project management.

7. Employee Performance Can be Tracked Regularly

Business management software also allows you to track your employee performance with real-time data. Information including performance report of each individual employee, KPIs, project status, etc. can all be reviewed on a crisp dashboard within a few clicks.

8. Less Issues To Handle At The Year End

The best part about the business management software is that they need the users to update information every month. This ensures that there will not be piles of untended paperwork at the end of the year.

9. Scale As You Grow

The cloud-based accounting software is a rage among start-ups and growing businesses. When expanding the business in size or introducing it to other countries, a slew of data is required at one place. The cloud-based software can be accessed anytime and anywhere via the internet, making business management simpler.

10. Carry Your Books With You

With the software available in the form of applications, installable at both android and IOs, users can carry all of their files, sheets, and data in their pockets. Thus enjoying the ease of access and saving time at the same time.

11. Individually Calculate Tax On Each Invoice

Small business management software makes it easier to manage the invoices. The regular customer payment reports allow the owners to get a reliable picture of what the customers owe and what they need to pay. Thus, profits can be tracked efficiently.

And Finally

Discussed above are the proven advantages of using a Small Business Accounting Software. But the benefits do not end here. Each user comes with his own set of needs, thus the benefits cannot be limited only to a list.

Those who are still sticking to the outdated methods can make the switch to the accounting software now to experience the benefits mentioned above.

Comments are off for this post