One of main pillars of a business is finance and accounting. The effective management of money in your business is extremely crucial to growth. As a business owner, you want to make financial processes easy-to-manage, fast, efficient and transparent. Some of the main problems encountered in business finance include slow tracking of cash flow, inaccuracies in reports and high staffing costs.
An accounting business software will reduce or eliminate all such problems, making day-to-day financial management easier. In today’s current market, there are numerous programs that offer automation of accounting and finance processes. The never-ending choices for purchasing an accounting software solution have made it hard for business owners top pick the right one. Some may be budget-friendly but not feature-rich, while others may have everything you need but will cost a fortune to implement.
This challenge is faced by many businesses in almost every industry. Those already using an accounting solution are looking for a better upgrade to meet the growing requirements. So how do you decide on which business accounting software you should get?
To make your selection easier, we have compiled a detailed checklist to help you short list some of the best accounting and finance software programs. This checklist covers everything from implementation to cloud access and from price to user-friendliness.
Usability of the program
One key consideration is the usability of the software program. This means, think about where you plan to use the software and who else will be using it. Some programs are completely online based like Pushcord VCA Finance, which means all you have to do is login to start working. The online platform allows you manage financial activity of your business online as it is integrated with other platforms, accounts and more.
You also need to think about other users who will be using the accounting software. If you are a sole proprietor, then maybe the need for extra user support isn’t required. But if you own a business with a fair number of employees, you may need an accounting program which allows multi-user access.
The next on the list is the availability of cloud or servers. Many new accounting software programs such as Zoho and VCA Finance are cloud based. This means there is no need for capital investment and hardware installation. This can help you save thousands in the short run. On the other hand, more complex accounting solutions such as Sage 50 have certain hardware installation and server requirements. With a cloud based program, you can literally access the program from any location and any device. This means you can keep track of your business financial activity while on the go!
Basic Accounting Features
The accounting and financial requirements of businesses may vary and depend on the size and type of operations. Typically, smaller businesses have less complex financial requirements and can make-do with a simple accounting software program. No matter what program you go for, make sure the basic accounting procedures and tasks are covered. This means, any good accounting software program will cover at least all the basics such as inventory management, bookkeeping, purchase ordering, invoicing, etc.
Tax Claims Preparation
In many countries, taxation is a key concern for businesses. And calculating tax is a hurdle that can’t be ignored. Many businesses make the mistake of hiring tax auditors to separately handle their taxation problems. But the truth is, taxation shouldn’t be done separately, rather, it should be a part of your accounting processes. Not only will a tax preparation accounting solution help maintain accurate tax claims and reports, but will also help you save costs of hiring tax experts.
A key problem that has been brought to attention is the integration of accounting software programs. Now many businesses already using CRMs, ERPs and other programs will want a finance solution that can be easily integrated with the rest. Unfortunately, not many accounting programs can be integrated due to technical structures. So, the question to ask yourself here is, are you using any other software program currently in your business? If yes, is it compatible with other external programs? If no, then what do you do? The answer to this question is, search. There are a few accounting programs that can be merged and integrated.
Flexibility and Upgrades
Not all accounting programs are flexible. Some come with strict technicalities that require regular upgrades and updates. You may need to spend a few extra bucks to get your accounting program updated every now and then. So, go through selected accounting programs and find out which ones require a regular upgrade, and at what cost. Because if the cost for upgrade is too high and frequency too much, you may end up paying a fortune in the long run.
Security is one of the most important factors to consider when buying an accounting software program. Financial data, if lost or misused can lead to chaos. So whatever program you go for, check out its security features, reviews and other factors that give a glimpse into its security framework. You don’t want your financial data vulnerable to hackers out there.
The user interface is where most of your employees and you will be managing processes from. This interface should be fairly easy to use and understandable. The more complexity there is, the more unpopular it will be among your workers. So, pick an accounting solution which has simple visuals, buttons, tools, and can be understood with no hassle. Most accounting programs come with a demo or trial offer, which basically allows you to check out the program and its usability. This will help you gain a better understanding of what the program actually looks like on your screen and how user-friendly it is.
These are just a few of the main points to consider when buying an accounting program. You must still make a list of your business needs to see which program best meets all your requirements within budget. The best accounting program can help boost your business and give you transparency into your accounting processes in real-time. So,
make the most of this opportunity and take your business on the road to success with effective accounting and finance management.