Effective business management requires one eye to be kept on the current financial status while the other is watching over other aspects of the business. With the right online accounting software, small businesses have the ability to do both with more ease and efficiency. Choosing the right one for your business can be daunting. Here are some tips to make it easier:
Assess Your Need
Is there a real need for accounting software in your business? Before spending a lot of time and money on accounting software, you need to carefully analyze your need for it. There are many circumstances where bookkeeping software may be sufficient to handle your accounting needs, especially if you’re a small business just starting out, a new startup, or a freelancer. Hold a meeting among to discuss your specific needs and come up with a suitable solution.
User Access Needs
The distinct advantage of online accounting software is the ability for all authorized personnel to be able to securely access information from any location around the world where there is internet access. This provides users the ability to update information at any time of the day, from wherever they happen to be at any given moment. This also allows everyone in the company to communicate easily and effectively with the accounting department. This is particularly helpful where there are more than one business locations or employees are required to travel.
Invoicing Software Integration
Once your invoicing software has been integrated with your online accounting software, financial records are adjusted automatically every time an invoice is sent and/or paid. There is no requirement for data to be entered twice and the concern that a paid invoice may miss being entered is allayed, providing employees with peace of mind.
Does the Software Adapt to Business Growth?
When assessing which accounting software is right for your business it is important that the one you choose has additional software applications available that can be integrated together to work smoothly and efficiently. Choosing a software provider with the ability to grow as your business grows will save you money and time.
Outsourcing Abilities
When running a small business is it not uncommon to feel you are able to undertake all functions in-house, however there are situations where outsourcing can provide you with more freedom and flexibility to focus on other aspects of your business. A software company that offers outsourcing can be a huge benefit to your business.
Free Trials/Demos
Any good online accounting software company will provide you with the opportunity to test drive their software before committing to a purchase – make sure you use it. This allows you to ensure their software is a good fit for your business.
Quality of Customer Support
Whenever you implement new software there is a risk that there will be glitches or situations that require you to contact the vendor’s support staff. Make sure the vendor has helpful and knowledgeable support staff that can assist you to get your software up and running. If you know other customers, be sure to ask them about the vendor’s customer support quality or take a look at reviews of the vendor on the internet. There are numerous websites that rate/review software providers.
About the Author: With over 15 years of experience in accounting, Zach Simpson has worked as a CPA, accountant, and has experience running a small business. He now works as an enterprise software consultant. You can visit his blog at http://www.onlineaccountingblog.com.