How to choose the right accounting software
How to choose the right accounting software
Most people do not know what accounting software to choose and to implement in their business. The logic is simple, companies need accounting software to makes things easier, efficient and more productive, and having an accounting software only has two effects, it’s either it does help the business or in worse cases, it hurts the business and this only happens when you choose the wrong one. To be able to choose the right accounting software for your business, take these things into consideration:
1.Consequence of not purchasing an accounting software – If it is proven that the accounting software will actually help solve the company’s problems then think of the consequences if the software is not purchased or implemented. The consequence of not having versus benefits of having an accounting software should be properly weighed. Some accounting software like Sage MAS 90 or MAS 200 are bit more expensive more than the others, but remember, your business is your investment. The solutions that these software provide may actually make your business run more efficient and productively and may even provide more profits than the cost of the software itself. Isn’t it worth the investment?
2.Your budget – This is self explanatory, do not buy something your company cannot afford, but also weigh things over. Conduct a cost vs. benefit analysis to make sure you are paying for. Need a more powerful accounting software such as Epicor, SAP, Oracle, Sage MAS 90, Sage MAS 200 or GP Dynamics might be more expensive but they provide most solutions that you need for your business
3.Size of your company – be reasonable and realistic, buy an accounting software that suits your business size. An entry level accounting software such as QuickBooks or Peachtree is only good for small companies because it cannot provide the solutions that companies need in the mid-market level, a better solution would be to go for Sage MAS 90 or Sage MAS 200.
4.User-friendliness – Occasionally people overlook the solution and forget to consider the level of difficulty in using the software. Despite the greatness of the accounting software, it is useless if it is too difficult to use or almost impossible to learn. This is why training is also recommended because training will make things easier. Examples of user-friendly accounting but still needs training are Oracle, Sage MAS 90, Sage MAS 200, SAP, Epicor, Microsoft GP Dynamics and more. It is also important that you are comfortable in using the software.
5.Identify the problems of your business – Problems are very normal in the business life but to make sure your business survives, you got to deal with the problems. Most have problems related to accounting and financials, so in choosing the accounting software make sure that the one you are picking will actually solve your problems.
6.Business Industry – Let us be realistic, each industry has its own specific needs and it needs special types of module to cater those needs. There are also some specialized software for a particular industry, they may be a bit more expensive than the standard ones but the solutions they provide may outweigh the acquisition cost. Before purchasing an accounting software, make sure it does provide solutions to the specific needs of your industry.
7.Feature package – Features are the things that make the accounting software distinctive which makes it valuable. There are to many features to mention but inter-application is one of the best features you can see in an accounting software. For example, CRM, e-Commerce and Human Resources can integrate with your accounting software and automatically generate values as one aspect changes. Process automation is also a key feature to consider. Sage MAS 90, Sage MAS 200, SAP, Microsoft GP Dynamics and SAP can provide these features but if the features are available per module, remember to only pay for the module that you need. Don’t buy something you don’t need.
8.Credible recommendations – It is also best to look for recommendations from professionals or experts such as consultants, CPAs and others who are in the position to recommend or endorse the accounting software. Search for 3rd party reviews so that you will obtain unbiased opinions. Also involve your accountant or the people who will be using the software if they can rely on the solutions provided by the product.
9.Availability of training – training is one of the most important things to consider in an accounting software. We cannot expect to be instantly proficient in using the accounting software we purchase, so in order to use its full extend we have to know how to use it and that requires proper training. Users need to get the skills and training makes sure that the users are doing things right.
10.Support after sale – Keep in mind that there is no such thing as a perfect computer program and accounting software is not an exemption. Eventually you will need support with issues related to your accounting software so make sure that your reseller or the software develop provides support after you purchase the product especially if you choose more comprehensive solutions such as Epicor, SAP, Sage MAS 90, Sage MAS 200, NetSuite, Oracle, Microsoft GP Dynamics and other solutions for the higher market.
Knowing these ten considerations will guide you in choosing the right accounting software. Having the right accounting software in your company will be a great advantage to your business, therefore be careful in choosing the right one. So use these tips and choose wisely.
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