Accounting software

Source: Capterra

How does an accounting software help your business?

Accounting software has become an integral part of almost every business. Most business owners have realized that managing finances manually becomes more and more tedious as their business grows and may not give them the expected results. Business owners that do not use an automated accounting system tend to spend a lot of valuable time in getting their finances in order and may even face financial losses due to critical accounting errors amongst other disadvantages.

Benefits of accounting software

Source: FinancesOnline

In today’s day and age, every business should ideally have accounting software to keep their operations running smoothly. Here are some of the key advantages of having accounting software:

  1. Data entry processes become more efficient.
  2. You get comprehensive in-depth financial reports which help in decision making.
  3. Approvals of invoices and cash disbursements can be done quickly.
  4. Accounting data is centralized ensuring that all departments have easy access to data which promotes smooth functioning of operations.
  5. Reduction of human errors

While there are much offline accounting software available, most businesses choose to go with online accounting tools as it allows you to send invoices, automatically backup and secure your data with encryption, allows you to access your data online, and also comes with a host of other benefits.

Factors to consider before buying an accounting software.

There are many different types of accounting software. Choosing the right accounting software all comes down to whether the accounting software has the tools needed to meet your company’s accounting needs.

Factors for choosing an accounting software

Source: Business News Daily

Although every business will have its unique set of need and requirements, here are a few points to keep in mind, while searching for an ideal accounting tool for your business:

Ease of Use

Switching from a manual accounting setup to an automated online setup will require you and your staff to be trained on the same. Although you may have an accountant or an accounts team handling your finances, you will still need to have access to the system. If the accounting tool that you purchase is easy to use, you will be able to keep a tab on your accounting activities.

Employee turnover is also a very important factor that needs to be considered as your new staff will also need to be trained on the accounting software that you use.

Vendors such as Deskera and Intuit offer onboarding sessions and webinars to their customers once they have purchased the respective software which makes transitioning to an accounting tool easier and less time-consuming.

Features

The latest accounting tools that are available in the market provide a host of exciting features, it is necessary to analyze your business needs and make an informed decision before buying an accounting software.

With all of that being said, here are some of the questions that every business owner should ask themselves before picking an accounting tool:

  1. What are the expectations that you wish the accounting software to deliver?
  2. Do you want software that has inventory management, invoicing capabilities, project management, and time-tracking features?
  3. What kind of reports do you need the accounting software to generate?
  4. Do you want the accounting tool to have a mobile app to track your accounting on the go?

Once you have asked yourself these questions, you will be able to make the right decision and choose the best accounting software for your business.

Third-Party Integration

Finding the right accounting tool is somewhat similar to finding the right piece in a jigsaw puzzle. In other words, the accounting tool that you purchase should seamlessly interact with various applications as well as entities such as banks & other services to ensure the smooth functioning of your business.

It is hence important to look at existing customer reviews to see if other business owners were able to seamlessly integrate the said tool into their operations.

Brand Reputation

Your brand reputation is interconnected to the relation that you have with your customers and vendors. If your accounting software has constant or prolonged downtimes, it can negatively impact your brand reputation.

Your accounting tool will also store your customer’s data and a breach can seriously hurt your brand. Customers may lose faith in your company and can move to other businesses.

Vendors such as Deskera and Salesforce use TLS security encryption which is the industry standard for transmitting data safely over the internet.

Conclusion

Although each of the above-mentioned points will be crucial before buying an accounting software, you can take a look at the pictorial representation given below to get a fair idea of how much weightage each factor will have.

Factors for choosing an accounting software

Source: Software Suggest

Our recommendations.

After a careful deliberation of all the things mentioned in the above section, we would recommend Quickbooks or Deskera for your accounting needs. Although the two seem more or less similar when it comes to their features, there are a lot of key differences between the two.

We have also included a quick overview of where Deskera Books stands amongst the competition:

Comparing accounting software

Source: Deskera

Deskera Books also has a thriving community of users who can vouch for it and their active Facebook community consists of Deskera’s senior team members as well and the founder himself, who takes time to interact with the community. Their customized pricing options allow you to select the most economical package based on your needs. You can also sign up for a 15-day free trial without even giving away your credit card information!

We hope that this article answers your question and helps you make an informed decision while purchasing the perfect accounting tool for your business!