There are many different accounting softwares to choose from. Choosing the right accounting software for your business can be difficult. In this episode, Bernard Roesch, explains the pros and cons of different accounting software options.
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The Most Important Factors to Consider
When choosing an accounting software for your business, there are a few key factors that you need to consider. First, make sure the software has key features that you need. For example, if you need to use sales orders as part of your accounting process, it’s important to make sure that the software supports this. Another example is inventory tracking. If inventory tracking is important for your business, you need to be sure to choose an accounting software that supports inventory tracking.
Once you’ve confirmed which software has the features you need, check to see how well supported the software is. While there may be new upstarts in the accounting software market, it’s important to choose a software that is reliable and will be around for years. This ensures you don’t end up in a situation where the accounting software company goes out of business and you’re forced to move to a different system. Also, a more supported software will have more bookkeepers available to help. You will need bookkeeping support to streamline your accounting process. So, choosing a well-supported software makes finding a bookkeeper easier.
The last factor to consider is the cost. There are a wide range of accounting software options on the market with vastly different pricing, so you’ll want to make sure to choose the level of software that fits your budget. Don’t go cheap here, but also don’t think you need to go completely enterprise-grade.
Pros and Cons of Popular Accounting Software
There are basically two levels of accounting software that we will review. First is small business accounting software and second is enterprise options.
In the small business accounting software category, you have QuickBooks Pro, QuickBooks Online, Xero, and lower versions of Sage which used to be Peachtree. Most of these have the features that a small business will need, but you should definitely dig in before making a choice. Also, some of these have mobile app support that makes accounting easy to access on the go.
The next level after small business accounting software is a more enterprise-grade accounting system. Some of the players in this market are Dynamics, NetSuite, etc. Enterprise accounting software offers more functionality and deep customization, but also requires much more support to get up and running and to maintain over time.
Need Help Choosing an Accounting Software?
It can be daunting to research accounting software and try to make a buying decision. The right choice depends on your needs and your workflow. Contact Bernard today and he can walk you through the best options for your business based on your specific needs.