Selecting the right type of small business accounting software can be tricky. And, to make matters even more stressful, it’s very important to get the decision right.
Great accounting software goes a long way to helping your business run like a well-oiled machine, and it can make all the difference when it comes to maintaining a healthy cash flow.
Here are five questions to consider when you embark on a hunt for the kind of bookkeeping software that will aid your organisation.
Lots of software providers will advertise a long list of features when pushing their product. The more the merrier, right?
Well, not necessarily. There’s no point in purchasing a piece of software because of a few quirky add-ons that you might play around with on occasion.
When it comes to small business accounting software, it’s crucial to select something that meets your needs. Consider what features your company will actually benefit from, and how much training might be involved in learning about these extra elements. It’s also worth considering compatibility; if the features won’t function, you’ll need to fork out for new equipment to ensure they run.
Naturally, you want the best bookkeeping software, but the perfect solution for your business isn’t necessarily the product that costs the most money.
By splashing out on unsuitable software, you risk creating cash flow problems that not even the most advanced tools could ever resolve.
When choosing, take a long, hard look for hidden costs and ensure the product you have your eye on is financially feasible for the long term as well as the immediate future.
On the subject of budget, it’s always worth looking for software that you can trial for free before you put down your hard-earned money.
Many of the major providers offer customers a glimpse of what the software is capable of without needing to spend a penny – and these are the types of products you always ought to be considering.
It’s important to make sure the trial is long enough too. It’ll need to be at least two weeks’ worth of free use – after all, you’ll want to understand how this software operates across a decent period of time, as well as on a day-to-day basis.
Small businesses typically tend to grow and shrink at regular intervals. It can take a while to find that perfect balance, and in uncertain economic times, you need to have flexible products that will adapt to your company’s fluctuating size.
That’s why scalability is always an important trait to look for in your software. Can its features expand alongside you or, alternatively, contract when you need to cut back?
Great small business accounting software is adaptable in this regard.
A lot of CEOs forget to include their team when they decide on a new form of bookkeeping software, despite the fact that these are the people who should be having the biggest say.
As a business owner, you need to set yourself a budget for bookkeeping and then provide a list of options that fall within this bracket to your team.
Employees might already have a strong idea of the type of features they need (and currently lack), so speak to them early on. This will help guide your search more effectively, making the process far more efficient.
One option worth considering for small business accounting software is Liquid.
Not only are we the best online accounting software service for organisations looking to move onto the cloud, but we also provide the kinds of features, packages and add-ons that small and large businesses alike can actually benefit from. Our software is completely scalable too, giving you complete control no matter how circumstances change over time.