Accounting Software Selection Tips
Your accounting software is the most important part of your business, and correctly determining which accounting tasks the software should ideally handle can make or break the success of your team. To choose new accounting software, make a list of the items in addition to the basic accounting requirements that you want the program to handle, such as reporting, importing, e-banking, and fixed assets. Software that fits perfectly today may not be enough a year from now. Keep business growth and expansion in mind when creating your “scope list.”
1. Modules Included
Once you have defined what you need in a business accounting package, screening software becomes an easier task because you can easily eliminate those that do not include all the items on your scope list. For each accounting package that might work, determine which modules are included in the base price and which modules have an additional cost. For example, some software publishers charge an additional price for companies. Make a note of the entire cost of each software package so that you can accurately compare the packages.
2. Access and Portability
If you have a single business location and do not expect that to change, any accounting package that installs on a network server or in the cloud will do. However, if you have or intend to have multiple locations, you need to consider how the sites will access the accounting software if you do not have information technology members who are importing from other software or can troubleshoot when you have problems. For a small business with multiple locations or one with employees who work from home, internet-based software may be the best choice.
3. Knowledge Required
Powerful, do-it-all accounting software is still useless if your employees cannot learn to use it. When choosing accounting software, you must take into account the education level of your employees and the difficulty levels of the software packages. Some accounting software requires high-level accounting knowledge for setup and use, while other software packages are geared toward business owners and employees who do not have accounting education or experience.
4. Cost
Once you have eliminated software packages from consideration based on their scope, included modules, portability, and knowledge requirements, the last factor to consider is their overall cost. When considering cost, take into account the fees for upgrades, annual licensing, and support. Compare technical support packages and factor additional support package fees into the overall cost of the accounting software. Always understand what’s needed or required first; other modules can be rolled out later. Get cost estimates for all possible subsequent phases and perhaps consider financing and/or SaaS costs.
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