Questions to Consider When Choosing Accounting Software

Considering Accounting Software?

Accounting software can save hours when compared to maintaining physical books or spreadsheets. By reducing or eliminating redundant data entry, businesses are able to significantly decrease the time used to update accounting records. Business owners, who carry inventory, have many or diverse customers and/or more than a couple employees save time and money by utilizing accounting software.

Here are a few key questions to keep in mind while trying to decide on an accounting software solution:

Will the software grow with your business?

Does the software have modules that can be added later if needed? Often businesses add a payroll accounting module to their accounting software as their business grows and they employ more people.

If modules cannot be added, can you upgrade to another version of the same software with expanded capabilities? Alternatively, can you export your data in a common format (like CSV) which can be read and used by a different accounting software solution?

Does your bank support the accounting software you’re considering?

Having the ability to download bank transactions can save your organization a lot of time. Find out what accounting software your bank works with when considering software. While this may not be the deciding factor but it should be something you consider and are informed about.

Cloud or on-premise hosted software?

These days your accounting software can be hosted onsite or on a cloud server. On-premise accounting software keeps your business data close to the source. Because your data is kept onsite, you have all the controls in your hands. This can help protect against data leaks, security threats and other data security problems.

Cloud systems are hosted elsewhere which means you aren’t responsible for server maintenance. Cloud options tend to be less expensive because you are only purchasing licensing, infrastructure and server-space. If your business needs change you can normally adjust your requirements. Consider both options carefully before making a decision. Consider your organization needs carefully when evaluating options.

Are you able to set restricted access for some employees?

If more than one person will be using your accounting software now or in the future you need to consider whether you’ll want the ability to restrict access. One individual within your organization may need complete access to your data while others may only need access to certain areas. You need to be informed about you options and also the process for setting restrictions. Find out whether you’ll be able to define these roles or if a software developer or programmer will need to do it for you.

Is there a free trial?

Most people like to try before they buy and many accounting software options come with a free, limited trial version. If you’re able, try out the software to see if it will work for you. Keep in mind that many software solutions are customizable to your organizational needs so the trial version often isn’t the final word in how your software will function. Also, check out tutorials or how-to videos for the software before and after you purchase your software. Most software vendors and resellers provide these for free on their websites or on request.

Without knowing a company’s specific needs and requirements it is impossible to fully advise you on what software option is best for your organization. However, these are a few questions that should help you get started evaluating accounting software. If you need help evaluating accounting software, please contact Oasis Solutions Group or 502-429-6902

You may also like

In 2024, we’re living in the future. Pocket-sized AI and portable workspaces have shown us that finding balance at work is as ...

NetSuite, the cloud-based enterprise resource planning (ERP) software, has released its 2024.1 version, packed with exciting features and enhancements to ...

Stay tuned on our ERP path!

Subscribe to our newsletter and get the latest news