The days of spreadsheet accounting are long gone, and to run your firm smoothly and successfully, you need dedicated accounting software. With so many options, it can be hard to hone in on the right software for your needs, but these tips can help guide you through the process.
Consider making a wish list of the features you want. If you’re using accounting software right now but considering a change, list the features you love about your current software as well as features you want to have. If you’re just getting started, you may want to include the basics such as expense tracking, invoicing tools, and payroll capabilities. On top of that, you need the ability to handle multiple clients with your accounting software, and look for a cloud-based system that allows your clients to enter information on their end that you can see immediately on yours.
In the past, software was a one-time purchase, but in recent years, many software designers have shifted to offering software as a service (SaaS). Under the SaaS model, you pay a monthly subscription fee to access the software on the cloud. Ideally, you should look for accounting software that’s set up this way. This model lowers your tech costs, reduces how much information you have to store on your hard drives, helps to eliminate lost files, and ensures you get timely updates whenever tax codes change.
You also have to ensure the software you select syncs with the apps you like to use. You may want to invest in an existing option or pay a designer to create custom accounting software for you. Plugging into an existing option is the cheapest and easiest, but some accountants prefer a solution customized just for their needs.
Your accounting software plays a huge role in your business. Keep the above tips in mind when looking for software and consider signing up for a free trial so you can test out different elements.