Businesses requires accounting software to be able to manage the financial tasks and obligations. Finance related roles that an accounting software can handle includes payroll computation, sales reporting and invoicing, amongst several other tasks. Today, companies can find several options of accounting software in the market, and only need to choose what works for them. Here are some factors to bear in mind when looking for an accounting software.
First, understand the roles undertaken in the finance department and all departments that require the software. What exactly does the company need the software to do? List all the solutions the software will offer to the company. Listing of all expected solutions helps the company decide whether to go for an off-shelf software or bespoke accounting software.
When choosing accounting software, consider the possibility of expanding the business. The accounting software should, therefore, allow for future expansion. The software should allow for an addition of the number of clients and roles of the users.
How many users can the system allow at a time. Ensure that the system allows different users to perform the same task at the same time, e.g., raise an order or invoice at the same time. The system should also allow the admin to add or remove a user whenever need be. The data stored in the database should be accurate and consistent.
Consider the cost of the accounting system in regards to the functions that the accounting software is expected to perform. What will the overall cost cover. Mostly, the vendor quotes for the cost of installation, training, and maintenance for a specified period. Licenses for most accounting software are renewed annually at a specified fee. Consider the site where the software will be installed and the data hosted. To save on costs of acquiring a new server and looking for more storage space; the company can decide to have an off-site installation and have the data hosted on the cloud. However, corporates companies who can afford to cater for all costs can have the software installed on their servers.
Consider the ease of using the software. There are accounting software that requires users to have experience on accounting software so that they can be able to use the software. Ensure that the vendor or developer if the software will be customized will offer training to the users, after successful installation.
The user should be versatile enough to give customized reports as per the users requests. The system should allow the user incorporate functions systematically, e.g. tax computation and returns filling after successful running of the payroll, and several other functions. It should also maintain an inventory record of all companies inventory.