Accounting is highly competitive, and those who work in it need to stay updated about the latest trends. Just having the right skills and experience is no longer enough in the rapidly transforming software and cloud-technology world. Accounting software plays a significant role in making CPAs, and accounting firms stand out amongst the top competition.
Globally, the accounting software market is expected to reach $117 million by 2026, says the statistics. Interestingly, 90% of accountants feel the cultural shift in their field towards technological adoption.
Suppose you want to keep track of your business expenses and analyze finances better. In that case, you need a specific type of accounting software that can help you do daily accounting tasks with greater efficiency and provide insightful reports about your business’s financial health.
There are many accounting software in the market. It is crucial to know which one is most suitable for your business. You might be using software that does not sync with your business needs. If you want to utilize the power of accounting software hosting, the right selection of accounting software matters in the long run.
Wondering how to choose accounting software for the best results? Here is what you need to know:
- Ease of Utility
Many accounting firms pick software that is new to the market, and professionals do not know much about them. Such accounting solutions leave their staff clueless as they are unable to understand how to use them efficiently. If this has happened to you, you realize how difficult it becomes to refer to the software manual for each task.
So, first and foremost, look for the ease of utility while selecting accounting software for your business. If your team is comfortable using QuickBooks or Sage application, there is no need to search for any other software. This will help prevent productivity lags that may arise because of a complicated software selection that your employees are not familiar with.
It would be best to ensure your team gets the required training to use the software beforehand.
2. Business-Oriented Software Features
This is one of the most crucial factors you should consider while selecting accounting software. Just because the newest software has all the bells and whistles does not make it the best software for your business. You need the one that can automate the crucial tasks your team performs regularly. Selecting accounting software with a hundred features out of which you only use four or five is not a wise decision.
One way to approach accounting software selection is to make a checklist of tasks/features you look for. Whether it is payroll management, ledger, accounts receivable/payable, and inventory, add them all to the checklist. Look for specific features that your business needs in the future.
3. Cloud Compatibility
Another prominent aspect you should consider is the ease of cloud adoption with any accounting software. The utility of software does not end at getting its licensed copy installed on a local computer system. Desktop-hosted accounting applications are limited in their functional value to some extent, such as scalability or data storage limitations.
The best part is – you can easily overcome these limitations with cloud-hosted accounting software. You will enjoy the benefits of cloud technology, such as remote software access, better team collaboration, elimination of time-consuming, redundant tasks, and data security, to name a few.
Before making the transition to the cloud, you should check if the chosen software is cloud-compatible or not.
4. Customer Support Services
This is something that most accounting firms consider with the least priority. No matter how smooth and refined the software interface is, you or your team member will certainly need assistance accessing certain features. This mainly happens when you are new to using the software. You would want some product-related professional to guide you in such needs. It is where the quality of customer support plays a vital role.
You may find some software that does not provide adequate support services. It would be best to think twice before buying. Instead, look for the accounting software with quick support when you need it the most.
Finally, software pricing is an essential factor that you need to consider while selecting the best accounting software for your business. Some software is available in licensed formats with a one-time fee, while others ask for pricing based on the number of users. You may also find SaaS-based products in the market, each with different pricing structures.
Selecting accounting software at a specific price should be based on the feature-checklist, as defined above. The more software features you can access at a lower cost, the better. Comparing different software using this checklist will also give you a good idea of pricing. It would help if you set the budget for accounting software carefully after thorough research.
Selecting a suitable accounting software is a crucial task, and it should not be done in a frenzy. You must invest your time and effort to dig deeper into the software features to check what works for you.
About Verito Technologies
Verito Technologies provides fully-managed, turn-key cloud hosting solutions for all size companies. We host your favorite tax/accounting software on a dedicated cloud server backed by enterprise-grade security that is SOC2, PCI DSS, SSAE compliant, and our strategically located data centers offer a 99.99% uptime guarantee. Automated backups and a 24/7 support team provide complete peace of mind.