Whether you're a sole proprietor or a proud owner of a large business, there will come a time when you turn to an accounting software to take care of your daily bookkeeping needs. The good news about choosing the right software is the plethora of options available in the market. What you really need to be looking at is an accounting software that meets your specific business needs; there are largely two categories of accounting software – generic and industry specific.
The industry specific software will give you added features which are often customisable to meet your specific industry accounting demands. However, the downside of industry specific software is that they are generally far more expensive to buy and maintain support. On the other hand, generic software is generally less expensive, while the functionality of the software can be stretched to meet certain industry needs. This is good news for small and medium sized businesses as it involves more upfront savings and easier support for future customisations.
Keeping these points in mind, we factor in a few additional points to enable you decide the best accounting package for your business. Here are a few things you should consider while choosing the ideal software package:
A business that makes £10,000 in net annual profit has very different needs than a business that makes £1,000,000 in profits. If you are a smaller firm, don’t overbuy a software because you’ll only get something more complicated than you need.
Different industries have dedicated software packages designed for their industry specific needs; since it’s been intended with your specific requirement. Hence, they will give more functionality and specific quantities which will improve end user experience. Most of the time, industry specific software will be more expensive, but the advantages may overshadow the costs so be sure to do your research before buying anything.
Some bookkeeping software have very generic features with just simple cheque book features; however, others include such modules as invoicing, online banking interfaces, credit card processing, budgeting and more. The features that you require is an important consideration while deciding your software.
Choosing a good bookkeeping software is usually balancing what financial resources you have, as opposed to; your investment in the software. Every investment in your business has a cost-benefit analysis that you need to think about. When reviewing the software options offered to you, it’s important to think about one that fits perfectly to your needs with the best value.
At the end of the day, your accountant should be happy about the software purchase; besides requiring adequate training on the software your accountant will often be the one person who will help you during the installation of the software. Moreover, your accountant must be able to verify that they can rely on the data made available by the software in order to create reports or present the required information.
Once you have bought your desired bookkeeping software the next step is to consider the available support. It’s important that you have available support, which may include consultations, internet support, phone support, training options and more.
We review UK’s top 5 accounting software to help you decide.
Choosing the right accounting software takes time and research. You want to pick the best software available to manage all your bookkeeping needs. Do not settle for less than average accounting software. If you are in the market for an accounting system to meet your non-profit organisation’s needs, try Nomisma Solution’s free trial; a full featured bookkeeping solution designed for small, medium and large businesses.