11 May Choosing the Right Accounting Software
The most important factor when choosing the right accounting software is to understand what features are essential for your business.
There are two main types of accounting software: industry specific and generic. Industry specific software is specifically customised with your needs in mind, which forgo broader features that more generic software’s offer. It’s also more expensive to both purchase and obtain ongoing support. Generic software is generally the best option for entrepreneurs as it’s cheaper and can be customised for your individual business needs.
Create a check-list
We advise you to first create a checklist of requirements needed from your software e.g.:
- Budget & Invoicing Capabilities
- Calculate payroll requirements
- Handles foreign currency
- Integrates multiple bank accounts
- Track separate financial records for different departments
- Keeps data on customers and what they buy
- User friendly & Simple system
- Training support
Every investment that you make in your business has a cost-benefit analysis you need to consider. When researching the software options available to you, consider which one offers the best fit for your needs with the best dollar value.
If you are still unsure at this stage, Company Prophets will be happy to help assist in finding what’s best for you. As we have extended knowledge and experience in the use of multiple software’s, we will ensure the chosen software will tick every checkbox appropriate for you.