How to choose the right accounting software for your small business
accounting has changed a lot since the old days, and it is about
time. One area where it has changed is how easy it is for smaller businesses to
do most of their accounting themselves. This used to be a very complex function
that absolutely needed the help of an accountant, but nowadays, accounting
software is making things easier than ever.
That is if you choose the right solution of course.
But there are some tools out there that will be perfect for your organization
and/or field of business and help streamline the whole process by making sure
that you take advantage of all your benefits and avoid potentially costly
mistakes. Here are a few tips to help you find the perfect accounting software
for your organization.
Sector Are You in?
This is probably one of the most important things to
consider when picking a CRM for your business. Some tools are better tailored
for certain types of enterprises and might not work the best for your
organization. However, some of the tools you’ll find on the market are robust
enough to handle any company’s needs, no matter their size.
But if you’re a small business with a handful of
employees, you won’t have the same needs as a Fortune 500 company.
So, look for a tool that is either friendly to small businesses or tailor made
specifically for them. There are also some tools that are made specifically for
certain sectors, like hospitality, restaurants, retailers, etc., and so it
would be a good idea to look at those too.
is Your Business Model?
Your business’s model will also need to be taken into
consideration when picking an accounting tool. Two of the most popular tools
for enterprises are FreshBooks and QuickBooks, but they target different
groups. For instance, QuickBooks is seen as a better option when it comes to
businesses which are actually selling a product, whereas FreshBooks would be a
better option for agencies and freelancers for instance.
If you want to learn more about these two options, you
can check out this article by PieSync.com.
They give a clear rundown of both software options and for whom each tool would
work the best. They look at factors like complexity, scalability, and how
complete each option is.
Overlook the Cloud
You should also consider cloud based
applications in your search. These have many things going for them and could be
a right fit for your organization or your management style. These can be
accessed from virtually anywhere, don’t require that you purchase a license,
and you won’t have to deal with updates either. And we’re not talking simply
about software, but most recent tax code changes as well.
Accounting is a function that
you can’t go without in any business. Thankfully, there are plenty of tools
that will allow you to stay on top of your books, even with limited accounting
knowledge and resources.