Choosing Accounting Software
What are the factors to consider when choosing accounting software for business? We are in the digital world confused by terms everywhere, and recommendation coming from all directions.
Do we need cloud solutions? What if the solution does not fit my operation? How do we choose with solutions out there?
User-Friendly Software
Ignoring comments from those who has used other accounting solution, this should be judge by someone who has not use or heard of the software to be objective. Just like asking a Mac user to judge Win operating system. It tends to be bias.
Second, focus on operation. Can you understand the screen? Is it easily understood without explaining?
Next, try to get someone to show you a demonstration base on your operation. See if how fast or easy one can create a transaction or search a transaction. If you are not familiar, you will not be the best to judge if this is really user friendly. So doing this gives you an idea when you are in it for a while, is it still as simple.
Features and Functions
List down your special requirements including mult-currency transaction, batch-number and serial number tracking and/or multi-location warehousing inventory. Can the software you are evaluating has all these included without much customisation?
As about some operation issues which might help you simplify your work. For example, can the solution create automation task to calculate credit card charges? Can the system calculate landing cost into your product cost?
Cloud or Desktop
Much hype on cloud solution, but many cannot accept that the ongoing subscription and/or internet outage which may cripple your operations. So what is the best choice?
Cloud does not mean mobile application. As long as you can access out of your premise, we have achieve what we want. So technically a solution which provides hybrid would be ideal.
Xero is fully cloud, while ABSS (formally MYOB) is fully on desktop. Moneyworks is both cloud and desktop. So there is such an option if you really required.
So do not be confused by the jargons, just ask simply if you want to access the solution from anywhere and what happen in the event of outage may solve your misery of confusion.
Integration
This is getting a new momentum in the world of digitisation. We have multiple application that we want them to work together.
What integration means, is simply having your POS transaction appearing in your accounting software at the end of the day, or ecommerce sales appearing in your accounting solution seconds after customer checked out of the shopping cart.
Cost of solution
Affordability is subjective. But more than just software, do factor in services cost (implementation and training), help desk support cost, and also ongoing maintenance and upgrade cost.
It would be ideal if some of these cost can be subsidised by way of government grant. At this point, we are running Productivity Solutions Grant by IMDA. SMEs can claim up to 70% of the pre-approved package solutions for both ABSS and Moneyworks.
This is the time of the year to adopt a suitable accounting solution. Feel free to contact us for a demonstration or consultation at 6589 8878 now!