How to Choose the Right Accounting Software
As a business owner, it is essential that you have the right accounting software that helps you to accomplish your daily accounting tasks – keeping track of payments and expenses, sending invoices to customers and reconciling transactions- and also help to give insight into your business’s financial status. If you still aren’t convinced that you need an accounting software, check out our previous blog post on the reasons why you need one.
Finding the right accounting software for your business can be challenging as there are so many different accounting software out in the market. In order to choose the most suitable accounting software for your business, you have to understand your business and its accounting needs.
Here are some of the important factors you need to consider when selecting an accounting software:
Online or offline?
Does your business need an online software (cloud) or a desktop based offline software (on premise)? Most businesses nowadays are adopting cloud-based software like Moneyworks as they offer lots of advantages such as accessing the software from any internet enabled device at any point of time and at any location, not having to install any programs, always having your data backed up and synchronized. However, if your business does not have internet connectivity at your work location, you should opt for an on premise software like ABSS Accounting that can be easily installed and set up on your computer so that you can access it without any Wi-Fi connection.
If you still aren’t sure whether you should go for an cloud based on on-premise accounting software, you can consider Moneyworks as it has a hybrid system that allows both on-premise and cloud based usage.
What is your business’ budget, and do you prefer an inexpensive, basic accounting software or an application that costs more but includes extra features? As a small business owner, you will not need to spend lots of money on ERP software that are of larger scale, SME accounting solutions or mini ERP like Moneyworks and ABSS Accounting would be more than enough. Furthermore, the government is now encouraging SMEs to go digital and have many grants to help support your business to turn digital. Moneyworks and ABSS Accounting both are pre-approved solutions under the productivity solutions grant (PSG) and you can claim up to 80% support funding. Check out more details here (Moneyworks) and here (ABSS).
Most of us do not have any accounting background and may not understand technical terms. As such, you should opt for a software that has a simple user interface that ensures that it is easy to use and understand.
Accounting software like Moneyworks and ABSS Accounting both have a simple user interface that will ensure all your employees are able to understand and use it. However, if you are unsure of any of the features, you can simply contact us for a demo or send us your enquires.