A Comprehensive Comparison of Accounting Software Saves More Than Just Money.
Are you floundering around at tax time, trying hard to find scraps of paper and gather receipts? Does the thought of compiling quarterlies and reconciling statements leave you cold or confused? You’re not alone. Even business owners who are good with numbers rarely have the time for such tasks when they have a brand to build and customers to serve.
Automation can make business accounting easier by improving accuracy and ensuring timely reporting. The right program can even coordinate other essential functions, like inventory control and offer suggestions to improve your bottom line. But, which accounting software is best for you, and what should you look for when making those decisions? No two businesses are the same. The requirements of medical practice will be vastly different than those of a manufacturing company or a creative freelancer.
A comprehensive comparison of accounting software is essential because it allows you to consider applications that are in line with your current and future financial goals, as well as any industry-specific considerations related to reporting and filing.
Compare and Contrast Features
Before you purchase any accounting software, you need to ensure it does what you need it to do. Some features, like bank reconciliation and reporting, are standard with most accounting platforms. Platforms like Quickbooks can tailor things like ledger or AR accounts once the user answers a few questions. You can even choose your particular industry from a drop-down menu.
However, even these selections are somewhat generic. For example, you wouldn’t need to calculate the cost of production if your company is an online drop-shipper. To get the solution that’s right for your particular situation, it’s best to list what functions and features are essential, which would be nice to have, and which are entirely unnecessary.
Make a list and choose the best match from among the available platforms.
Consider Business Growth and Goals
Any comparison of accounting software should include an analysis of your business plans and growth potential. These prospects are different for a fast-growing startup and an established enterprise. Will the software you choose grow with your company, or will you be looking around for other solutions later?
Cost
When comparing accounting software, the cost is a significant consideration. I don’t just mean the cost of acquiring the platform, but also the length of time it will take to transition and train your staff. All of these things could contribute to unnecessary downtime and other complications that waste time and money.
Another consideration for both cost and features/functionality is choosing a platform that will give you the most of what you need for the best price while offering a high level of customization.
Customer Care and Support
Your comparison of accounting software should also investigate the level of support that’s included. What happens if there is a glitch, a data leak, or an unforeseen security flaw that wasn’t discovered during development? What if the developer disappears or an OS platform decides to withdraw support? Is there someone at the company who can walk you through setup or tech issues?
These are all potential problems that need to be addressed before you commit to purchasing a license or committing to a SaaS contract.
You Can Leave it to the Professionals.
Not all of us have the time or the patience to locate and learn the ins and outs of accounting software. You could read online reviews or even take advantage of free trials of various programs and platforms. Sometimes, it’s easier – and more cost-effective – to leave those details of comparing accounting software to a professional.
Find a firm like Fusion CPA that combines broad experience with tech-savvy. In addition to bean-counting, the proper accounting expert will be equal parts business consultant, tax planner, and financial advisor. They’ll also be up to date with industry-specific requirements and regulations while knowing just the correct application to tie all of these elements together.
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