6 Factors to Consider in the Search for Small Business Accounting Software
Guide to Choosing an Accounting Software
Searching for the right accounting software doesn’t have to be difficult and may not be as challenging as most think. Finding the right solution to manage your accounting, inventory, order entry, and manufacturing is critical to running an efficient small business. When considering changing the software that your business has long outgrown, the right accounting software will save your business time and money.
Some of the main reasons that a business begins looking for better accounting and business management solutions:
-your business has outgrown its entry level accounting solution, QuickBooks for example, and is constantly doing workarounds for features that don’t exist
-user count and needs have expanded so your company needs separation of duties and a fully enforceable audit trail
-your current system is not providing a comprehensive view of customer, vendor, inventory, and job histories
With so many solutions to choose from, finding the perfect software can be challenging and sometimes impossible.
The following are 6 factors to be considered when choosing a new accounting software solution:
Industry specific needs – Not every software is built for every type of business or industry. For example, companies in medical or food supply and/or production require solutions with lot control traceability on all inventory products.
Software Customization – although software “boxes” don’t exist anymore, the term “out of the box” is important. How far can the software be customized out of the box? If your business has some very unique processes, can programming be done to cater to these needs?
How much are you willing to spend – Accounting software is an investment for your business so approaching it with a budget is important. Low cost solutions may save money today but typically cost much more over the long term. An expensive solution claiming all the bells and whistles might be all shine with no substance. Accounting and ERP systems can vary greatly in price so setting a budget within your means is important.
Integrations vs add-ons – There is a key difference between an integration vs an add-on from a third-party vendor. Integration helps combine different systems to function together, with support from the application developer. For example, integrated payment processing to accept and charge customer credit cards. An add-on is an external supplement to a system which may enhance some functionality but at the same time, may have issues with support, updates, and other external technology changes. Using little or no add-ons is typically best for the long-term system growth.
Security and Audit Trail – Ensuring there is proper user security, audit trail, and role separation are very important. Having the ability to grant or revoke access to specific screens, reports, and operations is essential. In addition, having a full audit trail with record level audit controls is also extremely important.
Access to Customer Support – Although this is last on our list, it may very well be first for how important it is. It is important for software to be well documented with easy to access help articles and technical support. When it comes to software emergencies, nothing beats live technical support with a knowledgeable support representative.
An investment in a new accounting system is one in the future of the business. Unless the solution is scalable and can grow, it isn’t a solution.
Take the next step and contact Accountek Solutions today to see how the Connected Accounting and ERP software can help manage your business. Choose a free trial, needs analysis, guided one on one demo, or all three.