There are a ton of potential features within accounting software. Some of them are essential, some are 'nice-to-haves', but what counts as a crucial feature varies between businesses. Here are three tips for when you are choosing your accounting platform for the first time - or looking to change.
1. Basic or advanced features
There are loads of features in accounting software these days. You probably don't need them all. Some are essential - and some are not. varies between businesses. What you need will depend on your business type, scale, expertise, and industry. Do you have staff, stock, warehousing, multiple points of sale, multiple business units, multiple currencies, tax codes, and more.
You'll almost certainly want accounting software that allows you to invoice via email, log expenses, assign payments to specific customers or cost codes and view profit and loss sheets.
However you may also want more advanced features to sell multiple products, manage inventory, use simple super features, and maybe even manage multiple warehouses or several shop locations. Payroll may be critical and should you import and export then you will need to record payments in a variety of currencies.
2. Consider your accounting skills
If your business is mature and makes millions of dollars a year with internal accounting staff then you will need something different from a business that outsources it accounting roles. Depending on your industry, you may want to also consider tailored software designed for your specific niche. Remember also that accounting software does still requires a reasonable level of accounting literacy. It is still only a tool and one that needs to be used by someone with a level of book keeping or accounting skills.
3. Make the decision with your accountant
Finally, your accountant will likely want you to have a system that is compatible with theirs. While every business is different, your accountant is in the best position to offer an educated opinion about which one is best choice for your particular enterprise. Your accountant may even be able to help you set up the software you choose.
You are quite committed to your business accounting software once to get started. so take the time to make a considered decision. The team at Turners Accountants can help you evaluate and choose a platform that suits your business now - and its aspirations into the future.