You can select a system for bookkeeping manually with accounting books, electronically using spreadsheets, or using online bookkeeping software. Unless you are willing to get deeper into the process of bookkeeping practices, good accounting software is the easiest and most efficient way.
What to consider when choosing bookkeeping software for business?
Every small business will have its own requirements for accounting software. So, you need to consider the following questions when choosing a business accounting software:
- Does the software calculate payroll needs, such as long service leave, annual leave, PAYE, etc.?
- Will this software be able to manage multiple bank accounts?
- Does this software track work in progress, system track stock, orders, and other task management needs?
- Does the software handle foreign currency?
- Does the software keep a tab on separate financial records for every business department or section?
- Does the system keep payment records, as well as customers’ records on customers, including what they bought, and how often or when they buy your products?
Following are some of the commonly used accounting software by small businesses:
- Cashflow Manager
How to choose the best accounting software for small business?
First, it is always best to consult professionals to handle your cloud accounting software. The experts know how businesses work and the basic needs of different small and large enterprises.
Here are five simple tips by Zetran professionals to help you select the best accounting software to meet your organizational needs:
1. Consider both your needs and accounting skills
To find the right business accounting software for your needs, you need to carefully observe how your business works and the different types of accounting software available in the market. The accounting needs of small-sized and medium-sized businesses are different from large organizations. So, consider your industry and business niche before finalizing the accounting software for bookkeeping.
2. Check out the cloud applications
Nowadays, cloud-based accounting has taken over modern business. So, it is essential to pick the accounting software that handles everything – from your financial transactions to customers’ data. Another benefit of using cloud-based applications is that it can be accessed from any location via a strong Internet connection. Therefore, you need not buy software licenses or servers, as there are professionals to take care of that.
3. Keep your budget in mind
The business accounting software has been designed keeping all budgets in mind. The software applications with general user bases are often free or priced at low costs. But if you need specific and customized software for your business, the professionals will charge you based on the specific requirements and software changes. So, figure out your budget first and then decide what software you need.
4. Focus on add-on features
The add-ons are likely to bring functionality to your small business accounting software. For instance, they enable you to access your software remotely, integrate the accounting feature with e-commerce, and accept online payments.
5. Choose the software after consulting your accountant
Choose a business software application that is compatible with your accountant’s bookkeeping application. This way you and your accountant will always be on the same page when it comes to managing business funds.