5 Tips For Buying Accounting Software
A lot of small businesses are growing fast, but that also means they're quickly realizing they need to invest in technology to handle their expanding needs. If you're looking at accounting software, you'll want to think carefully about which one will best suit your business's needs.
In this post we'll go over five tips for buying accounting software, from understanding your goals and choosing the right size solution to figuring out if it's compatible with other systems in your company.
1. Look at the different functions your software provides.
If you're looking at accounting software, you're likely considering whether or not to add it to your business plan. But before you make that decision, take a look at what features are available with the software on the market, and decide if they fit your needs the best. For example, does it have barcode scanning? Or will you have to type in invoices manually? What about mobile apps for iPads and iPhones? Being able to use these apps are great options if you want your accounting system to be as paperless as possible.
2. Think about how much business you're doing.
Just about every accounting software is designed for businesses of all sizes, from those with just a few employees working at the office to large corporations that have offices all over the world. When you're looking at a package like QuickBooks, for example, make sure that it can manage the size of your business before you buy it. It's not worth paying for a system that won't work for you, so check the box on their website that asks "How many transactions do you typically do in a month?" or something along those lines.
3. Figure out how many simultaneous users you will need.
If you're looking at QuickBooks, for example, it's important to consider how many people your accounting system needs to support on a day-to-day basis. In many cases, businesses that are new are small and don't need multiple users to begin with. So if you're only having a few people working on the books at once, you probably don't need QuickBooks Enterprise. But if your business is growing and expanding quickly, it's worth investing in the ability to have more contributors working at once – which often means giving up portability in favor of staying put in one place!
4. Know whether your accounting software is compatible with other systems in your business.
Businesses are always looking for ways to save money, which often includes finding software that's compatible with other systems within their company. You don't want to be paying for new accounting software just to use the same system you already have. The best way to do this is usually by checking the box that says "Compatible with my existing system." If you're not sure if it will work with your existing system, ask your accountant or an IT person at the company about it. This might seem like a hassle, but it's always worth asking in advance!
5. Consider whether you're going to need a backup system.
One of the biggest mistakes small businesses make when looking at accounting software is not checking the box for backup. This should be a no-brainer, but even small companies often forget about it. If your accounting software crashes, you'll lose all of your work! And if you're frequently switching between different programs like QuickBooks and Microsoft Office 365, it could take awhile to transfer all of that data back and forth. For example, right now our company is planning on going all-in with Microsoft Office 365 because it's compatible with all of our current software and has great cloud storage features. We're also looking at QuickBooks Online to save us a few bucks, but we'll wait and see how it works out. In the end, the solution that makes most sense for you will depend on your organization's needs and goals.
That's it! If you have any questions about this post or if you'd like to get into more detail about some of these points, please leave me a comment below or let me know on Twitter (@tjwiseman)!
Photo by Bobylevchenko / Shutterstock.com
TJ Wiseman is a co-founder of LiquidPlanner, a simple project management tool for teams of all sizes. He blogs about management, productivity and getting stuff done at GetThingsDoneGuy.com . You can find him on Twitter at @tjwiseman .
Editor's Note: This post was originally published in August 2012 and has been updated for comprehensiveness.
If you're looking for a new accounting software, read this post to help you make the right decision. When you're looking for a new accounting software, take these five points into consideration.
Are you interested in learning more about QuickBooks? The QuickBooks Support Center has got answers to most common questions about the program—and more on their blog, as well. If you'd like to learn more about QuickBooks (and download a free copy!) check out this post: Download a Free Copy of QuickBooks Online!
Tell us your thoughts in the comments! We'd love to hear what you have to say.
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Conclusion
This article was written to help small business owners who are looking for the best accounting software to solve some of their customer support issues. We did not cover all; we just covered the most important points that you should consider when buying a new accounting software such as QuickBooks or Peachtree Accounting.
In the end, it is your choice to make and you must decide which of these two products will work best for your needs.