One of the most important decisions that you will have to make while starting or operating your small business is that of which accounting software to use. It could certainly be a nightmare if you make the wrong choice.
During the past 20 years accounting software has advanced far beyond the old-fashioned basic lined accounting books with ‘in’ and ‘out’ columns. Nowadays it is wholly possible to find accounting software that will assist you in all of your personal and business accounting tasks, from accounts receivable to online banking. With such a wide array of accounting software packages available, It can be difficult to decide which accounting software program will best fit your needs.
Before choosing an accounting software program it is worthwhile that you give some thought to exactly why you desire the program in the first place. There is really or no point in buying a software program that enables you to keep track of accounts receivable and issued invoices if you just need the software to do your home budgeting. On the other hand, if you are a small to medium business, then it’s quite likely that the ability to manage your issued and outstanding invoices is essential.
It would be wise to investigate the type of support you get when you purchase accounting software. A good support plan would include at least 30 days of free support upon registration. You should be able to easily find answers to commonly asked questions or ask a question specific to your support needs and get accurate online answers quickly.
The form in which the accounting software package is going to interact with your other software is another factor that you need to consider. For example, if you make use of online banking, then a very useful feature would be the ability of the software package to update your online bank statements. Furthermore, if you possess a number of different income streams, and you find it necessary to be sure that all of them are being included in your budget, then software that allows you to take advantage of this facility may be beneficial. However, if all you have is one or two income streams and all you want to do is keep track on what your household outgoing expenditures are, then you might just need a simple Excel accounting software package.
Finally, before making a selection on any particular accounting software package, it would be best to make sure your computer has the correct system requirements for the application. For example, you should make sure you have enough room on your hard drive to download the program and that you don’t already have the applicable software on your system. Bear in mind that there is nothing more frustrating than acquiring a new software package only to find out that it’s not compatible with your computer setup.
In conclusion, you can probably see that the issue of choosing the best accounting software is not a simple one. All in all probably the most important factor is the ease of use since you’re going to have to work with the software nearly every day if you own a small business.
