Choosing the right small business accounting software can be daunting for an entrepreneur without a solid technical background. If you check out side-by-side comparison of the best accounting software for small businesses available today you’ll find out that there is a wide selection of popular and top small business accounting software but what is the best doesn’t always mean the right choice for your business.
“Hi, can you help me choose the right software for me? I run an events company in Seattle that employs ten regular employees. Recently, we started getting more events than usual and I felt the business is ready for the next level. I hired more staff, expanded my contractor base, bought some two more trucks for logistics to anticipate a surge in holiday corporate events. In short, we’re growing and so does my need to track everything. I thought it’s time to get an accounting software product so I can keep tab of our financial performance (it’s easy to lose money when your contingency budget doubles up). I’m looking a small business accounting software that is simpleand easy to use even at home. Thanks in advance!” – Ellen S. from Seattle
Hi, Ellen. Choosing the bestsmall business accounting software should not be daunting. You need only to think of five key areas to know if that software is for you. Let me help you with advice extracted from this page, which contains pointers on how to choose accounting software that’s right for your specific needs.
You seem to be expanding fast and I sense a subtle panic. Your bookkeeping tasks can easily double or triple as you get more clients. So your top priority for small business accounting software is that it should keep pace with your growth. Look for software that you can easily add modules on to match your growth rate. Conversely, it should also allow you to subtract modules in case—and we hope not—a seasonal business like yours need to contract during off-season. There are a lot of websites out there that review and compare the kind of modules or add-ons a software product has. Just Google “small business accounting software reviews” to get tons of leads.
Also called software-as-a-service (SaaS), cloud accounting software is good for small businesses to manage costs, while ensuring top-level security and support. Although you’ll be paying a recurring monthly fee (in the long run the total cost will be higher), the pricing is cheap and more manageable than setting up an on-premise solution. In fact, if you can cost this subscription in your client fee, it’s like getting the cloud solution for free!
Imagine the convenience of being able to download transactions from your bank using the software. So check what accounting software your bank support.
The software should allow you to customize access restriction. Other than your key staff, your employees should only be allowed to enter data in their respective areas. This protects you financial reporting from being manipulated by an internal conspiracy.
What better way to find out if the software is for you or not. The accounting program should have a professional free trial that gives enough time to use and evaluate the key features.
Read this insightful article from the Entrepreneur online magazine on “Accounting Apps for Your Number-Crunching Needs.” It’s written for small business owners who find the number crunching that comes with accounting a daunting prospect.
Buying accounting software is an investment for your growing business. By doing so, you’re freeing yourself for more time to pitch for more events. Good luck and we hope you get the right software soon by following our tips.
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