How to choose the right accounting software for you

Accounting softwareThere are plenty of accounting software options available with benefits for businesses of all sizes. If you’re trying to decide which software is best for your business, take these questions into consideration.

How much accounting software can you afford?

You can find inexpensive (even free) accounting software that will take care of the basics, such as creating invoices, printing checks, and handling payroll. For many freelancers, solopreneurs, and small businesses, a program like QuickBooks or FreshBooks may be all that you need.

Once you dive into more complex accounting software, you may find that the prices are too high for your liking.

Is there an accounting software specific to your industry?

If your budget can support a more expensive solution, you may want to find out if there is a program designed specifically for your industry. For example, if you run a manufacturing business, you can find manufacturing-specific accounting software.

What functionality do you need?

There are many functionalities you can find in accounting software, and they may or may not be important for your business. Here are just a few to consider:

  • Ability to automate billing, recurring payments and other processes
  • Integration with other software you are using, such as a CRM
  • Multi-user access
  • Mobile access so that you can work while on your smartphone or tablet
  • Tax preparation abilities

The right functionality depends on your business needs. It’s a good idea to work with your accountant to decide what features are necessary for your company.

How is data backed up and secured?

Cloud accounting software stores your data in servers offsite and may back up regularly. Offline software may require you to schedule backups. It is important to be able to recover your books in the event of an outage, virus problems, or other issues that might disrupt an accounting program.

If you have questions about choosing the right accounting software, or want to talk with a professional about your company’s needs, let’s have a conversation.

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