Accounting System – HY Accounting

Accounting System Software

9 essentials tips to choose the right Accounting system for your business

There are plenty of accounting software packages that are suitable for small businesses. And, at first glance, all these packages appear to have the same functionality. So, how do you decide which accounting software will be the best for your business?
There are a few factors to consider in choosing an accounting software for all business. If you are new to accounting system, you should may consider these essential tips.

1. General Functionality

Begin your search by writing down a list of the core functionality that you will need. Will you want to raise purchase orders, for example? Will you be holding a stock of raw materials, parts, or finished products? All good accounting systems will help you maintain the basic accounting records. They can, though, vary a lot in other types of functionality.

2. Industry-Specific Functionality

Some types of businesses have specific requirements. A website developer might need project costing to track the profitability of projects. An e-Commerce business might need accounting software that integrates with e-Commerce software. So, don’t restrict your search to only the well-known, general accounting packages. It will also be worthwhile searching online for industry-specific packages.

3. User-Friendly Software

The ease of use is a prime factor to consider when buying accounting system. The user-friendly software provides you with a dashboard that shows charts giving the financial status of your company. The software should simplify your bookkeeping and accounting.

4. Multi-Currency Functionality

The internet has reduced the distances between the consumers and businesses. Today, even small enterprise serve overseas clients and transactions. This will allow you to post transactions in both the foreign currency and in your home currency. If you hold assets and liabilities in other currencies, you will also need to be able to perform currency revaluations. Foreign currency functionality is often not available in standard small business accounting systems.

5. Cloud or Desktop?

Cloud-based accounting software is becoming the norm. It offers easy access to your accounting system wherever you are. The anytime and anywhere access to the latest financial data assists them in decision-making. The drawback of cloud-based software is that you need internet access. So, no internet access, no access to your accounts. That’s worth bearing in mind if your internet connection is unreliable.

6. Secure Data

If you are planning on major growth in your business, you will need to consider user security. You will need to be able to define what each user can see and do on your accounting system. This type of security goes far beyond simple read and write security. When you have several people using the software, you will need to have role-based security as well.

7. Customer Support

Switching to new accounting software, however, user-friendly or advanced, is a bit uncomfortable to everyone involved. Customer support is a key factor when choosing any software for your business. You will need training and hand-holding when you first begin to use a new accounting system. You will need ongoing support as well. Check what type of support and training is available and check when support is available.

8. Pricing of Accounting Software

The pricing, for small business owners, has always been one of the things to consider when buying accounting software. They are not in a position to pay high license fees for it.

9. Recommendation from Professional Accountant

Ask your accountant if they recommend any accounting software. If your accountant is familiar with the software you are using, they may be able to help you configure it and use it. Familiarity will also make it easier for your accountant to find the information they need from your accounts. So, it should reduce your accountant’s fees.

Contact us now to get professional advice on how to get the right accounting system for your business.