Navigating Your Accounting Software Options
As an entrepreneur, handling your company’s finances is the kind of thing that keeps you lying awake late into the night. A solid accounting software package is a must, but selecting the right one? It’s no easy task. With an array of accounting software packages just a click of a button away, you want to ensure that the software you land on is maximizing your organization’s profits. But that’s just one of many factors to consider.
At US Accountants, two decades in the industry have gifted us with a high degree of insight on accounting software. We are well-versed in the latest features and trends, and this expertise helps us match businesses with the top technology on the market. We make a point of partnering with best-in-class software solutions and offer them to our clients alongside our accounting and bookkeeping services.
When managing a business, it’s a smart move to deepen your knowledge about the accounting software offerings that exist. Count on us to guide you through that process. In the meantime, let’s go behind-the-scenes to demystify the experience of selecting the package that’s right for you.
The good news: any accounting software you use will offer a vast library of tools and options for customization.
The bad: this can make differentiating the options on the market & choosing the best one even more of a headache for business owners. The last thing you want to do is wind up with the wrong type of software, losing precious time and resources that could be allocated elsewhere. It’s important to make the right choice, and an informed one.
You know your organization best. Keeping in mind big-picture realities like its size, age, and assets, we recommend setting your sights on a specific set of critical components:
Smooth User Experience
As a baseline, strong accounting software should deliver a seamless user experience. The software we recommend is easy to navigate, even for the least tech-savvy entrepreneurs. It’s helpful to have a hub where critical information like cashflow, invoices, bills, and recent activity is all visible and accessible. With the right accounting software package, locating such essential data on your business will be a breeze. Running a business of any size is a complicated endeavor, so reducing pressure where you can -- in this case, by opting for user-friendly software -- is always the right move.
Price matters. But is the cheapest option going to maximize your company’s profits? Not likely. We suggest carefully assessing the types of fees associated with each software package. There may be an annual fee, an additional cost depending on the number of users, or specialized modules for an extra charge. Some accounting software is priced based on volume of transactions. The point is, there’s not one hard and fast rule when it comes to the cost of your accounting software. It’s important to understand the value that you are going to derive from the software and make sure your selection is consistent with your company’s needs.
Protecting your organization’s data is a priority. In general, you can expect web-based accounting software to offer a high level of security, since everything is backed up routinely on external servers. But security doesn’t just mean keeping your company’s private financial transactions safe from prying eyes. User security is also a factor. Some accounting software allows for role-based adjustments, meaning that certain users have access to particular data while others do not. In a fast-growing organization, this type of feature can be especially useful.
Our economy is increasingly global. If you’re doing business overseas, you need a software solution that can handle multiple currencies. Accounting software that has multi-currency functionality can post transactions in your home currency and the foreign currency, perform currency revaluations for assets and liabilities held in foreign denominations, and navigate foreign exchange rates effortlessly. Even small global companies need agile software that can keep up with their growth.
Speaking of growth, your business needs room to scale up. The right accounting software package is designed to evolve with your company. Roadmap where your company might be a few months or a few years down the line. Then bring that vision to the table as you consider accounting software that offers expansion options. While you might not need it now, additional users or an increase in transaction volume may have you reaching for those upgrades. You’ll thank yourself for having done your homework when the time comes.
Two words: save time. Ensuring your accounting software integrates seamlessly with your banks makes for a frictionless experience as you keep tabs on transactions. This way, you can download statements and automate bank reconciliations.
Cloud-based vs. On-premise
Cloud-based systems are the “new normal,” but why? The ability to access data anywhere you can find an Internet connection is pretty clutch, but that’s not the only draw. Entrepreneurs know that collaboration is the key to success, and cloud-based accounting software gives other team members the ability to sign on and provide support, no matter where they are. This comes in handy when your organization joins forces with an external accountant, bookkeeper, or virtual CFO. As far as industry trends, cloud-based accounting software stands out as win for all parties.
Our Top Picks for Accounting Software
So you know what features to look out for as you explore accounting software packages. Still, there are so many brands out there. Which one is right for your business?
We tend to break down software recommendations depending on the size of the organization. Small, medium, and large entities each come with a different set of needs. At US Accountants, our experience has found that the size of your organization may determine the accounting software that delivers the best results for you.
For small entities, QuickBooks is a favorite, while Xero and Sage Intacct are optimal for organizations that have moved into the midsize range. All three software solutions are cloud-based and favored for their user-friendly interfaces.
Enterprise resource planning (ERP) systems are the gold standard for larger organizations. This type of software is a one-stop-shop for managing an array of business functions: project management, compliance, procurement, supply chain management, and of course, accounting. SAP, Netsuite, and Sage X3 are consistently well reviewed for companies operating on this scale.
We’re Here to Support You & Your Financial Goals
Still scratching your head? We know diving into the world of accounting software can be overwhelming. That’s why we’re here.
At US Accountants, we pride ourselves in launching entrepreneurs to new heights. Offering our clients top-of-the-line software comes standard with our accounting and bookkeeping services. With our support, you don’t have to venture into the financial wilderness on your own.
The right accounting software provides detailed reports, transaction data, and a flawless user interface that makes locating up-to-date information on your organization’s financial health a breeze. By partnering with the right CPA, you can make sense of the data and use it to guide your team forward. We can help you improve budgeting and forecasting so your next decision is always the right one.
We invite you to connect with US Accountants to learn more about accounting software solutions and how we can help you get the most from yours.
To give you an edge over the competition, we’ll even include one free month of accounting software access after your initial consultation.