There are many different software options to choose from, each with different features and aspects to take into consideration. Once you’ve decided that your business needs accounting software, how do you sift through all the options? Here are some things to think about when making this decision.
1) The Type of Business You Are In
Some software offers all-access, fully integrated accounting, whereas others are perfect for organizing your money and invoicing. Think about how extensive your accounting needs are and where your business is going.
2) Account Access
Do you want your employees, partners, or even financial advisors to have access to your account? Do you want to be able to control permissions? This is important to consider because every software varies when it comes to access limits and permissions.
3) Clean Dashboards
Dashboards visualize all of your financial data. You want to get a real-time snapshot of how your business is doing by simply looking at one page. The key here is that all information is in one place, so when choosing a software, consider how much you have to click around to find what you want. A dashboard that automatically updates itself with real-time data keeps you up to date and focused on what you need to do.
4) Automatic Invoicing
Manually keeping track of your invoices can be time consuming and tedious, so chose a software that will do it for you. Think about how often you send out invoices and decide whether you need a software that will auto-bill your clients so you never miss a payment. Another thing to consider is customizable invoices. Do you want to send invoices with your logo, client info, and payment terms? What about being paid right away? Some software gives clients the ability to pay you right when they receive the invoice.
5) Security Protection
It’s important to protect the privacy of your company and client’s financial data. You need to feel comfortable with the software you choose, and know your tax forms, personal information, and bank statements are safe from hackers. Security is also important for customer relationships because your clients want to be assured their information is safe with you.
Check out our free ebook: The Ultimate Guide to: Accounting for Startups for more information about choosing the best software.