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5 Key Factors to Consider When Choosing Accounting Software

There are many accounting software solutions suitable for a small business. At a glance, these solutions seem to have similar functionalities.

So, how can you decide which software suits your accounting and business needs?

Don’t just jump right in and purchase the first accounting software solution you come across. Experts suggest that you consider various factors, such as the following, to make the right decision:

1. Customer Support

Ensure your software providers offer excellent customer service or support. If there is something wrong with an accounting software, you would need to have access to customer service to resolve issues quickly.

Find a software solution that provides different support options like chat support, phone, and email. Plus, consider the reputation of the vendor for turnaround time and customer support to resolve issues.

2. User-Friendliness

The ease of use is an important aspect to put into consideration when buying the right accounting software. A user-friendly software program offers a dashboard showing charts that give a company’s financial status.

Seeing cash flowing in and out of the business for the past six months and invoices owed to a company in one place will be a good thing. A good software solution should also display tax compliance services offered by the vendor and simplify your accounting as well as bookkeeping.

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3. Features

When choosing a software program, find a solution that meets your needs and those of your clients. This may mean choosing a software program over other solutions, depending on the features it provides.

To narrow down a perfect software program, list the must-have features that should be included in the solution. Some of the features that good software has are:

  • Bank transaction import
  • Multiple login ability
  • Payment reminders
  • Estimates
  • Bank reconciliation
  • Recurring invoices
  • Credit card payments
  • Vendor reports and payments

4. Data Security

Data security remains vital when choosing an accounting software program, especially an online one. When choosing an accounting software program, you have to inquire about some details.

Ask the software provider how they keep application data, as well as check whether or not the programs use HTTPs connections. These HTTPs protocols help to ensure data transferred from your PC to the company’s servers is encrypted, and hackers can’t see them.

5. Scalability

Choosing the best accounting software program, which may scale with the needs of your business, is important. Don’t make the mistake of choosing a software program that only fits your business’s current needs, because when your company grows, you will eventually need to migrate to other solutions. Usually, this is a harrowing process.

Always look for a software program that provides an entry-level version and a feature-rich version. Some software programs provide different versions based on business size and time. So you might want to consider those options, too.

The Bottom Line

Choosing the best accounting software program can be challenging, especially with many providers out there. By evaluating these factors and knowing what your business needs are, you will easily make the right decision.

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