An Effective Way to choose the best accounting software

An Effective Way to choose the best accounting software

August 26, 2021

The market is full of accounting software choices. Each one of them has different features and characteristics. Therefore, choosing the right accounting software is a challenge in itself as you have to select the software the suits your type of business and serves your needs well.

An Effective Way to choose the best accounting software

 

Business means money, and every business organization dreams about making their work more profitable and earning more money. However, doing so is not that easy. It requires a lot of effort and organizing. To control your expenses, profits and bank accounts you definitely need excellent accounting software. Using accounting software has many advantages such as effectively creating your invoices and reports, tracking your bills and expenses, managing your inventory and projects.

 

The market is full of accounting software choices. Each one of them has different features and characteristics. Therefore, choosing the right accounting software is a challenge in itself as you have to select the software the suits your type of business and serves your needs well. 

 

So, before selecting accounting software, you need to put into your consideration several factors, for example; the software should be user-friendly that all your employees can easily handle, definitely be cost-effective, and it should contain enough features to carry out the accounting processes smoothly. In this article, we will discuss the various factors to consider while going for accounting software.

 

 

Usability features

a) Multiuser accessibility: the multiuser accessibility is an important feature in accounting software as it allows your business partner and other accountants to have control over the data simultaneously. In most systems, multiuser accessibility is provided without any additional cost.

 

b) Multi-business support: if you have more than one business, it's better to connect them with single accounting software to control all that business. If your accounting software has the multi-business support, then you can control your multiple businesses easily and effortlessly just by using a single software.

 

c) Cloud-based software along with mobile accessibility: if the accounting software is cloud-based, you can access it from anywhere, anytime through the internet. This helps you in managing your accounting data and all your business processes remotely by simply the mobile application. 

 

d) App security: cloud-based software may sometime have security threats. Therefore, the account-based data should be always secured for the proper functioning of a business. 

 

e) Scalability: Scalability is essential in the accounting software you are selecting in order to be able to deal with your accounts when your business starts expanding. Otherwise, you will face great troubles like having to transfer your data from the existing system to new software.

 

Accounting features

What distinguishes good accounting software from regular ones are the distinctive and useful features it provides. We will list down below the most important features that you need from accounting software:

 

a) Basic features: the accounting software must provide all the basic accounting features. This includes invoicing, expense tracking, incoming tracking, customer management, and financial report generation.

 

b) Automation feature: the accounting software you choose must be highly capable of automation. This feature saves your time by accomplishing processes like sending invoices, due notifications, etc automatically. It also solves a lot of complex work by automating your transaction and thus reconciling your accounts.

 

c) Tax preparation: Tax calculating and reporting is not an easy task. It usually requires lots of work and time. Well, not any more. Simply by using accounting software, you can have your tax calculation, multiple tax rate, and tax reporting automatically with the least number of errors. The tax files prepared by the software will be easily accessible to the accountant. Thus, your business will be safer, smoother and easier.

 

d) Additional Services: add-on services such as payrolls and payment processing also available in the accounting software. This will make accountant's work easier and more comfortable as he/she can calculate the employees' payment and invoice payment easily. 

 

e) Integrating third parties: integrating your existing business software and services along with the accounting software allows to automatically sharing data between them. Inventory, e-commerce, CRM, POS systems, payment processing etc. can also be integrated along with the accounting software.

 

 

Selection criteria 

Certain selection criteria must be put into your consideration before going for accounting software;

 

a) Choosing a suitable one: your accountant is the most familiar employee with all the accounting details in your company, so while selecting accounting software, you really should consult with your accountant.

 

b) Budget: Considering your budget is crucial. So, to shortcut your selection process, filter types of software according to your budget and have a list options you can afford.

 

c) Extensive search: use various options such as google search to find out the most suitable software option available for you. You can also consult other businesses who work in the same field of yours first to check the advantages and disadvantages of the software you selected.

 

d) Use the trial version: always go for the software that allows you to use a trial version to have a clue about what the software really is.

 

e) Ask for a demo: A demo is very beneficial, so go for the software providers who are willing to give you a demo of the software.

 

Software Cost 

The cost of the software is another factor to consider while going for the accounting software. The accounting software should be cost effective and value for money. There is efficient accounting software like Odoo which is cloud-based software. In the case of Odoo, there is no license fee, unlike other commercial ERPs. This significantly reduces the cost involved in the implementation of ERP solutions. 

 

Odoo Accounting Software

Odoo Accounting Software is one of the best software options in the market. With Odoo you will get various accounting features like a double entry, cash basis & accrual, multi-company support, multi-currency support, financial reports, tax calculation, automatic bank feeds, inventory valuation etc. All in all, Odoo Accounting Software can remarkably support your business.

 

If you are looking for a reliable Odoo service provider to implement Odoo accounting software at your business, kindly contact us at info@boraq-group.com . Boraq Group is an Odoo official partner and has delivered extensive services in Odoo implementation in different industry domains such as Trading, CRM, Sales, Purchase, Human Resource, Accounting, Marketing, etc. It will be a pleasure working with you. 

 

KEY WORDS: Accounting, Odoo ERP, Odoo implementation, Odoo official partner, Boraq Group.