Finding the right accounting software to keep your financials balanced and easily monitored is key for any business owner. It is especially important for small business owners as often their own money is funding operations, so seeing what payments are coming in and out is a major factor in keeping things running smoothly. There are various systems on the market to fulfill your accounting needs, which can make the selection process difficult. Before you make a purchasing decision, consider the following:
- Cost. As with any large investment, evaluating your budget is crucial before making any purchasing decision. The cost of software depends on a lot of things, but functionality and the number of system users are key factors. In this case, what gap is accounting software solving for you? How many team members will be accessing it? Are you looking more for a short-term fix and not expecting immense growth within the next few years? Keep in mind that it often is best to look more long-term with software purchases so that you have a solution that’s flexible and can adjust to your business as it grows and evolves. That way you aren’t having to shop around for another solution in a few short years.
- Features. Another important thing to consider is what types of features and functionality you are looking for within the system. The software on the market can range from being simple with limited functionality to advanced with numerous system integrations and insights. What is beneficial to you of course varies, but a few helpful features to watch for in addition to your accounting needs may include reporting, system dashboards, payroll functionality, budget planning, and financial projections. You may want to make a list with the top 3, 5, or however many key features you would like to have and use that to guide your research. Remember that the more features the software provides, the more it will impact the cost.
- Does outsourcing make sense? This last consideration may be something you think of if you keep hitting roadblocks during your research process. Outsourced accounting can be a great option if you do not want to burden yourself with constantly monitoring your financials and want to consider an alternative other than hiring an in-house accounting team. Many times, outsourced accounting teams can offer you software solutions lower than market cost with benefits such as a support team you can reach with any questions, quarterly meetings to keep everyone on track, and professional insight to shape your financial strategy for the future.
Buying accounting software doesn’t have to be a challenging task. By contemplating the above factors and evaluating your business needs, you can rest assured you are making the right choice. At BerganKDV, our Financial Accounting and Advisory Services Team (FAAST) offers outsourced solutions with multiple software packages that are flexible to ensure clients receive the functionality they need to meet their unique needs.
Our team would be happy to address any questions you have regarding potential software solutions, and which would work best for you. Contact us to explore our package options and to learn more about our accounting services.