What accounting software system is right for my business?
Capturing your financial information is crucial in helping you make operational decisions. If you are starting out, you may lean towards a simpler accounting software system such as QuickBooks, but before you do, there are some things that you should consider. If you are looking to change accounting software system, think about the needs that are not currently being met, and go from there. Although not comprehensive, this list is a good starting point for you to assess prior to investing in or changing your accounting software system.
What type of business are you going into? Are you providing services? Are you selling products? Are you carrying inventory? Are you a nonprofit? Will there be a lot of overhead to allocate to product lines or departments? Not all accounting software systems are created equally. Even with QuickBooks, there are different products depending on the type of business you are. Consider what your business is, and then see what software system was made with your type of business in mind.
Aesthetically, what is pleasing to your eyes? Although this isn’t a major deal breaker, your staff will be utilizing this system everyday, and if you are a smaller business, you may be in it quite a bit as well. If the system is not easily navigable, or if you find it difficult to work in, you may not want to spend a lot of time in it.
If you are currently utilizing a system already, what else do you need that it is not providing? Be very clear on what you are wanting so that you can evaluate what a newer system should be providing for you. Changing to a new system can be time-consuming, not to mention the training that your staff will need to learn a new system. Therefore, it’s important to assess what the current system is lacking, and what you would like to see in a new system.
Do you have other systems such as a POS system that needs to talk to your accounting software system? If so, is this automatic? Would you have to import files between systems? How often does this information need to be imported? Having an integrated system will save time, and allow you to have timelier and more accurate information. Finding workarounds may be easier in the short-term, but as you grow, you may find that it becomes less efficient.
Do you have someone who can help you with the implementation? Setting up a new system requires not only understanding of the accounting software system, but also your business. Having someone who speaks both language ensures that you are being set up correctly, and that later down the road, you won’t run into functionality issues.
Changing accounting software system is not the end of the world; however, it is time-consuming. Understanding what you need is important. If you are in the market for a new accounting software system, contact us today to help you make an assessment, select an appropriate system for you, and help implement the new system in a timely and efficient manner. Email us at kaolee@cfodirectllc.com.
