Great businesses almost always have great bookkeeping and record keeping processes.
Accounting software can be an essential piece for running a healthy business. While you may have a brilliant idea, resources, and a loyal following ready to support your company, bookkeeping and accounting issues can derail your business faster than you realize.
But have no fear. There’s an endless amount of data at your fingertips that can make maintaining your bookkeeping a breeze. At RiverRidge CPAs, we partner with clients to find the accounting software to best address their pain points.
Here are just a few of the factors to consider when choosing software that works best for the needs of your business.
Benefits of Accounting Software
Accounting software can make a big difference in running your business. By deciding on the best software for your business, this tool can help you track your accounts payable and expenses in one place. It can save you time by instantly updating your books as you operate day-to-day with higher accuracy than trying to do this on your own and save you money by making your business more financially efficient.
Usability factors
This is where finding the right software is so important.
A particular accounting software could be the best on the market. But if it doesn’t address your individual needs, it doesn’t help your business move forward. That’s why identifying your unique needs is crucial to getting the right software for your business.
Some factors to consider include:
Multiuser access
Most accounting software provides this service, but you’ll need to make sure if this is a critical part of your business. Multiuser access allows you to invite other users to the system. Users who are allowed access can control the data they can see and the tasks they can access. Some systems provide this with their usual service, while others provide this after you subscribe to a higher price plan.
Multi-business support
If you own more than one business, you may want to consider whether or not your accounting software supports multiple businesses under one account. Some software providers have this feature at no additional charge, but you’ll want to confirm that before choosing one for your business.
Cloud-based software and mobile access
Want to access your account at any time? You’ll need cloud-based software.
Many accounting software platforms are based in the cloud, but again, you’ll want to be sure if you need to access your information from a variety of locations. And while many offer mobile apps to access your account from your phone, spend some time interacting with the app to see how it addresses your unique needs.
Difference between cloud-based and desktop software
When it comes to accessing your data, deciding between cloud-based and desktop software can make a huge difference.
There are pros and cons to either type of software. Cloud-based software is accessible anywhere an internet connection is made, but typically requires a monthly subscription. Conversely, desktop software is less expensive and does not require an internet connection but is only accessible on that particular device.
Understand Your Accounting Needs
When you own a business, it can be easy to get swamped in day-to-day tasks and lose track of your to-do list. But this can be a great opportunity to reassess what you need from accounting software. Some features to consider include:
- Basic accounting features
- Invoicing, income and expense tracking, financial report generation, customer management, etc.
- Time-saving automation
- Recurring invoices and past-due notifications, track accounts receivable tasks, reorder inventory, etc.
- Tax preparation
- Automatic tax calculations, multiple tax rates, tax reporting, etc.
- Third-party integration
- Integrate with programs already in use
Talk with Your Accountant and Staff Members
Great communication with your team is essential to identifying software that will address the needs of your business. Your IT department will understand the limits of your technology infrastructure, while your accountant will know exactly the pain points your accounting software must relieve along with your budget limitations.
Reach Out to Other Businesses and Software Consultants
There’s nothing wrong with gaining insight from other businesses in your industry. If you have some close relationships with other business owners, ask for what has worked (and hasn’t worked) for them in the past and currently. You can also check tech review sites like CNET and PC Magazine.
Choose Confidently – Experienced Accountants Ready to Partner with You
Efficiency in your finances can be a game-changer for your business. That’s why it’s so important to identify accounting software that fits your individual needs. With RiverRidge CPAs, we partner with you to find accounting software that helps with your day-to-day needs and works in concert with the services we provide. That way, your bookkeeping will have 360-degree coverage, saving you time and money at tax time and throughout the year.
At RiverRidge CPAs, we believe in simplifying the complexity of business finances. We have experience helping clients operate more efficiently, with more clarity, and with greater confidence as they grow in their industry. We understand how to navigate new and existing tax laws to save money for you and your business. If you’re ready to operate your business with greater financial confidence, contact RiverRidge CPAs right away. You can connect with us via our website contact form, by emailing info@riverridgecpas.com, or by calling one of our offices, Knoxville (865) 660-6202 or Nashville (615)549-6536, to get the expert advice you need today.