What to Look for in an Accounting Software Solution

Managing your books correctly can be difficult. There are possibilities of human error, lack of data visibility, and a multitude of other problems that may occur which could hinder your abilities to efficiently manage your business’s finances. In order to ensure your accounting department is optimized, you may want to focus on what type of accounting software solution your company is going to utilize. 

Accounting software solutions have become a large part of how businesses manage their finances. With that comes many different types of accounting software solutions to choose from. Choosing the right accounting software can become overwhelming with such a wide variety of options.  

Here are some key features to look for while choosing an optimal accounting software solution for your business. 

Industry Specific 

It is essential for you to understand that there are different accounting needs depending on the industry. There is no accounting software solution that will be able to fulfill the needs of all the industries out there. Therefore, you must start looking for an industry-specific accounting software solution. When researching, make sure to ask if there are different industry-specific versions that can be implemented and best fit your business needs. 

Cloud Compatibility 

A study showed that 67 percent of accountants prefer cloud accounting over desktop installed software. Today, the majority of businesses are using an accounting software solution that is cloud compatible. Thus, it is important to check if your accounting software solution has the ability to compute fully within the cloud or not. 

Moving to the cloud and with confidence will quickly unlock new business models with flexible implementation, security, and an adaptable solution that grows with your business. 

Multi-user Access 

How many users need to access the software? This is an important question to keep in mind when weighing your options. If you want all parts of your accounting team to run together, then an accounting software solution can unlock productivity and business insights. With the proper software solution, you can connect all aspects of your team, processes, and insights so you can make better and faster decisions with embedded guidance. 

Additionally, accounting doesn’t stop at the numbers, your sales team is included too. The proper accounting software solution for your business can also connect service operations. This would allow you to take better care of your customers by managing the entire sales process from within one platform. 

Timesaving Automations 

If you carry inventory, a system that automatically creates purchase orders and delivers products on time can be incredibly helpful. Accounting software solutions give visibility across purchasing, manufacturing, inventory, and warehouses. The software you choose should also have the ability to create real-time reports and predictions from your data. A software solution that has built-in business intelligence might be another feature you may want to consider. Learn more about Power BI here. 

Questions to Ask When Evaluating Accounting Software Solutions 

After you’ve narrowed down your choices, ask for demos or free trials so you can test the software and see if it is compatible for you and your business.  

Here are some questions you can ask based off of the key features covered: 

• Is your software a good fit for my industry?
• How many users can your software accommodate?
• Is the software cloud compatible?
• What type of support and customer service do you provide?

After assessing all of the mentioned key features and asking questions, there is a high chance that you will choose the proper accounting software solution that matches all of your business needs. If you would like to learn more, give one of our expert consultants a call today!