Finding the right accounting software to keep your financials balanced and easily monitored is key for any business owner. As a small business owner, this is likely even more imperative, as your own money may be funding operations. There are various systems on the market looking to meet your accounting needs, which can make the selection process difficult.
Before making a purchase decision, consider the following.
Cost
As with any large investment, evaluating your budget is crucial before making a purchase decision. The cost of software depends on several factors, but functionality and the number of system users are key. In this case, what gap is accounting software solving for you? How many team members will be accessing it? Are you looking for a more short-term fix and not expecting immense growth within the next few years? Keep in mind that it’s often best to look more long term with software purchases so that you have a solution that is flexible and can adjust to your business as it grows and evolves. This way you aren’t having to shop around for another solution in a few short years.
Features
Another important factor to consider is what features and functionality you’re looking for within a system. The software on the market can range from simple, with limited functionality, to advanced, with numerous system integrations and insights. 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 of the top features you’d like to have and use it to guide your research. Keep in mind that the more features a software provides, the costlier it’ll likely be.
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 don’t want to burden yourself with constantly monitoring your financials and would prefer to consider an alternative to hiring an in-house accounting team. Many times, outsourced accounting teams can offer you software solutions at lower-than-market cost along with benefits such as a support team you can reach out to with any questions, quarterly meetings to keep everyone on track and professional insights 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 feel more confident you’re making the right choice. At Creative Planning Business Services, we offer outsourced solutions with multiple software packages to help ensure clients receive the functionality they need to meet their unique needs. Our technology agnostic discovery provides clients with the tools to help future-proof their business.
Our team would be happy to address any questions you have regarding potential software solutions and which might work best for you. Contact us today.
