If you’ve been using pencils and paper to do your bookkeeping, or even regular old spreadsheets, you probably know that it’s time for an upgrade. It’s not that there’s anything inherently wrong with keeping your books in actual books. But, as we all know, there are many advantages to using current technology to manage mission-critical systems like your company’s finances. There are plenty of accounting software products on the market, with a wide range of functions and pricing. The question really is which product to choose. Here are some tips if you’re ready to choose accounting software for the first time:
- Do your homework.
As we said, there is no shortage of software on the market, so you’ll need to do some research to determine the right product for your needs. Ideally, you’d read all the information on the subject, and test every piece of accounting software, but that’s not really practical. But make sure to do your due diligence and an appropriate amount of research before you commit to the expenditure.
- Get peer recommendations.
Every business runs a little differently, each with its own subtleties. Some accounting software is better suited to meet the needs of one type of company as opposed to another. Speaking to other business owners in your professional network is a good way to get some direct peer reviews of how well a product might meet your needs.
- Keep your budget in mind.
There are lots of expensive accounting software products out there, but you don’t necessarily need a package that’s going to cost you thousands. There are simple tools that might be sufficient to handle your immediate needs that can be purchased on a subscription basis for as little as ten dollars a month, so there’s no need to break the bank for your first investment in accounting software.
- Confer with your accountant.
Your company’s accountant knows the nature of your business, and is probably fairly well-acquainted with many of the products available. You may also get a recommendation about what accounting software is most compatible with the system that he or she uses.
- Consider cloud-based accounting software.
As cloud computing is becoming a more popular solution, don’t rule out an online accounting software solution. While many of us are used to purchasing software in a box, installing programs on our desktop computers, and saving data locally, there are many advantages to “keeping it in the cloud”. Cloud systems can be accessed from wherever you are, as long as you have internet connectivity. Generally speaking, you can use them on any device, including desktops, laptops, smartphones, and tablets.
- Consider outsourcing to a virtual accountant.
If you need more help with your accounting and bookkeeping, consider outsourcing the work to a virtual accountant. This will save you valuable time that could be better spent on business development. And when you outsource to a virtual accountant like Keeping Your Balance, you’ll always have access to the latest and greatest accounting software. You’ll also have the added comfort of knowing that your data is stored on highly secure servers, and always encrypted in transit, so your sensitive information is as safe as modern technology allows.