5 things to consider when choosing the right accounting software for your business

Accounting software is an important part of any business. It will help you to get a better overview of your incoming and outgoing finances as well as help to keep track of your profits, overheads and bookkeeping tasks.

Choosing an accounting software which is right for your business will not only make it easier to review your financial landscape but will also:

• Save you time.
• Increase efficiency.
• Save you money in the long run.
• Provide you better, more accurate reporting.

However, there are so many different platforms and accounting software out there that it can be daunting to know where to begin. That is where we come in – we can guide you and point you in the right direction!

How do you choose the right accounting software for your business?

There are several factors that you need to consider when choosing the right accounting software for your business.

Consider your needs.

What exactly do you want your accounting software to do for you and your business? Do you just simply want to be able to do calculations and see your budgets via a report or do you want to automate invoices, report in real time and manage inventory?

Identify your needs and any challenges you may have before you start your search.

What are your current accounting skills?

This is an important point to consider as you need an accounting software which will be easy for you and your team to use and access. So, think about the level of skills your team has and whether you will need to invest in any initial training.

Do you have a specific finance team who have plenty of accounting expertise already? Or do you need a platform which simplifies the process for you and is user friendly for someone at a beginners level?

Affordability

The next thing to consider is what is your budget for this software. This will not only dictate which accounting platform you go for, but also the extent and functionality of the platform provided. Think about how much you can invest in this and whether this will be a long-term investment for the business.  

If you choose a good platform this could potentially save you a considerable amount of money on admin, and other manual processes, so remember to see this as an ongoing investment rather than an extra expense. Some platforms will have a trial phase or different subscription levels that you can build on over time so take this into consideration as well.

User access and multi business support

How many users will require access to the accounting platform? Also, do you have more than one business which you need accounting software for? Many platforms such as Exchequer software offer multiuser access as well the option to manage multiple business accounts.

Desktop or cloud based?

Many accounting software solutions are now cloud based which means it can be accessed anywhere, by any authorised user. If this flexibility is something you want, then cloud based is likely to be your best choice.

With many IT solutions making the shift to the cloud, this option could provide better future proofing for your business.

How can Minerva help?

 We help provide companies with IT solutions which match your business’ budgets and requirements. This includes financial management and account software, but we can also advise and provide solutions for a range of other software from HR tools to cyber security. Founded in 1983, we have over 30 years of experience in the IT industry. We are constantly developing our product portfolio and adapting our solutions to keep in line with evolving technology.

We are always looking at new and innovative ways to help our clients and will always offer the best solutions for your company’s individual needs and requirements.