Online accounting solutions can help you save hundreds of dollars

In order to keep track of company’s financial data, customer information, expenses, and revenue, every small and big organization requires some or the other accounting solution.

Accounting solution or software can not only help in maintaining and managing data, but it can also help in decision making. Thanks to budget analysis tools and ability to create various financial reports within few seconds, accounting solutions have become necessity for companies these days. This software plays vital role in company’s success story, so it is advisable to choose and implement the best one possible. Let’s take a look at some points that can help you while choosing the same.

Understand your company’s needs

What processes are you expecting the new software program to perform? What types of reports do you wish to generate? What are the features that you are looking for? Needs Analysis will help you with answers for all the above questions and others.

Choose the most suitable option

There are many tailor made accounting programs available in the market. Large organizations can opt for NetSuite like solutions, while small ones can go for QuickBooks.

Always opt for programs that offer to take care of all the basic needs of any industry. There are other solutions like Simple Accounting’s Simbiz that are suitable for all types of businesses.

Interact with your staff members, and take their opinion about various factors like user interface, data uploading and downloading. Let your company’s IT experts lead during the deal because only they can check various specifications and suggest if the new program can integrate with the existing IT infrastructure and programs in the office.

Choose software apps that are compatible with commonly used PCs, laptops and smart phones.

Customer support offered by the software service provider

Usually, most of the accounting solutions providers offer wide range of support channels like email, online chat option, technical support on the phone, and technician’s visit. But technical support is free only for limited period, after the purchase of the software.

After the free period, your company will have to choose from various support packages offered by the service provider. So, it is advisable to look at the customer service aspect of the software developer. You can refer to reviews, existing users’ experience, and case studies to understand if the software service provider that you have selected is efficient in offering customer service or not.

Scalability

It is clear that any company of organization keeps on growing with time. Even accounting needs will keep on changing with business needs. So, before upgrading or purchasing accounting program, you should create projections about your company’s growth. Then, make sure that the new program can work according to those projections.

Do you wish to use this software only on company’s network and PCs, or do you want employees to access it from anywhere in the world? How many users can access the software at any given time? What is the cost to add additional number of users at the later stage? Can the new software work with company’s existing IT network? Sit with your company’s IT experts to study the company’s IT network’s scalability, and then compare it with the new program’s scalability.

Software’s document management system

All top organizations in the world claim that their offices are paperless. However, there are many small companies that prefer to store hard copies of papers for security reasons. While purchasing accounting software, make sure that you can generate e-copies as well as hard copies of receipts, bills, invoices, vouchers. Opt for the program that can easily integrate with office printers and print all the documents as and when required.

Talk about document management system with the accounting solution provider. Check if they offer cloud storage free of cost, or you need to pay extra charges for storage space. If you have your own storage server, make sure that the accounting program is compatible and can integrate with the same.

Data security

Last, but not the least, you should also look at the security features offered with the software. How many layers of security does the user need to cross before accessing the software? If the software stores your data in cloud, what type of security system is the cloud storage system equipped with? Is the software really hacker proof? Try to find answers to these and other security related questions.