business colleagues discussing accounting software - 5 Questions to ask when choosing your accounting software

5 Questions to ask when choosing your accounting software

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Admin is an unavoidable part of doing business, whether you are just starting your business or are a part of a growing business, it cannot be avoided. You need powerful software to manage your accounts. There is no shortage of software and with the incredible amount of choice, selecting the right accounting software can be a daunting process.

At Letsap, we’ve put together a helpful list of questions to help you understand what you need from your accounting software. By narrowing down your business’s specific needs, you’ll be better able to find the perfect accounting software for your business.

1. What Works About My Current Accounting Software?

It is important to consider what is working bout your current accounting software before making any changes. Your new accounting software should meet and exceed all the aspects that you like about your current accounting process.

  • What features do you love about your current accounting software?
  • Is there something about your self-designed Excel spreadsheet that helps keep your business organised?

2. What Doesn’t Work About My Current Software?

It is also important to consider what isn’t working with your current software so that you know what to look for in your new system. Make a list that is carefully considered and specific about what doesn’t work about your current software and use this as a starting point in your accounting software search.

  • Is your software slow and outdated?
  • Has your company outgrown spreadsheets and paper ledgers?
  • Are you finding many errors associated with manual data entry?
  • Is your business managing several accounting software programmes across departments?

By truly understanding what does and doesn’t work about your accounting software you will be able to find a solution that addresses problems but also incorporates what you like about your current system.

3. Are your data and insights available everywhere you are?

The latest advancements in cloud technology make our personal data – social media, email, banking apps – available anywhere we need it. Mobile technology has massively expanded the way we access our personal data so why not the same with your business data?

In today’s fast-paced business environment, business owners need access to information on the go. This enables less time at the desk and more time getting accounting tasks done while on the move. In an increasingly digital age, businesses need to utilise software that is user-friendly, easy to use on any device and cloud-based.

With the cloud-based accounting software that has integrated mobile capabilities, you can do the same tasks you’ve always done but in a fraction of the time.  Your new accounting software should go beyond financial data, reports and dashboards being available anywhere.

Your business needs access to the insights this data provides any time of the day. If you are able to chase down a payment on the go or issue an invoice from your client’s office, you save time, and this optimises your sales process. Ultimately, cloud-based availability means more time to focus on growing your business and greater efficiency.

  • Does the software work on a mobile phone?
  • Can I access my data and get insights at any time of the day – or night?

4. What Features Do I Need From My Accounting Software?

If you don’t know much about accounting software, this can be a hard question to answer. At the end of the day, you choose accounting software based on its features more than anything else. Consider what your business requirements are and what you are looking for in your new software. See below for a list of common features you should consider:

  • Invoicing and Quotations
  • Custom invoice template designs
  • Expense tracking
  • Barcode scanning
  • Project management
  • Time tracking
  • To-do lists
  • Purchase orders
  • Sales orders
  • Journal entries
  • User permissions
  • Import/export capabilities

You should also consider whether your new accounting software is scalable and can grow with your business. Does it support multiple users? Does it support multiple companies if your business operates from different sets of accounts, depending on the service your customer requires?

5. Will My Data Be Secure?

This is an essential question to you ask, particularly if you’re looking at cloud-based software. Cyber threats are on the rise and even the smallest data breach could be catastrophic in terms of customer details, credit card number thefts, and other problems. To avoid this, your accounting software needs to incorporate the latest cyber security features to safeguard your data.  You need to take the time to ensure the platform you choose has a solid security history that ensures your data is protected from hacks or unauthorised access.

  • What do the reviews say about the platform’s security?
  • Are there any complaints about security breaches or other issues?
  • What is the company’s policy for data breaches and other security vulnerabilities?
  • What support does the software vendor offer in the event of a data breach?

By considering these questions, you can begin to make informed business decisions about what accounting software to choose. Your new accounting software should work seamlessly with your business requirements and add value by producing important insights. You should also seek value through real-time, anywhere access to stay ahead of your competitors. Ultimately, it all comes down to what you like and what will work best for your business. Find out how to choose the best accounting software for your business

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