From Live Costs

Choosing the right accounting software can be a huge dilemma for any type of business, especially those that do not have the most up to date software or the most user-friendly ones. We all know that managing and tracking your income is important for your business, but we want a software that is efficient and worth its price. For some people, the costs of new software or the new complications and complexities added to it have led to them not wanting to change or update their current accounting software. However, because most software now use a cloud-based system, their fees have been cheaper, and with the right type of package, every business can find one that suits them perfectly.

What considerations should you take first when choosing a software package?

When choosing a software package, you must ask yourself, “Is it user friendly?”. What devices will you need access on? Will it work from your iPad or just your desktop? Try comparing your current software to the one you are thinking of getting. Next, consider the software’s integration. Check if your accounting software is able to integrate with additional software and make sure of what you would like your software to integrate with.

Your software’s reporting capabilities should be top-notch. This is essential in monitoring your business. Lastly, consider the software’s currencies. If you operate in multiple currencies, do you manage this through multiple systems? Try to find what works best for you.

What benefits can I obtain by upgrading my current accounting system?

Once you have identified the general functions and capabilities of your software, you can start to look at the benefits of upgrading to a more efficient accounting software system.

• Efficiency- You can save hours of data entry each week by having an efficient software in your business. You also make your accountant’s job easier by freeing up more of their time. You could save on your accounting fees and create added value by focusing on financial and tax planning.
• Pricing- An accounting software is usually affordable, especially if it is cloud-based. A lot of these software, however, is highly competitive, so you will have a lot of options.
  
  
• Accessibility- Upgrading to a cloud-based software makes your life easier because you can access your financial records from any device in any location. All you need is the internet and you will be able to work and manage your accounts from anywhere.
• Tailored Fit- You can tailor your software to work in a way that is best for you and benefits you most. You can add different functions and combine them with your other business software making your job that much easier to do.
• Data & Back Ups- One of the benefits of using cloud-based technology is that you do not have to worry about backing up all of your data as this will be stored automatically in your software’s cloud.

Xero and Sage are two of the best accounting software providers for SMEs. You cannot go wrong with either one of them, so make sure to check them out and see which one you would like the best.

For more information on this topic, here is an infographic by LiveCosts.

Niall from Livecosts says: Thanks Stephen for this great insight. As you can tell i am a pretty big Xero fan too!

SOURCE: https://livecosts.com/construction-software/construction_accounting_software/