Tips on How to Choose an Accountancy Software
In order to benefit from using accountancy software, you need to choose the right one. Which one meets your needs the most is up to you to decide. But in order to make your decision easier when choosing between a larger number of solutions available, consider the following factors:
Price. The main reason why business owners are replacing their accountants with accountancy software are of course the financial reasons. After all, who would give up the convenience of having an accountant and take care of accountancy themselves if the software would offer considerable savings. However, it is never a good idea to choose anything on the basis of the price alone and accountancy software is no exception. You are recommended to focus on other factors before you start to compare the prices.
Type of accountancy software. Basically, you can choose between four types of accountancy software – personal, low end, mid market and high end. The first solution is not really made for business owners but to manage personal finances. Low end solutions enable you to perform the basic accountancy functions alone and offer little extra features. This, however, does not necessarily mean you have to buy high end accountancy software. It is of course the best of all types available but most businesses are perfectly satisfied with mid market solutions which are considerably less expensive.
Extra features. Generally, the more the features the better but since they also increase the price of the software, think on which features and tools you actually need. There is no need to pay for all the extras if you will use them only once or twice, or never at all.
Ready-made vs customizable software. The latter option is of course a lot better because it is made to meet your very own specific needs but it is obviously also more expensive. If you for instance come across what seems a perfect choice if it would have one or two additional tools, you should consider contacting the manufacturer because many enable you to upgrade the package. They will of course charge you for it but you will pay a lot less than for a software that is specially made for you.
Ease of use. If you want to take advantage of the technology, you must be able to use it easily. Most accountancy software do not require any prior accountancy knowledge, however, some are more user-friendly than the others. Contact the manufacturer for a demo or free trial to be able to test which meets your expectations the most.
Ability to update. Obviously, you do not want to buy new accountancy software every few months. For that reason you are highly recommended to make sure that you will be able to update your software when it no longer meets the requirements of the time.
Customer support. Accountancy software means that you are on your own. All are designed to enable you to do the accountancy all by yourself with confidence, however, it is good to know that you have someone to turn for help in case you need it. You are therefore advised to choose a package that comes with a 24/7 customer support.