Accounting has seen some significant changes over the years as the practice distances itself from traditional pen and paper operations and transitions into the world of software and cloud technologies. Many businesses are welcoming accounting software as they should. Not only does it help to simplify operations across departments, it can help to minimize human errors.
With so many different accounting software options available today, the challenge for many businesses lies within choosing the right accounting software and making it easy for all departments and staff to adopt. For businesses that require assistance with choosing the right accounting software for your business, Leskun & Son Accounting has included some helpful tips below.
Review your company’s accounting needs
Before choosing the right accounting software for your business, you will need to review your company’s operations and accounting needs. Below are some important questions that you should be asking:
- How many employees / departments does my business have?
- What is my business’s annual revenue?
- Does my business operate internationally or handle foreign currency?
- Do I have an in-house accounting department or do I outsource my accounting?
- Am I planning on scaling my business anytime soon in the near future?
These are all important questions to ask in the beginning because they will help to determine which types of accounting software are most suitable to your business. If you are running a sole proprietorship or small business with 1-5 employees, you can probably get away with a fairly basic accounting software. In some cases, software such as Simply Accounting and QuickBooks will suffice.
On the other hand, some larger businesses will require custom designed accounting software specific to their industry. These types of software often integrate many different applications such as bookkeeping, payroll and CRM tools.
Consider which features are most important to your business
Different types of accounting software come with different features. Some of these features are going to be highly beneficial to your business, whereas others are going to be completely irrelevant. When comparing different types of accounting software, evaluate all of the features and determine which ones are most important to your business.
Seek advice from an accounting expert
Choosing the right accounting software for your business is important. Treat it like an investment in your company’s operations. Unless you are an accountant or you have experience with various accounting software platforms, spend time conducting research. In addition to research, do not hesitate to contact a local accounting firm for advice. A Chartered Professional Accountant can help guide your business in the right direction when choosing the right accounting software.
If you would like to learn more about choosing the right accounting software for your business, start a conversation with the accounting and tax professionals at Leskun & Son Accounting today. Please reach us at 604-532-0061 or fill out a contact form on our website. We offer various bookkeeping, business consulting, tax services and payroll for businesses of all sizes.