Choosing Bookkeeping Software – What Do You Need to Know?

Choosing bookkeeping software

If you’re looking to take a more holistic approach towards your bookkeeping then you’ll be considering getting some bookkeeping software on board. Perhaps your business has grown, and you simply don’t have the time for the ad-hoc approach anymore? Perhaps you want to get off on the right foot?

Or perhaps you’ve been getting in a muddle with different people in your business doing different things where invoices and records are concerned?

But how can you be sure you’re choosing the right bookkeeping software solution for your business. Let’s take a look at some of the questions you need to ask, and the factors you need to consider.

Your Needs

Your starting point should be to look at your business needs. There are some fundamentals: all businesses need to be keeping accurate records, or generating invoices, for example. However, what else do you need? Do you need payroll functionality? Do you need tools for managing multiple currencies?

Consider what advantages you’re looking for from bookkeeping software. Is your greatest need improved accuracy? Is it consistency? Is it reducing the time spent on managing invoices?

Brainstorm everything you wish your bookkeeping solution could do, and then match this against different software options. Don’t forget to check the software’s scalability. You may be small and only have limited requirements today, but where are you hoping your business will be in a few years?

How Will the Software Impact My Staff and Me?

The primary reason for using software to help you with your bookkeeping is that it should, fundamentally, help. That means its impact on your business, your time, and your resources, should be beneficial. Set-up should be simple, and regular use should be intuitive and easy.

Unfortunately, in reality, some bookkeeping software makes things more complicated. Look to check whether you get support and help with transferring your existing data over. Is there fast-response support, or interactive notifications should you make an error?

Access

Before settling on a software bookkeeping solution, consider what your access needs are. Do you have remote workers, or do you need to be able to access it wherever, whenever? Do some people need different access permissions?

Cloud-based bookkeeping software which allows you to set different access for different users will be essential.

How Much Does the Software Cost?

Small and medium sized businesses always need to pay careful attention to the cost-benefit analysis of introducing a new system, solution, or resource.

How much is a proposed bookkeeping software going to cost you? You need to consider not only how much it costs now, but how much it might cost in the future? Do you get automatic updates? Do these cost or expire?