Imagine the condition of any enterprise if it didn’t have a robust database system or any other arrangements in place that would ensure their business’s sound financial health. Apparently, that company wouldn’t have an iota of organization or peace for that matter.

Every business firm needs a robust business accounting software. A good business accounting software would assist in the generation of accurate invoices, monitoring of expenses and creating a variety of reports that will help analyze your business’ performance from various aspects. Many of them are also capable of tracking bills and taking care of inventory or assignments as well.

Basically, business accounting software also helps reduce work as compared to handling a spreadsheet as there is no need to keep entering data again and again, as it is generally saved in the system.

How to choose the best accounting software

Choosing the best accounting software (best for your business) is no easy task. There are lots of them available at varying prices in the market. Each one has different features with in-depth customer reviews too. Whilst making a decision, you should keep the following requirements in your mind:-

Cost

Are you looking for a simple software with basic functionality or an expensive one that includes extra features?

Utility

Do you want a multiple-user interface, or do you wish for a cloud-based system for easy access to data anytime, anywhere? Would you like a mobile app for convenience’s sake?

Highlights

How do you want your accounting software to work? What are the kinds of reports you want to be produced by your software? Do you think you need both the tools i.e. accounts receivable and accounts payable? What about subsidiary services like time tracking, project management, and payroll?

Apart from these, the elementary features you must keep in mind while choosing accounting software can be any of the following-

• Stock management
• Sales monitoring
• Contacts management software
• Merchant account assistant
• Funding
• Pricing
• Payroll
• Business tax reporting

Industry-based business accounting software

Some of the business accounting software is intended mainly for industries such as manufacturing, construction, and wholesale dispensers. If you have got a small business and you are clueless as to how to proceed, you can always look up accounting software for small business that would meet your end-to-end requirements.

What are the features of a business accounting software for small business needs?

Here is a list of essential features you should look for in a business accounting software:

Principal accounting features

Your small business will make do with principle accounting software features like invoicing, income and expense monitoring, monetary report generation, and client management. If your enterprise has got a wide range of products, you should also look for software that can screen your inventory, administers vendors and aids you with purchase contracts. If your business is about rendering services, then you want software that would make it easy for you to track time and assign billable hours.

Timesaving computerization

Some accounting software can perform invoicing functions and deal with past-due notifications as well. This would help you save a lot of time. If you are dealing with the management of quotes or estimates for your clients, then you must go for software that is capable of translating these documents into invoices within a few keystrokes.

Tariff preparation

You can go for accounting software that will help you with your tariffs with features like automatic tax calculations, multiple tariff rates, and tariff reporting. Besides, make sure that you can email your accountant all the data related to tariffs from within the system.

Add-on services

Add-on services refer to options like payment processing and payroll services, that will help you to accept billing payments online and pay off your clients online. They might cost extra but a very convenient as they ease things out for you!

Third-party incorporation

These can help you run your business smoothly by integrating additional systems with the current software in use. It’s devised to exchange data between systems in real time. Some of the various incorporations include POS systems, payment processing, and e-commerce.

Once you’ve narrowed down your list and are on the verge of deciding on an accounting software, you have to ask yourself the following questions-

• Is my software fit for my business?
• Are the customized options optimized enough to meet my requirements?
• Can the software house any number of employees?
• Can the software deal with GAAP, tax laws, and financial parameters?
• Is it possible to restore my data if some unexpected crisis is to overtake my system?
• Do I have to pay extra money?
• Does the software provide any tech support and customer service?