How to Select the Best Accounting Software for Your Growing Business

You've grown your business to its current state with basic software, and that's great – but as you continue to grow in both size and complexity, you'll need to find an accounting product that can "stretch" to provide for your new needs. With so many products on the market, it might seem overwhelming, but we have a few recommendations to help you find the best accounting software for you.

First, make sure you have all the necessary information to select the best accounting software for your needs. The importance of accounting software cannot be understated, as onboarding a new system will affect all of your processes and departments.

Talk to key executives in your business to learn about their needs – what functions would they like to see in a new system? Talk to the employees who use the software day in and day out – what takes longer than it should? Are processes obsolete? This will help you narrow down the number of options available to you.

Then you can break it down like this:

What Specific Features Do You Need?

Once you have an understanding of the necessary features, start shopping for a system. Do you need accounting software that focuses on payroll specifically, or do you need an entire suite of business management solutions? While more comprehensive accounting software will have a larger price tag, it ultimately provides a more robust set of features.

Some of the features accounting software should offer include:

• Basic accounting tasks like invoicing, income and expense tracking, financial report generation, and client and vendor management.
• Automation (automatic billing, recurring payments, past-due notifications, etc.)
• Quote and estimate creation
• Tax preparation
• Multi-user access
• Payroll processing

What’s Your Budget?

Once you narrow down your choices based on features, you can narrow it down even further with a budget. Come up with a reasonable number – a balance between something you can legitimately afford and something that includes the options you require. Now, narrow down your list again.

In addition, you can reach out to people you know and trust in the business and software community and ask them for their opinions/advice.

The right accounting software is a critical part of your success, so when making a choice, take your time and approach the decision in a systematic and organized fashion. Not quite sure how to get started? Contact Asyma Solutions today.