What is the Best Accounting Software?

By Michelle Johnson
28 Oct, 2015
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No matter how small scale business you are starting, it is not easy and you need to take care of many things that can be mind- blogging. Having accounting software seems to be a wonderful idea. The software helps you to take care of different aspects of business. This has been different software popular and these are easily available in the market.

Things to consider for purchasing accounting software:
Before purchasing any software, you should compare them and get the best one. It is very essential to compare the business accounting software as it works wonders for a particular business and it may not be beneficial for all types of business. Before buying any accounting software, you should note down all your requirements in a piece of paper. Determine all the features that you want -automatic calculation of sales tax, use of laser printer to print all the information and many other things. When you go to market, you can see a wide list of accounting programs. Compare the accounting software on basis of their types, billing system, inventory management, type of software and many other things. You need to compare apples with apples and not with oranges.

The programs of software are specific to industry. Determine the features of program that are important for your business.  Cost is another consideration with which you can compare the accounting software and they come at different prices. You may first review the programs that are under $100 and look for the software that comes in the range of $100 – $200. The software that has some extra features like tracking inventory costs around $200. The higher is the cost of software, the more will be the number of features. If you are specifically looking for functions, it is advisable to initiate programs that have moderate price tag. If you don’t get specific features in a certain price range then you need to move to the other level.

Where to get the Best Accounting Software:
One of the most important decisions that you need to make while operating your business is the choice of accounting software. This may turn to be a nightmare if wrong choice of software is made. The accounting software is advancing at a rapid pace and it is beyond the old fashioned basic accounting books. Today managing accounts have become easy with the accounting software that assists you in all your personal and business tasks related to accounting. There are wide ranges of accounting software package and it may become difficult to choose the best one according to your needs. Firstly, you should choose program according to your needs. There is no use of buying software program that enables you to keep track of accounts receivable and invoices according to your home budgeting. If you are in a small or medium scale business, you need to manage all your issued and outstanding invoices.

Investigate into the type of support you are looking for while purchasing accounting software. A good support plan includes 30 days free support on getting registered. You can get answers to some questions that are commonly asked online. A good support plan includes at least 30 days free support on being registered. Another important thing to consider is the accounting software package that interacts with some other software. If you are using online banking, then you need to have ability of software packages that updates online bank statements. If you have different streams of income, make sure that all these things are included in your budget. This way you can keep a track of all household expenses with a simple accounting software package.

Before selecting any accounting software package, ensure that your computer has correct requirements of the system for application. Ensure that there is sufficient space in your hard drive to download all the programs that you don’t have in your system. Keep in mind that there is nothing more frustrating than a software package that is not compatible with your computer. Choosing the best accounting software is not as simple as it may seem to be. You should consider ease of use as you have to work with the software almost every day of your business.

How to choose the best software?
Choose software that has bookkeeping system and prepares chart of accounts. One of the main reasons why businesses fail is because there is no bookkeeping system that could provide warning when your business runs out of cash. You may also set up a bookkeeping system manually in the form of accounting books or electronically in the form of spreadsheets or software. First be familiar with the bookkeeping practices to choose the most efficient software.

What to consider while getting software?
All the businesses have different requirements for accounting software. For choosing the best accounting software, consider the following things:
1.    Check if the system calculates payroll requirements like annual leaves, PAYE and many other things.
2.    Check if the system tracks stock, order, work in progress and other task management requirements.
3.    Look if the system can handle multiple bank accounts.
4.    Look if the system handles foreign currency.
5.    Check if the system can track separate financial records for each department of the business.
6.    Check if the system allows interface with computer systems like online payment.
7.    Look if the system keeps record on customers like what they purchase, how often they purchase and when they purchase. This comes under the Customer Relationship Manager System.

Different software options:
There are many software packages in the market that allows business managers to control records without any need for accounting. Many free accounting software are available in the market. Some popular ones are MYOB, Reckon One, Xero –online, Cashflow manager and many others. If you are still unsure about which software is the best for you, talk to your accountant or business adviser. They check all the packages of Standard Business Reporting forms to report statements to ATO.

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