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Accounting Software Tips

You have a number of options in how you handle your business’s accounting processes: managing them yourself, hiring a staff accountant, or outsourcing to an accounting firm. Managing your finances yourself enables you keep close control of the process while saving a substantial amount of money. Accounting software can help you keep track of your profits, expenditures, payroll, and more in an organized and efficient management system.

Benefits of Accounting Software

Business accounting software can help you keep your finances organized, consolidate accounting and financial management tasks, and reduce your operating costs. According to a survey published by the Institute of Management Accounts (IMA), small and mid-size companies tend to spend 51% more on finance and accounting services than large companies.

Instead of outsourcing your bookkeeping tasks or delegating them to an accountant – both of which require significant and sustained costs - you can complete them yourself with the help of accounting software.

The tasks you can perform with this type of software include:

  • Keep track of payroll expenses and employee data.
  • Calculate business expenses – both past and future – and monitor profit margins.
  • Produce and track invoices, accounts payable, and accounts receivable.
  • Keep an organized database of client information.
  • Generate financial reports.
  • Manage billing, inventory, and numerous other business tasks.

Looking for a less hands-on approach? Consider hiring a bookkeeping and accounting service.

Special Considerations

As with any business program, you need to make sure you purchase the software that will work best for your business. There are a variety of software programs available on the market today, and they all vary a bit in price and functionality, from basic bookkeeping software to extensive systems that can integrate payroll, time and attendance, and customer relationship management.

Implementing an accounting software solution within your business can require a significant investment of time and money – so be sure to choose carefully.

  • Businesses in a wide variety of industries purchase and utilize accounting software, so not all programs are the same. Make sure that the software you choose is developed for businesses in your niche. Also keep in mind the size of your business, the type of functions you want your software to perform, and your business’s computers and operating system – all of which are factors that can affect how well the software performs once it’s installed.
  • Do you utilize any other business software, such as time and accounting software or a CRM system? The accounting software you choose should be able to integrate with your current systems, share data easily between systems, and be accessible from a single dashboard. Running incompatible programs can slow down your computers, interfere with your software’s functionality, and corrupt your database information.
  • Employee onboarding can be a difficult hurdle in the process of implementing any new software or other process. To ease the transition, choose a software provider that offers employee training and comprehensive customer support.
  • Always test the software before you buy, either through a free trial or in-store demo. Test the usability of the interface, the ease of navigation, and the overall functionality of the software. Figuring out the software should be a fast and intuitive process; if it isn’t, try a different one.

Accounting software can help your business manage its finances efficiently – from customer billing to employee payroll. Look for an accounting program that offers the functionality your business needs at a price that is within your business. Test the software before you buy to make sure that it’s the right fit for your company. Since implementation can be a long and slow process, make sure your software provider offers quality technical support and assistance with employee training and onboarding.

If you’re interested in accounting software, you may also want to consider payroll software and time and attendance systems