Managing and maintaining finances is key to any business. This is true for start-ups, small companies, growing and established businesses and freelancers. In fact businesses of all sizes will benefit from using accounting software. The best method of managing and controlling the financial situation of your company is via this method. However, choosing the most suitable option for your business isn’t always straightforward and can be challenging. There is a lot out there to choose from including QuickBooks, Sage, Xero, as well as bespoke systems, not to mention the apps that link with them. Accounting software varies in size, capabilities, integrations, features, usability and pricing. In our latest article, Team 4 looks at how you choose the best accounting software for your business. 

Prioritise the tasks you want the software to do

Getting the right package will help you to reduce human errors in your accounts as well as giving you an insight into how your business is performing. Sales forecasts can be generated and all the information you need about the financial state of your business including what part is profitable and what isn’t. You will need to look carefully at your business to assess its accounting needs. What tasks do you want it to perform? These can range from invoicing, paying bills, payroll, bank reconciliation, inventory tracking, time tracking and more. 

How to choose your accounting software

First of all, you will need to be relatively literate in terms of financial accounting as without this ability, you won’t be able to ascertain the needs of your business. There are several ways to do this including reading books, taking training courses, doing your own research on the Internet and of course talking with Team 4 Solutions. 

Don’t forget to talk to your bookkeeper
  • Assess your own ability 
  • Analyse your business – financial needs
  • Prioritise your requirements and the features you need
  • Type of business you operate – some software is better suited to particular professions
  • Understand the hardware involved
  • Know your budget
  • Reach out to similar businesses – what are they using?
  • Talk to your bookkeeper or accountant
Determine your business objectives

By clearly defining how you will use the software and the functions required, you will be able to evaluate the packages and identify what will work for your business. So make sure you determine your business objectives. Also who is going to use it –multiple users or just one person? It’s a good idea to involve employees and your bookkeeper or accountant

Answer the following questions about accounting software
  • Can the software handle all of your bookkeeping tasks ranging from invoicing, receipts, banking, VAT, tax, stock control and payroll?
  • Do you have any special needs – international trade, more than one business?
  • Will it integrate with ecommerce solutions?
  • Can it automatically convert to other currencies?
  • Does it deliver a high level of compliance?
  • Will it back-up all your data?
  • How easy is it to use?
How can Team 4 Solutions help you choose accounting software for your business?

Today, technology is moving forwards at breakneck speed and none more so than in software. Team 4 is here to help you choose the right package for your business. The developers of the various accounting software packages claim that their programmes are simple and straightforward to use. For some people, that may be the case, but if you’re not that tech savvy, it might not be quite so simple. We’re here to help you get started so that your accounting software has all the functionality that you need and we offer training as well. In fact, we don’t like using the term, ‘best accounting software’, as we prefer to think of it as ‘best accounting software for your business’. It could ultimately decide if your business is profitable or not. Call us on +44(0)1825 763378 or email info@team4bookkeeping.co.uk