5 Tips for Choosing the Best Accounting Software for your Business

Whether you run a startup or a small to medium-sized business, accounting has got to be a crucial part of it if your goal is to run it successfully. Up until several years ago, businessmen and women used to keep track of their finances and inventory by maintaining books. However, over time, accounting software started taking over.

Using reliable Accounting Software is beneficial to your business in more than one way. By being capable of managing general ledger as well as accounts payable and receivables, accounting software helps you with the tedious accounting tasks, leaving you with time to focus on other aspects of your business.

But with so many accounting software ready to be purchased/downloaded, how will you know which one is the most reliable and efficient? Well, we have some tips to help you with just that!

#1. Consult with your Accountant(s)

If you already have one or more accountants managing your business’ finances, it’s a no-brainer that they could give you the best advice. They could either be familiar with a few relevant software or help you shortlist the best choices by making you aware of their requirements and capabilities.

Thus, no one can help you better than your accountant(s) when it comes to choosing software that will best fit the accounting needs of your business.

#2. Identify your Needs

Do you think that a business like Starbucks generates the same revenue every year as a tattoo shop on the next street? The answer is a big, fat NO. This factor plays a vital role during the selection of the right accounting software as well. Businesses have different accounting needs and what mainly separates the needs of one business from those of another is the revenue it generates.

So, ponder carefully on the accounting requirements and operations of your business and look for the software that best suits such needs. If your business takes off and its accounting needs change, you can always jump ship to a new accounting platform.

#3. Consider the Budget

While credible accounting software can make your daily tasks a lot easier, it’s worth mentioning that if you are on the lookout for a software that could do it all efficiently, you must be ready to spend a good amount on it.

There are countless online accounting platforms that vary in terms of budget. Of course, software that’s free or costs quite less wouldn’t be on a par with the one that’s a bit heavy on your pocket. So, the advice, in this case, would be to define the accounting needs of your business and go for software that could fulfill every one of those.

#4. Factor in the Add-On Features & Integrations

Recording and reporting transactions aren’t the only accounting tasks that need to be fulfilled in a running business. Financial Accounting is a field that is broadening by the day. So, while searching and shortlisting the best software for handling the finances of your venture, keep an eye out for those that come with important add-on features and integration options.

Online payment submissions, compatibility with tax and/or eCommerce software, cloud storage, etc. are some of the options that could come in handy.

#5. Thoroughly Test the Software

So, once you have discussed with your accountant(s) and found a software that suits both your accounting requirements and budget while boasting impressive add-ons and integration options, it’s time to take a trial. Before spending your hard-earned money on software, you have to make sure that it performs as per your expectations.

You can make sure of it by watching tutorial videos on how to operate the said program, requesting a demo, or actually using the software on a trial basis and entering dummy transactions to check out the program’s efficiency. Once you are 100% sure of the software you are considering buying, you are good to go and purchase it.

Our Recommendation

As mentioned above, there is no shortage of authentic accounting software for owners of all kinds of businesses. Affordability, efficiency, flexibility, etc. are some of the factors that should be considered while choosing any such program. Among the programs that fit the bill, the one we have found to be quite consistent is Lightspeed.

Offering POS integration for accounting, Lightspeed is the perfect fit for offering cloud-based solutions for retail stores and restaurants. It allows you to manage stock, sales, data and customer relationships. Moreover, the fact that this eCommerce software helps you make outstanding online sales is a major bonus.

Want to learn more about Lightspeed? Well, you can watch a demo or clear your doubts by talking to an expert. Among the restaurants and retail stores powered by Lightspeed are The Cloakroom Bar, Vaulty Towers, Camilla, Exclucity, and more!

You can even take a free trial before making up your mind on if you would like to manage your business’ accounting needs via Lightspeed for good. Head over to Lightspeed’s official website to learn more about it.
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