Whether you’re a small business or a sole proprietor, there is a good chance that you have your own unique financial needs.
Whether it’s tracking receipts and bank statements or keeping track of income and expenses, accounting software can be the solution to your problems.
Accounting software is designed to help small businesses and sole proprietors manage their accounts so they can easily track expenses and revenues. After all, when it comes to having accurate financial information, clarity is key.
Isn’t it time you gave your accounting system the attention it deserves?
Here are six things that you should consider when selecting an accounting software for your small business:
Know your needs and goals before you start
Before you start shopping for an accounting solution for your small business, it’s important to know what you’re looking for. Start by thinking about your business’s current needs and goals.
What financial tasks does your business currently perform?
What information do you need to track to make these tasks easier?
These are all great places to start. Keeping your overall financial goals in mind is also a good idea. What are your long-term financial goals?
If you have a less-than-a-year-in-the-future financial plan, it’s important to keep this in mind as you shop around. You don’t want to select an accounting solution that isn’t going to help you achieve your financial goals.
Define your business’s financial goals
Being thorough with your selection process will help you to get the most out of your accounting system. It’s also helpful to define your financial goals.
What are your business’s financial goals?
What do you hope to accomplish in the coming months and years?
Are there any specific financial goals that you’re trying to achieve with your accounting system?
Keeping these goals in mind can help you choose an accounting system that will help you achieve your financial goals. It can also help you to select an accounting system that’s going to be a good fit for your business.
If you select an accounting system that isn’t the best fit for your business’s needs, it won’t be worth the headache in the long run.
Find out what’s included in the accounting system you’re considering
When you’re shopping around for an accounting system, it’s also important to make sure that you know what’s included in the system that you’re considering. This can help to narrow down your search.
Once you’ve identified an accounting system that you like, you can find out what else is included in the package. You can find this information by reading through the system’s features list or by speaking directly with a representative from the company that makes the system.
These features give you a sense of what’s included in the accounting system and what you can expect from the system. If you know what’s included in the accounting system that you’re considering, it can help you to narrow down your search.
You can also find out if you have any additional requirements or needs that aren’t being met by the package. If so, you can make adjustments to the system to better suit your business’s needs.
Make sure the software meets all your small business needs
Finally, it’s also a good idea to make sure that the accounting system meets all of your small business needs. This can help to narrow down your selection process.
You don’t want to select an accounting system that doesn’t help you achieve your financial goals. It’s important to make sure that the system you select is going to be a good fit for your small business.
After all, it’s not worth spending money on something that isn’t going to help you achieve your financial goals.
Do a final check to make sure everything is accurate
It’s also a good idea to do a final check to make sure that everything is accurate.
It’s easy to get caught up in the excitement of the selection process, so you want to make sure that everything is accurate before you sign on the dotted line.
You can do this by performing a quick audit of your financial information. If you find any inaccuracies, you can address them before you finalise your selection process.
This can help to ensure that you’ve chosen an accounting system that will be a good fit for your small business needs.
3 accounting systems to consider for your business
There are too many accounting systems to name them all so we have highlighted the three main packages for you to consider and the ones we always recommend to our customers:
- Sage Business Cloud Accounting
Sage Accounting is a powerful accounting program for small businesses (Sage Accounting is compatible with unlimited users) and sole proprietors (with or without employees).
You may use it to create and track invoices, keep track of cash flow, accept payments, record transactions, automate some administrative tasks, capture expenses, and a great deal more.
Sage Accounting is suitable for any industry (professional services to construction to retail). It is simple to give access to other users, including an accountant (if you use one).
You do not need any previous knowledge of accounting software to begin using it. You may also extend its functionality to include payroll.
Pricing starts at R185 incl. VAT per month.
For more details on Sage Business Cloud Accounting, click here.
- Xero
Xero is a cloud-based accounting software program for small businesses.
It includes bookkeeping features like invoicing and payroll, as well as the capability to link it to a real-world banking feed.
It supports both cash-based and accrual accounting methods, making it ideal for companies that follow any accounting frameworks.
Pricing starts at R396.75 incl. VAT per month.
For more details on Xero, click here.
- Quickbooks
Quickbooks is a popular accounting system used by various businesses.
You may invoice customers, pay bills, create reports, and so on using QuickBooks.
Several solutions in the QuickBooks product line work well for a wide range of business sizes.
Pricing starts at R253 incl. VAT per month.
For more details on Quickbooks, click here.
Conclusion
When it comes to having accurate financial information, clarity is key.
That’s why one of the most important things to consider when you’re shopping around for an accounting system is whether or not the company or vendor behind the system has a good reputation in the industry.
You also want to make sure that the system you choose will be a good fit for your small business needs.
Taking all of these things into consideration can help you to choose an accounting system that will be a good fit for your small business.
Remember, your success, and that of your business depend on having the right accounting software in place. It’s your money and you’re the only person who can keep track of it.
We at Visionary Accounting know all the ins and outs of the popular accounting packages on the market.
If you need assistance in making this decision, please feel free to contact us.
We will ensure that you select the right accounting package for your business.
Recent Comments