Home Software Choosing the Best Accounting Software for Business (7 Tips)

Choosing the Best Accounting Software for Business (7 Tips)

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7 Tips for Choosing the Best Accounting Software for Business
Sage Business Cloud - Best Accounting Software

In an earlier post, we started with a list of some of the best accounting software for small business. If you had seen that list, you will agree that there is no accounting software on that list that is not worthy of using. That is where the confusion sets in.

So that you end up choosing just the best accounting software option for your business, no matter the scale. I have compiled a list of things to consider when choosing the best accounting software for business.

1. Cost

We would be kidding ourselves if this list started with something else.


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Your business is run on expenses and incomes, the net of which gives you your profit. The right way to do business is to minimise your costs and maximise your profits (while not cutting corners with quality).

Depending on the scale of your business, or available budget, you will want to choose an accounting software that your pocket agrees with, while satisfying all or most of your accounting needs.

2. Ease of Use

The ease with which the software can be used should also be considered. This is especially important when such an accounting software will not be used by those that have prior knowledge of accounting.

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For example, SAP is made for company-wide use by non-accounting professionals too. Others might be exclusive to just those with knowledge of keeping books. Cloud-based options like Sage Business Cloud Accounting makes your accounting data accessible from any part of the world (even on mobile devices), making them very convenient to use.

3. Features

What are the basic things you will like your accounting software to do? Options like Sage One Accounting and Sage Business Cloud will handle your payrolls and invoice with traditional accounting tasks. When you get to SAP, you get blessed with features such as inventory management and order control.

Accounting software now do more than just record money going in and out of the business. Pick the features you like and select the one that best fits the criteria

4. Industry

Different industries have different styles of accounting. If the accounting software you had in mind was not made specifically for/ cannot be customised to suit your industry, best believe that it is not the best accounting software to choose for business. At least, not in your case.

While generic software will be much easier to use, it will be more pleasing to use something modeled for your industry

5. Size of Business

Even if you are starting small, you should always learn to think big. Afterall, you don’t plan to remain small for years to come.

When applying that thought to your business decisions, apply it to the kind of accounting software you are getting too. If your software has the capacity of holding records in the biggest hundreds of thousands, what happens when the business starts raking in millions?

6. Support

We don’t consider it anywhere near the best accounting software for business if it does not come with support. Not ‘Reply to my mail after a month’ kind of support, but real-time support.

As is with any type of software, you/ the users are bound to run into snags at one point or the other. Depending on what software you are using, that can effectively slow down your operations. A slowdown of operations means you are losing money, and that is bad news. See?

That is why we advocate those accounting software with a strong support system to users

7. Compatibility

The Windows operating system is the popular operating system used in offices around the world, but it is not the only one. You may be using Mac or even Linux, for example.

Before you put money down on that software, have you checked to see if it is compatible with the operating system on the computer units you plan to use them on?

If you are also interested in mobility, checking whether it has support for mobile devices and what platforms it supports is also a very good idea.

Conclusion

I will always maintain that there are a lot of great accounting software out there, so much that I cannot even begin to list them all. However, only a fraction of these would be great for your business and quite a handful will be the best you could ever go for.

Applying all that has been said here, which of our top picks would you rather go for?

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Paschal Okafor is NaijaTechGuide Team Lead. The article Choosing the Best Accounting Software for Business (7 Tips) was written by O Christopher. The article was last modified: May 3rd, 2018

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