Know your Business Needs
First, you have to know your business needs from your employees and make a list of them.
Know your budget after knowing your business need, you have to allocate the budget for the accounting software. That will sort out almost half of the options.
Know the Essential features and factors before purchasing the accounting software
Essential Features of Accounting Software
Accounting Software should do the following functions
• Invoice Creation and Invoice Customization for the look and feel
• Expenses tracking
• Inventory management and inward & outward stock movements tracking
• Software should perform the bank reconciliations
• Purchase order creation
• Inventory purchase tracking
• Taxes managing
• Journal voucher entries tracking
• View option for account payables and account receivables
• View option for accounting reports like Balance Sheet, Profit & Loss Statement, Trial Balance reports
• Multi-currency transaction support
• Payroll management
• Employee management
• Categorize transactions according to projects
• Access control for users
User Interface & Complexity
Most business people do not aware of the accounting process. So they hire an accountant or purchase accounting software for their business. To know the accounting process, you need training. While purchasing the accounting software you have to ensure whether the software has a simple user interface that helps you to focus on important tasks. So you do need to spend more time on learning.
Most business owners purchase accounting software based on their current business needs. They didn’t think about future needs. When your business grows to the next level, your software should scale with your business needs. If the software doesn’t have the scalability feature, then you have to migrate the business data from existing software to new software which is a difficult task. So you have to purchase the accounting software with scalability features.
Data export facility should be available in the accounting software. Through this feature, you can export the ledger and other transactions in the form of excel. So you can get back up at regular intervals.
Find the Best Accounting Software Provider
Onestopaccounting is the NO:1 Accounting Software Provider in Singapore. We provide the best accounting software for SMEs. We offer EZ Accounting software, Payroll Software, Point of Sale software, Quicken software, EZ inventory software, PSG Grant Software Singapore, etc.
Schedule a demo
Call us + 65 6227 1797 / +65 6746 2613 Email us firstname.lastname@example.org to book your appointment for live demo. In the demo, you can ask your queries related to your accounting needs.