Accounting software for SME’s has evolved radically over the past 10 years. The majority of providers allow bank feeds direct into your software making obsolete the days of tedious, time-consuming data entry. In addition, the software is often hosted in the ‘cloud,’ enabling business owners to access their financial information from anywhere, at any time.
If you are starting a new business or have been thinking it’s time to update your accounting software, there are a raft of elements to consider when evaluating the right software for your needs. Some of the key elements are:
- Customisation of invoices and statements
- Ability to load budgets to track against
- Cloud or desktop
- Level of support
- Price (and relative number of users)
- Bank feeds vs manual data entry
- Multi-currency functionality
- Inventory management
- System integrations – including Retail/POS
This is not an exhaustive list by any means, and what is right for one business may not be right for another. Different accounting systems might look like they are the same, however each one has different functionality and capabilities. You need to identify what is right for your business before you commit to a new system.
To assist with this process, we have a framework to evaluate the options and make recommendations for your business. If you are thinking of upgrading your accounting software, touch base with your Hayes Knight advisor to guide you through the process.