5 Features To Look For In A Business Accounting Software

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Accountant working on consolidated financial report of corporate operations, consultant auditing finance data (balance sheet, income statement) on screen with business charts, fintech, manager

Accounting software is a system used to record, classify and report financial information.

Business accounting software aims to help small businesses worldwide keep track of their finances, but it can also be used by larger companies and organizations to manage their massive budgets or plan for future growth. It’s a must-have for any business owner who wants to be successful in today’s competitive market.

Here are five features you should look for when choosing accounting software for your firm.

1) Price

Price is always a significant consideration when it comes to business accounting software. After all, no matter how good a product is, it won’t be worth it if it puts your business’ operating budget in the red.

If you’re from the UK, there are a few different pricing of accounting software UK companies can consider when looking for accounting software. You can choose from subscription-based, typically charged monthly or annually; usage-based, which charges based on the number of transactions made; and one-time purchase, which, as its name suggests, is a one-time fee. There’s no single ‘right’ pricing model, so it’s essential to consider what makes the most sense for your business.

For example, a subscription-based model may be more affordable than buying the software outright if you’re starting. On the other hand, if you have a high volume of transactions, a usage-based model could be more cost-effective. Ultimately, the best way to find a suitable pricing model is to evaluate your needs and compare them against the available options.

2) Ease Of Use

When it comes to accounting software, one of the essential features to look for is ease of use. If you can’t figure out how to use the software, it won’t do you any good. Fortunately, there are a few things you can look for to ensure that the software will be easy to use.

First, make sure that the interface is intuitive and easy to navigate. The last thing you want is to constantly click around and find the right tool. Second, look for software with step-by-step tutorials or a robust help system. It’ll ensure that you can quickly learn how to use the software without wasting hours searching for answers online.

Finally, try to find software that’s compatible with your existing accounting system to get the most bang for your buck. This way, you won’t have to waste time importing data or learning new accounting standards.

3) Customer Support

When looking for business accounting software, it’s essential to pay attention to the customer support offerings from each vendor. Here are three key features to look for:

  • Live chat support – When you have questions about how to use the software or if you run into any technical issues, it’s helpful to chat with a customer support representative in real-time. Look for a vendor that offers live chat support during business hours.
  • Email support – If you prefer to communicate via email or need help outside regular business hours, look for a vendor that offers email support. Make sure they provide timely responses (within 24 hours) and that they have a knowledge base or FAQ section on their website that you can consult for self-help.
3D illustration of computer keyboard with the script ‘Accounting Software’ on two adjacent pale blue buttons
  • Phone support – Sometimes, you may need or want to speak to a customer support representative by phone. Look for a vendor that offers toll-free phone support during business hours.

By finding a vendor with comprehensive and responsive customer support, you can ensure that you’ll always have the help you need when using the software.

4) Customizable Features

Another feature that you should look for is customizable features. This is important because you want to be able to tailor the software to meet the specific needs of your business upon program deployment. For example, if you run a small business, you may not need all of the features in a more extensive accounting software package.

By customizing the features, you can ensure that you’re only paying for the features you need. In addition, customizable features can help you save time by automating some of the tasks you would otherwise have to perform manually. For instance, if you often have to enter data into multiple fields, you can set up a custom template that will automatically populate those fields.

5) Security And Privacy

Your financial information is sensitive data you’ll want to keep safe from external threats and internal misuse. Fortunately, there are several steps that you can take to ensure the security and privacy of your accounting software.

First, make sure that the software is password-protected. It’ll help to prevent unauthorized access to your account. Next, look for software that offers encryption. It will help to protect your data in transit, so even if a hacker intercepts it, they won’t be able to read it. Finally, consider using a cloud-based accounting solution. This way, your data will be stored off-site, making it less vulnerable to theft or damage.

Takeaway

When choosing business accounting software, there are several factors you’ll need to consider. These include ease of use, customer support, security and privacy, and customizable features. By keeping these things in mind, you can be sure to find the right program for your company needs.

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