To some people, all cloud accounting software may appear the same. In reality, each software is different. Different software offers different functions, features and support.
There are many options available for businesses to choose from. Choosing the software that best fits your business is an important decision. The decision should ultimately come down to individual requirements and how you want to run your business.
Detailed below are some of the factors to consider when choosing your cloud accounting software:
Users – how many people need to have access to the software? Can you control the data they see and the functions they can perform?
Reporting – what reports do you need? How flexible is the reporting? Can reports be customised? Do you need departmental or job reporting?
Integrating – does the cloud accounting software integrate with other software as required (e.g. point of sale systems, payment processing, email marketing etc)?
Mobile Access – is there mobile app capability and does it have the functionality required?
Customer Management – does the software keep details of customers (e.g. what they buy, when they buy it)?
Security – what are the features that will ensure your data is secure?
Support – what customer support is provided (e.g. phone or live chat, email)?
Payroll – does the software provide all the payroll functions you require including Single Touch Payroll?
Stock – are you able to track stock and manage work in progress? Does the system assist with purchase orders?
Banking – can the software handle multiple bank accounts and foreign currency if required?
Accounts Receivables – can the software produce recurring invoices? Does the software manage collections including sending automatic past-due reminders?
Accounts Payable – does the software provide end-to-end processing (scanning, coding, approval etc)?
Cost – While this needs to be a consideration, it should not be the number one consideration. You may be tempted to choose the cheapest package, however, choosing the cheapest package may mean that you miss out on particular features, processes and/or support. Ultimately this could cost you money in the long run.
Once you know the features you require from your accounting software, you can then review the cloud accounting software on offer. Setting aside time to research different software and their add-on features is vital. When it comes to cloud accounting software, one size does not fit all. What someone else is using may not be suitable for you.
Cloud accounting software provides significant benefits for businesses and choosing the right software is critical. Please contact your Accru advisor who will be able to assist you with your cloud accounting software requirements.