5 things to look for when buying accounting software
In the business world, accounting software play a important part. Every accounting software has their strengths and weaknesses. Accounting software programs are not designed to be one-size-fit-all. Different business industry will need different types of accounting software. Before we engage ourselves in any type of accounting software, do consider 5 things.
What are the 5 things to look for when buying accounting software?
1. Should you choose accounting software to be hosted on cloud ?
Cloud is the trend now. You just need to let the hosting company or software vendor host the accounting application on their servers so all you have to do is to access from any device with an internet connection. No need to maintain the software or backup the accounting data. However, this may not be the platform to consider for those who wish to have control over the program or data. The biggest disadvantage of cloud computing is that you lose control over the data and is not able to access the programs, update, data if the servers of the servers of hosting company is down.
2. Is the data in the accounting software secure?
Accounting software should have different level of security, control and user access rights, so that different users are restricted to the functions/areas that they are responsible. Software with proper user access rights will ensure that only the rightful user can access sensitive data , such as company financial reports, pricing data etc.
3. Will the accounting software grow with your business?
Our business will grow and we also want our accounting software to grow with us. It could be 1 user using it but as the company grows, you may have more users accessing the accounting software. Most of the off-the-shelves package will be able to meet the needs of small business that do not have growth plan. If the company foresees to have changes in number of users and requirements, we should consider mid-tier accounting software that are scalable will have potential to meet more complex requirements of growing business !!
4. Is the accounting software quick to setup and easy to use?
Some accounting software has very powerful features but it is very difficult to set up or implement. You should consider software that has user friendly setup options. It is good that a demo is shown to you and you have a brief hands-on before you purchase. Accounting software that have user friendly interface will make it easy for user, even those who are computer illiterate to pick up the software quickly.
5. Can you afford to pay for the accounting software? If your accounting software value for money ? Support?
The more features you have in an accounting software will escalate up the cost. You need to understand your company’s requirements and buy what you need and to consider accounting software that come in modules, where you can choose to buy what you need. It is important that any software has great support when something goes wrong. Most companies will offer support, it is necessary to look at the software vendor track records and how long they have been in the market. It is common understanding that vendor who are in the market tend to offer more reliable support.
MadSoft solutions has stand-alone accounting solutions or inventory solutions only or integrated with accounting solutions tailored for small medium enterprise, which has enterprise level functions for such as multiple-level user rights access for authentication, scheduled backup to ensure regular backup and full audit trail.
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