How to Choose the Best Accounting Software for Small Size Businesses

Posted Date : 12-November-2017

Great stories precede great software and just because you are a small outfit does not mean that you have to rely on paper based book-keeping. Adopting world class software right at the beginning of youroperations will set in a culture of adopting best-in-class technology products which will be good for the business in the long run. Leakages happen even in the smallest of organizations in the form of under-invoicing, wastage, negligence. Every penny that comes in or goes out need to be accounted for in the form of debit and credit entries.

Every company needs a different solution

One size fits all approach never works and neither it will in the technology business. Developers know this only too well and incorporate these things at the algorithm development stage itself. Customized accounting software for small business is more likely to have features that suit your specific business needs. Currency convertors, tax rate calculators, inter-state tax and international tax rates are incorporated at the development stage itself. Though there are certain distinct advantages of having a generic software solution in place as there is more support available. Substantial number of users translate into lower prices for all and this is a big plus in times of slow growth.

Buy the most powerful software that you can comfortably afford

Yes, that’s the thumb rule which runs most buying decisions in the B2B space. The size of your company will have a bearing on your purchase decision. As the size of your operation grows, your software should be able to take the strain and allow hundreds of users to be logged in at the same time and fetch data for their queries. Consider upgrading seriously, if you are planning to scale up operations rapidly. Maybe you might want to include a few modules like payment gateway processing, customized invoices, inventory management, online banking interfaces to increase the velocity of your business transactions. Should you desire to have only a few modules in your accounting solution, then you need to tell your technology vendor to build software for capacities that do not exist as software is always built keeping the next five years in mind. Be prepared to shell out the added expense as software can actually save your business.

Support is critical

Picking the right kind of software solution that is backed up by a dedicated support mechanism is important. Word of mouth reputation is critical here as hardware costs in the total product lifecycle are less than 25%. Rest are software licensing, customization and technical support costs. But the gains are 10X and in this case, X need not be large as competition ensures that most software’s are priced within the reach of small and medium businesses. Enterprises in manufacturing, retail, and service sectors need software’s which can be automatically updated in off-peak hours so as to maximize productivity and keep down-time at minimal levels.

Good accounting software will offer the much needed competitive advantage that you need in order to succeed in today’s environment. Make sure you get it right.

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