Choosing accounting software is an integral step in taking your business to the next level. Accounting software is your path to streamlining many aspects of your operation, and as such, it is an excellent way to save time, money, and prevent mistakes. Functions such as Single Touch Payroll integration, cashbooks, reporting, and analytics alone simplify your day-to-day accounting procedures, enabling your accounts department to find ways to save money and take care of the financial needs of your staff and clients. To help you get started, here are the six top questions to ask when choosing accounting software.
Is the Software Single Touch Payroll Enabled?
With Single Touch Payroll (STP) becoming mandatory for all businesses as of the 1st of July 2022, it doesn’t make sense to invest in accounting software which doesn’t have STP integration. When you are researching accounting software, make sure that it is ATO compliant to send STP reports seamlessly.
What Functions Does the Software Perform?
Before you start your software search, discuss with your finance and sales departments what functions they need most according to their needs and day-to-day operations. Don’t buy accounting software which either has too few features or not enough features they need. The better accounting software packages offer more flexibility in this matter, allowing you to choose a broader range of functions in the form of add-ons according to your needs.
How Will My Business Benefit from This Software?
Once you know which functions and features you need, you can find software which falls in line with these requirements. At first, your list of wants may be either too short or too long, but that’s when you weigh up the benefits of each software package. Make sure these benefits really do streamline your accounting process and save you money in the end.
Is This Software Secure?
The financial and accounting information of any business cannot be left unsecured. Even if you feel as if your preferred software package meets all the other criteria, never take security for granted. No matter how small your business, sensitive information in the wrong hands must be avoided at all costs. Look for software with a layered security model that uses permissions and defaults to protect sensitive information.
Is the Support Service Adequate?
Customer support in times of need is essential. When researching financial software, make sure your preferred solution offers the kind of customer support you need. Find out whether they are contactable via email, instant messaging, and telephonically. You also need to know if they operate locally during business hours or internationally around the clock.
Is This Software Scalable?
Whether your business is expanding or scaling down, your software needs to adapt to meet your needs. Finding scalable software will ensure that your growing business remains supported by your software, and you don’t need to change your software just as you’ve started to reap the benefits of a streamlined accounting system.
Now that you know the top six questions to ask when choosing accounting software, there’s no better time to see what Arrow’s Tencia financial software has to offer. Watch a free product demonstration, or contact us for advice.