Accounting software isn’t simply a ‘nice-to-have’; it is critical for any business, big or small, which is why it’s essential to take your time and choose accounting software that meets your needs. There are so many accounting packages to choose from, which can get complicated. Naturally, one asks, what should I look for when upgrading my accounting software?
Whether it’s your first time purchasing accounting software or not, there are some important functions and features which will make all the difference. Let’s discuss what to look for when upgrading accounting software.
Get In-Depth Financial Reporting
The best accounting software packages offer in-depth reporting functionality. Reporting capabilities ensure your accountant can create reports quickly and easily without going through pages and pages of spreadsheets every month. In addition, the financial information housed in the software is always up to date, so if reports are needed at irregular intervals, they are easy to create. Some software offers users standard reports, but more comprehensive software allows users to create custom templates for their reports with company logos and watermarks.
Access Data Any Time, Anywhere
Finding a cloud-based software package has a range of benefits. Users can access financial data from anywhere at any time and collaborate with other employees easily. The software doesn’t need to be installed either, as it is accessed using an internet connection, thus ensuring there is minimal downtime during installation and software updates.
Cloud-Based Software is More Secure
Cloud-based software is more secure than on-premises software because it has multiple layers of protection, such as firewalls and password protection. In addition, the software is regularly updated to ensure security threats are dealt with promptly. Security against criminal activity isn’t all cloud-based accounting software offers; it is also protected against data loss which may occur through on-premises server failure, fire, or natural disasters.
Look for Accounting Software That is Scalable
Scalable software packages allow your company to expand or contract as necessary. When you hire new staff, you can add more users and vice versa. As you open new divisions and expand the products and services you offer, your business needs will change; accounting software providers should offer packages that can be scaled up or back without incurring massive additional costs.
Accounting Software With Automation
Easily one of the best aspects of accounting software is the ability to automate repetitive, rudimentary tasks. You can automate tasks such as producing recurring invoices, paying subscriptions, creating reports, and more. Automating these tasks reduces human error and frees employees up for other tasks. As a result, businesses save money, and with everything accurate and up to date at all times, filing taxes is much easier!
Knowing what to look for when upgrading your accounting software is half the job; all that’s left to do is take the time to find it. You can have all your questions answered by speaking to sales consultants and watching product demonstrations.