Accounting Software – What to Look For

No matter what type of a business you own, it’s crucial that you pay close attention to your business finances.

It’s vital that you have access to all of the relevant, accurate financial data that you can, in order to make the right decisions for the future direction of your company. The days of having filing cabinets filled with business accounts, financial records and receipts are, thankfully, behind most businesses. Modern accounting software has become the norm for business owners and has made managing your business financed more efficient than ever before.

With a huge increase in the number of businesses using accounting software, more providers have stepped in offering a range of accounting software packages. While many of these services have some similar functionality, some offer more complex and specialise functionality than others. Choosing the right accounting software package for your business will largely depend on what your needs are, how much you are willing to invest and what features you will require. There is an accounting software option out there for virtually every type of business, it’s just a matter of finding the one that will work best for your company.

Let’s take a closer look at some of the things you should look for when you’re choosing an accounting software package for your business.

Access For Multiple Users

Depending on the size of your organization, you may need software that facilitates multiuser access. For example, if you have an accounting department, you might require multiple accountants to access the platform, as well as granting access to certain managers. Even a smaller business might require the business owner, their business partner and the accountant to access the software. While most accounting software providers allow you to invite multiple users, it is worth double-checking before you commit to a particular provider. Keep in mind that some services will require you to sign up to a higher pricing plan for multiuser access.

Support For Multiple Businesses

If you are an entrepreneur who owns more than one business, it’s worth looking out for accounting software that allows you to support multiple business accounts under one subscription. Some providers will charge you a premium for each additional business you set up on their software, while others allow this functionality at no extra cost.

Remote Access Capabilities

The vast majority of the leading accounting software providers are cloud-based applications. With this setup, you can access your accounts remotely form any location in the world. In the modern business landscape, this is hugely beneficial, as you can continue to check in on your business, even if you are on holiday or away on a business trip. What’s more, if there is an issue with your accounts that requires your immediate attention, your accounts team can also access the software from their device at any time, day or night.

Tax Reporting

Many accounting software packages integrate directly with the ATO’s single touch payroll system, making life easy for you and your accounts team when reporting time comes. Having the ability to easily met your financial reporting requirements through your accounting software package is something you should definitely look out for. Having this functionality will ensure that your reporting is completed, correctly and on time, so that you don’t incur any penalties.

Choose The Right Accounting Software For Your Business

With so many options to choose from, it can be difficult to decide which accounting software is the right fit for your business. The number of features on offer, along with all of the available add-ons and customisations can be overwhelming and narrowing down what you need might seem impossible. To ensure you make the right choice, be sure to consider the specific requirements of your business and look for an accounting software package that can deliver what you need at an affordable price. With the right accounting software, you will be in more control of your business finances to move your company closer to your business goals.