Recognizing that professional accounting and bookkeeping software is an essential component and a great first step to growing your business. Today, many small business owners can take advantage of the numerous accounting and bookkeeping software on the market to track their revenue, forecast cash flow, track employee time, and manage inventory. The problem becomes, how do you select the right one for your business? At Barta Business Group, an accounting and bookkeeping firm in Denver, Colorado, we have compiled a list of the 5 things to remember when selecting accounting and bookkeeping software.
Keep These 5 Things in Mind When Selecting Accounting and Bookkeeping Software
1. Identify Your Needs – How many spreadsheet reports do you use to get the financial information you need to manage your business? How much manual keying of data does your staff perform and what functions could automation replace? Do you need a tool that allows you to track inventory, or are you looking for a solution to tracking revenue and sales tax? Make a list of your needs and prioritize them. By doing this you can start to eliminate some various accounting and bookkeeping software from your search.
2. Be Honest About Your Budget – Once you have created a list of your needs, be realistic about your budget and what kind of ROE (Return On Efficiency) this software will produce. Another budgetary consideration is don’t pay for accounting services that are designed for global teams when you only conduct business in the United States. Understand what is within the scope of your business. Weigh the benefits against the cost of the software.
3. Select a Program That Meets Your Biggest Priorities – Most software programs will not solve 100% of your needs, so remember to prioritize your biggest needs and don’t settle for a program that doesn’t address those needs. The software should be intuitive and easy to use, as well as integrate with other software (CRM, Payroll, or add-on applications, etc.) which may enhance the software’s effectiveness.
4. Ask The Right Questions – If you have a chance to sit on a demo of a product, make sure to ask a lot of questions during the sales process. Here are some helpful questions to ask:
- Is my data backed up regularly or stored in the cloud?
- What is the estimated onboarding time to get staff trained on the software?
- What other costs or fees should I expect as I grow?
- How quickly does customer support respond and in what format (email, on-line chat, phone, etc.)?
- What other customers (in the same industry) use your platform and may I contact them?
5. Pick a Platform That Can Grow With You: Most small businesses need to re-evaluate their software capabilities every five years. Does your software choice have the compatibility to grow as your business grows in the next five years? In addition to being realistic about your budget, be realistic about your company’s growth in five-year increments and which software will fit with those plans.
About Barta Business Group
Most businesses are great at their craft, but not great at all the financial back of the house. At Barta Business Group, a small business bookkeeping and accounting firm in Denver, CO, our team of bookkeeping, accounting, and finance professions guide business owners in making better decisions so they can focus on doing what they love in their business. Learn more about us by scheduling a consultation with us today.