Selecting the right bookkeeping software for your small business is essential. This is true whether you manage your bookkeeping in-house or outsource this function; your bookkeeping software should provide you with easy access to critical financial management information. Among other things, this information needs to allow you to closely monitor cash flow and thusmake better financial management decisions.
But choosing the best accounting software for your business is challenging. Each program includes a different set of features, and most offer multiple pricing plans to choose from, which also vary by feature, number of users or other factors.
Not having a good bookkeeping system in place – that would provide warning signs that the business could run out of cash – is one of the main reasons businesses fail.
You can choose to set up a bookkeeping system manually (using accounting books), electronically (spreadsheets) or use accounting software. Unless you want to get familiar with bookkeeping practices, accounting software is the most efficient choice.
Here are some of the benefits of investing in accounting/bookkeeping software:
- Save time—No need to do manual data entry on a spreadsheet to save time and avoid errors.
- Cut costs—Spend less money on accounting tasks, reduce labor costs, and improve your ROI of your business.
- Get insight into your finances on the go—Get a detailed snapshot of your financial landscape to make better business decisions.
- Secure your financial information—Use cloud-based accounting software and reduce the risk of data loss.
What Questions to ask when choosing accounting & bookkeeping software
Here’s a list of questions you can ask when you contact software company select the right accounting software for your business:
- Is your accounting software a good fit for my industry?
- Do you offer customized solutions to fit my business’s needs?
- How many employees and clients can your software accommodate?
- How can your software help me comply with ATO tax laws and financial regulations?
- How is my data backed up? Can access be restored immediately after an outage?
- What security measures do you have in place to keep both my business’s and my customers’ data secure?
- Does your software handle foreign currency?
- What is the total cost? Are there any setup or cloud storage fees?
- What types of tech support and customer service do you provide? (For instance, does the provider offer your preferred form of contact, such as phone or live chat?)
Some commonly used accounting and bookkeeping systems used by small businesses in Australia are:
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