Monday, 3 July 2017

How to choose an accounting software to meet your needs?

Over the last few years or so, the scope of accounting has changed completely with the introduction of accounting software systems. These software programs can address all the needs of a CPA or chartered accountant firm and enhance its efficiency in more ways than one. Due to this reason, every accounting company focused on boosting their prospects in a highly competitive market invests in an accounting software that can help them to address the needs of their clients while at the same time improve the working efficiency of their employees.

The wide range of benefits that are offered by accounting software programs make them indispensable for today’s accounting companies. However, in order to achieve success with an accounting software, it is very important that the company clearly assesses its needs before investing in a software system. The market is now filled with a wide range of accounting software programs and unless one knows what he or she wants, it can be very confusing for a person to choose the best software program for the CPA firm. Here are some of the things that a company should consider before investing in an accounting software system.

Every good accounting software system should have the following features:

·         Create invoices and other accounting paperwork

·         Track expenses and arrange them according to specific categories

·         Allow the users to completely customize the user interface and its functions

·         Carry out bank reconciliation by efficiently importing bank transactions

·         Manage inventory, wastage and inward-outward movement of stocks

·         Record inventory purchases and create the purchase orders (PO)

·         Manage detailed lists of vendors and customers

·         Record the Journal Voucher entries

·         Manage and create taxes

·         View Profit & Loss statements, Balance Sheet and the Trial Balance reports

·         View all account payables and receivables

·         Add more team members

·         Provide scope for managing employees as well as processing payrolls

·         Offer technical support for multicurrency transactions

·         Access complete control for all the team members    

·         Categorize the transactions according to their projects

Importance of Budget
When you are out in the market looking for an accounting software, it is important that you have a clear budget in mind. This will not only prevent you from overspending but also allow you to never lose sight of your company needs. It is important that you do some market research before you come up with a budget figure. While it is not important that you spend a fortune in order to get a good accounting software, keeping the budget too small will only prevent you from choosing a good software for your firm.

Talk with various software dealers and ask them to take you through the features of various accounting software programs. This will help you to understand which program is perfect for your specific needs. You can also ask for a trial or a demo as that can help you to make a better decision. Always shortlist some of the best accounting software programs and then finally take your pick from them.