It would be impossible not to give in to cloud accounting because of the many amazing benefits and advantages it has to offer to the majority of organizations.
These include automation, financial reporting, real time reporting, managing access, collaboration, accuracy, use of minimal hardware, remote work, dependable support and back-up, security and scalability.
Knowing the benefits of cloud accounting is one thing.
Looking into the areas to consider when choosing that one business accounting software most suitable for your business, is another.
While the cloud accounting ecosystem allows for automated bookkeeping, recording cash collections and bank reconciliation, one should also need to take into account one key factor — bank compatibility.
Most often, the benefits get the limelight and yet the key areas are often disregarded.
There are plenty of business accounting software packages that are especially made for small and large businesses.
A the onset, all these seem to have the same functions.
Now that you know the benefits, how do you decide which business accounting software will be the best one for your business?
Here is a tip: Do not easily be swayed by a bandwagon or perhaps just jump straight in and choose the business accounting software you come across first.
Here are some key factors of cloud accounting that you may want to consider:
This is one important factor that should be considered based on what your company needs.
What exactly do you need?
Is it just the basic function of holding the books together or would you rather want it more focused on what the industry really needs?
a. General functionality – List down the core functions you will need in a general sense which is what almost everybody needs.
b. Specific functionality – There are businesses with very specific requirements.
You might be an eCommerce company that needs a business accounting software to integrate well with an eCommerce software.
You may be transacting with other currencies due to the nature of business you have.
If you do you will need a multi-currency functionality which is one of the main factors to consider.
If you have both assets and liabilities in different currencies, you should need to do currency revaluations.
Make sure that the business accounting software you opt for has multi currency features.
Bank reconciliations, automated bookkeeping, and cash collections are a breeze and can save you a lot of time if the business accounting software you choose will allow integration with your bank.
To be able to successfully do this, your business accounting software will need to be compatible with the software of your bank.
Desktop or cloud based?
Would you want to stick it out with your desktop forever and be left behind?
Or would you rather be one of the prime movers of business shifting to cloud based accounting software.
Not only does the cloud provide easy access to your bookkeeping system wherever you are but it also gives other people access to your accounts as well, such as your accountant, the board treasurer or anyone you wish to share it with.
Of course, you have to have an internet connection to be able to access your accounting data.
If your internet connection is unreliable you may need to upgrade your service.
Most business accounting software is easy to use.
Some may be better than the others and offer a unique feature but may need more accounting features than others.
Business accounting software should be of great use to your business and will make your life easier, not more difficult .
So better try out a free trial of the software and try to read more on customer reviews before you finally make a purchase.
Your business will grow if you have reliable business accounting software.
Growth in business will eventually lead to an upward trend in transaction volume leading to overall growth.
The higher the volume the more flexibility is needed in functions and processes.
So, it is a smart thing to check what upgrades you will need to be able to cope with the expansion of your business for stability and scalability.
Backup and customer support
One of the key factors to consider in choosing the best business accounting software for your business is Customer Support.
All you will need is training and familiarization when you use the new cloud accounting.
User- Security Options
As the business grows you will need to consider user – security.
You will have to clearly define what each and every user can access and have a certain level of rights to use your business accounting software.
Look for a cloud accounting software that provides this important factor.
Cloud-based accounting software is affordable.
It usually offers modest monthly license fees and comes with free trials.
The price that you pay will depend on factors such as functionality, storage, and the number of users.
Consider what you will require in the future as well as what you need right now in choosing the business accounting software.
With this said you should not rush in purchasing the business accounting software available in the market.
Use this guide in pointing out the key factors to consider such as functionality, multi-currency usability, scalability and so on .
The Cloud Accounting Software for your business is here carrying all the key factors for sustainability and growth.
EasyFIS is an online business accounting software that improves your staff productivity by automating tedious tasks, among others.
You’ll save time and money and grow in leaps and bounds. Enjoy a free 30-day trial through https://human-incubator.com/easy-fis/.