Finding a perfect accounting software for the business is a challenging task. Once you invest your time and money into one accounting solution, it would be very difficult to migrate to another after some time. So, its advisable to spend more time before the purchase to prevent problems at a later stage.
First know features which must be part of a good accounting package.
- Create invoices and customize the look and feel
- Track expenses according to categories
- Manage inventory, inward-outward stock movements and wastage
- Perform bank reconciliation by importing bank transactions
- Create purchase orders (PO) and record inventory purchases
- Create and manage taxes
- Record Journal Voucher entries
- Manage list of customers & vendors
- View account payables & receivables
- View Balance Sheet, Profit & Loss statement and Trial Balance reports
- Add additional team members
Some additional suggested features :
- Support for multi-currency transactions
- Option to manage employees and process payroll
- Categorize transactions according to projects
- Access control for every team member
Now I would like to provide some tips to select A Perfect Accounting Software.
- Purchase a software which has a simple user interface and is not bloated with unnecessary features. Clean interface makes it easy to focus on the important tasks and can reduce the learning curve.
- Go for the software that offers an entry level version as well as a feature rich version which you might not need now but will definitely need in future.
- Software should be able to export/import ledger or other transactions at least in the form of excel file.
- Check if there are any hidden costs associated with the software you are planning to buy.
- Also inquire about Post-sale Support from the vendor.
- If you will opt to go for an online accounting package then data security is the most important aspect to check.If your accounting software provider is hosting the application on their own servers, ask them about the security measures they are taking to safeguard your data.Check if these services are using HTTPS connection. HTTPS protocol ensures that the data transferred from your computer to software company’s servers is encrypted and can not be viewed by hackers.