To pick the best accounting software for your business, you need decide how and where you want to use it and if anyone else will be using the system. Below are some aspects to consider:
Most accounting programs let you invite other users to the system and manage the data they can see and the tasks they can access. For example, you may want to offer your business partner and accountant full access, while only letting your employees use the system to track their time and invoice customers. Some systems let you invite several users at no additional cost; others give free accountant access but request you to register to a higher pricing plan or pay extra if you want to add other users to the system.
If you have more than one business, you need accounting software that helps numerous small businesses by one account at no additional cost.
Cloud-Based Software and Mobile Access
Because most of the best accounting systems are cloud-based, you can connect your account anytime, anywhere from any computer with internet access, supporting you run your business remotely, whether you’re home or on vacation.
A lot of also offer mobile apps to help you observe important information and accomplish core tasks on the go. Some give separate apps for employees that have limited functions such as tracking time and submitting expense receipts.
Mobile app capabilities change, so if this is a significant feature for you, you’ll want to make sure it has the functionality you want. You’ll also want to make sure it operates on your preferred platform, as some are paired only with iOS and others can be used with smartwatches in addition to phones and tablets.
Basic Accounting Features
Most small businesses can carry out with accounting software that gives basic functions such as invoicing (both by email and snail mail), income and expense tracking, financial report generation, and customer management. However, you’ll also want the software to track your inventory, manage vendors and assist you with purchase ordering if your business sells more than just a few products. If your business gives services, you want a program that helps it simple to track time and invoice billable hours.