Every business is unique and has different accounting needs of its software. There is no single accounting software that is the best or every industry or business. It’s not worth the time or the reading to compile a list of all industries and the best software for each, because each business will have different unique aspects. I want to outline a few things to consider in selecting accounting software.
What does the software calculate
Does the accounting software perform all of the calculations you’d like it to perform? For example, there are a number of payroll calculations that are commonly desired but not included in all software packages such as PAYE, long service leave, PTO, etc.? Knowing what the system calculates helps determine if it will fulfill your specific needs.
What type and amount of records does the software track
Another important thing to research is the type of records the system tracks. Will it show you the actions performed on orders, employee financial records, work progress and/or any other daily business record you want to be able to review? Additionally, just how many customer and transaction records can the system handle before it becomes sluggish? Some systems max out for the small business around 30,000 customer records, which may not be sufficient for your business. Knowing these components will help determine if the system will be able to handle the type and amount of records with which your company deals.
Which transactions & systems does the software support
The ability of software to support your other software vendors and the various transactions in which your business engages is an often-overlooked item. Good software should be able to handle multiple back accounts and be able to manage foreign currency transactions. It should also able to manage online transactions and keep detailed records on customer purchases and activities. Finally, it should be able to “talk” to your customer management system, or sales system, website, and supplier system.