Accounting Software Buyers Guide
Last updated: October 03, 2023
How to Pick the Right Accounting B2B Software
For businesses to compete effectively in this digital era, they have to take advantage of the latest online software tools at their disposal. Either that or they risk losing valuable business to their competitors.
While most emphasis is put on marketing products and attracting your target audience, let’s not forget the accounting aspect. Utilizing effective accounting software is equally important if a business expects to operate efficiently.
If you’re in the market for accounting software then you’ve come to the right place. Accounting B2B software isn’t one-size-fits-all. You need to pick the right software with features that support your unique business operations. We’ll look at a few aspects to consider below as well as some examples.
What is Accounting Software?
The goal of any accounting software is to help you monitor and manage your business finances. This is because accounting software allows you to perform the following functions:
- Track the money you receive from your customers
- Calculate the money you owe various stakeholders
- Determine exactly how much is owed to you as a business
Why Invest in Accounting B2B Software?
Forget the hassle of using manual accounting tools. Online accounting software is associated with the following advantages:
- Streamlining your accounting operations
- Identifying any loopholes in the system which can give rise to theft
- Elimination of errors associated with entering data manually
- Minimizing the risk of duplication of data entries also common with entering figures manually
- Increased efficiency since completing tasks will be much quicker compared to performing the same job manually.
Factors to Consider Before Investing in Accounting Software
Note that these systems are available in different price ranges. You want to pick software that you can afford and won’t plunge your business into unnecessary debt. But make sure that regardless of price, the accounting software has all the features your business needs to operate effectively.
You don’t have to necessarily purchase the most expensive accounting software on the market. Note that there are some vendors that offer expensive software but with fewer features. In the end, you’re forced to either upgrade to a higher version or switch service providers.
There are many affordable brands that’ll help you achieve the same result and enjoy the benefits listed above.
Is it Secure?
Remember when dealing with accounting software, you’re dealing with your company’s finances. The last thing you need is software that’ll compromise your finances. Since this platform will be accessible to foreign parties, you also want software that’ll keep your data secure.
Opt for accounting software that has firewalls that are designed to keep your data on finances safe.
It’s always wise to invest in user-friendly software. Opt for software that’ll make it easy for users to navigate. Accounting software which has simple and intuitive menus is always ideal.
Granted, certain software will need your employees to undergo training regarding the use of the system. But after training, the users must be in a position to navigate the system with minimal hassles.
Also, opt for software that requires minimal referrals to supervisors to complete certain tasks. This will inevitably slow down the whole procedure which decreases efficiency and productivity.
It is Easy to Customize?
Strongly related to user-friendliness is the ability to customize the accounting software. You want a system that’ll allow you to customize certain features to suit the services your business offers. This means opting for software that has:
- Minimal system restrictions
- Systems that aren’t cluttered making it difficult to understand
- Software that allows you to remove—or add—certain columns you need
- Software that allows you to remove specific information which you find irrelevant regarding your business
Minimal System Downtime
Most manufacturers of accounting software systems usually claim that their software has 100% system uptime. But the truth is that it’s not uncommon for any system to experience the following issues:
- Slow response rate
- Technical glitches which may be caused by power cuts
- Poor speed access
While we’re not denying that the above-mentioned problems can occur, you need to consider the severity or frequency in which they happen. Ideally, the system you pick must offer as much system uptime as possible.
As mentioned earlier, different accounting software has different features. But you want a system that’s designed to save you time as a business. Your accounting software must have at least some or most of the following features if you expect efficiency:
- Automated bank feeds
- Online invoicing
- Automatic payment reminders
- Bank reconciliation features
Avoid Outdated Software
It’s important that you avoid using outdated accounting software for your business because it poses the following challenges:
- Inaccuracy issues
- System slowdowns
- Frequent system errors
- Data corruption
Rather opt for current software that will minimize the occurrence of any of the above-mentioned problems.
Another aspect worth considering is if the software is compatible with your business programs. Accounting software which isn’t compatible may result in the following:
- Customers failing to insert dates into certain programs because the system simply doesn’t allow it
- Employees failing to retrieve information
Round the Clock Technical Support
In the event that a technical problem does occur, it’s important that help is immediately available to users.
Unfortunately, some service providers don’t offer 24/7 technical support. This means if an issue occurs after hours, you have to wait until the following day to get some technical assistance. Opt for accounting software that has readily available technical support whom you can contact any time.
Whichever accounting system you decide on, make sure that the service provider has a comprehensive customer relationship management policy in place. This means availing their services to you in the form of training or guidance regarding using the software. The service providers must also readily attend to any queries you might have regarding the operation of the software.
We’ve given you the pointers. Now go ahead; pick a software that’ll ensure your business success.