Choosing the Right Software

Posted on August 25th, 2022 in Outsourced Business Services

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One of the most important things in any business is making sure you have enough money to pay your bills; this is why it is imperative to choose the correct software for your bookkeeping. Take your time choosing the right software because it can be costly having to repeat this process. You need a system that will track all your day-to-day transactions, such as invoicing, recording payments, tracking expenses, HST, payroll, and reconciling transactions. The more accurate the information is, the better the reports will be and the more insight you will have into your business performance.

Choosing the best accounting software for your individual business is challenging. Each program includes a different set of features. Depending on those features and the number of users, will determine the price point. Some of the questions you have to ask is:

Would you like your program to be cloud based so you can access it from anywhere on multiple devices?
What kind of features are you looking for?
What kind of reporting are you looking for?
Do you need to track inventory, payroll, HST?
Do you invoice and pay bills out of the system?
How many users will be using the system?
What is the price point you would like to stay within?

Creating a list of needs and wants will help you determine which software is best for you. Reach out to other business owners and ask them what they use and what they like and dislike about the system. Check to see if the system has a free version; see if it can do all the things you want it to do. Talk to your accountant or bookkeeper, they will have suggestions as well. Don’t be afraid to ask the questions.

Once you have made the decision on the software, make sure that the setup is correct. An incorrectly set-up system can be just as costly as choosing the incorrect system.