If you’re running a small business, one of the most important things you need to do is find the right accounting software. Accounting isn’t exactly one of the most interesting parts of running a small business, but it is one of the most important. Here’s what you need to know so you can make the most out of your small business accounting software.
1. Decide What You Need in an Accounting Software
Before you even start looking for an accounting software, you first need to make sure you know what you’re going to need. There are a few important elements that just about every accounting software needs. Look for these elements in your accounting software as you’re looking for the best option for your small business:
- Balance Sheets
- Cash Flow Management
- Creating and Sending Invoices
- Expense Management
- Free Trials
- Inventory Management
- Payroll Taxes
- Sales Tax Management
- Time Tracking
Not every small business is going to need every one of these elements. Depending on your business, you may need different options that overlap with these, or even options that aren’t on this list. However, knowing what you need in your accounting software will help you choose the right software.
2. Understand Specific Accounting Software Needs
There are some specific needs that you might need to think about when you’re checking out different accounting software options. For example, some businesses with physical stock may need to manage inventory, while businesses that only provide services may not need that element. When you’re considering your accounting software, you need to make sure you’re thinking about your specific needs.
3. Learn More About Popular Accounting Software
Popular accounting software is popular for a reason. Even though not everything that’s popular is also high-quality, there are plenty of high-quality accounting software options that are also very popular. Here are some of the most popular accounting software options you might want to look into:
- FreshBooks | Capterra Reviews: 4.5 Stars out of 5
- QuickBooks Online | Capterra Reviews: 4.5 Stars out of 5
- Sage 50cloud | Capterra Reviews: 3.7 Stars out of 5
- Zoho Books | Capterra Reviews: 4.4 Stars out of 5
As you can see, different accounting software options may have different ratings and different uses. However, just because a software is rated more highly than other software options doesn’t mean it’s inherently better for your specific business. You need to make sure you’re looking at what the accounting software actually does, not just making a judgement based on how many stars out of five the software has gotten.
Conclusion
Finding the right accounting software for your business is a journey. It’s important that you make sure you’re using an accounting software that works well for your specific small business needs, no matter what those needs are. Look into any accounting software that you’re interested in to make sure it meets your needs. That way, you’ll get a great experience, seamlessly pairing your accounting needs with your business’s functions.