Best practices for choosing an Online Accounting Software with GST

Best practices for choosing an Online Accounting Software with GST

Go through our step by step guide on how to choose the best Online Accounting Software that comes with inbuilt GST calculation. Get a FREE Demo now. But before that let us see what are the best practices that needs to be followed.

To buy or install an Online Accounting Software first and foremost find out why you need an accounting software for your business before choosing a software.
Using an Online Accounting Software gives your business a proper grip on success as it runs your business systematically and tracks everything so you have total control over your business. Online Accounting Software saves time and expenses and if your company is growing in a faster pace you will need an accounting software for more efficiency and better results. Hand written accounts and spreadsheets makes it complicated to save each and every record so leave behind the old way and choose a faster mode of success using an accounting software.

Here are some of the best practices for choosing an accounting software that you can consider before finalizing your choice:

1. Online Accounting Software or an offline software

Decide whether you want an online or an offline accounting software. There are various accounting software but you need to consider choosing wisely as the online and offline software differs a lot from each other. The offline accounting software has some drawbacks and some of them are; data intrusion risk, data loss risk, limited number of users, accessible only from a system etc. While Online Accounting Software has many advantages and the drawbacks of the offline software are the strength of the online software.

2. Online accounting software:

a.) Has a backup so you are at no risk to data loss b. Is accessible from anywhere and any internet enabled device c. Can be used by as many users as possible d. Synchronizes all the data in your business e. Can integrate with other cloud based applications . Security of your accounts is are a must as it contains all the details and records of your company. Check with the company on the security and make sure that they have high level and non breachable security to keep accounts.

3. User friendly 

While choosing an Online Accounting Software make sure that it is user friendly so you can utilize it to the maximum. Check if it actually benefits your business and make sure that it customize with your business so you don’t have to make extreme changes to adjust with the software.

4. Features

Compare the features of the software that you have shortlisted to find out which has more features and what provides more necessary features for your type of business.
Some of the features that you need to look out in an accounting software is the ability to:
>Create and manage taxes
>Create customized invoices
>Track expenses
>Track employees
>Manage inventory and track purchases
>Perform bank reconciliation
>Manage clients and customers
>Analyze profit and loss
>Create purchase orders
>Track all the bills

5. Software for long run

Although you need to look for an Online Accounting Software that suits your business make sure that it is for long run. Which means that it should not be a software that is only suitable for your business for the moment, it is a common mistake that the business owners make while purchasing a software. The Online Accounting Software might meet all the needs of the business when it is a start up or is a small business but might be incapable of coping with your business as it grows. Therefore you need to make sure that you make the right choice by selecting a software that can be used in entry level and for future levels when your business starts expanding. So you won’t have to undergo an unpleasant experience of changing your entire system again and again by getting a new software for each level.

6. Export facility

Make sure that your Online Accounting Software has export facility so when you are planning to exit due to any reason for example if your software has got lot of bugs. A software should make it possible to export all the data, at least in excel sheets.

7. Hidden price

Check for hidden prices that the company might charge you after you purchase the software. There could be extra charges for add ons and some extra features. Therefore go through the pricing thoroughly and the packages provided by the software company. So you don’t have to face any extra fees that comes after you have purchased it like maintenance fee,etc. Which the business dealers remain unaware during the time of purchase.

8. Support team

Having a support team is always safe as you can contact the team regarding any problems with the software or regarding any doubts. Look for a company that has a proper support team to guide you along the way with their software so can learn about every detail. Which in return will help you utilize it better and make it easier for you to work using the particular software.

9.Take a demo

Even after you have cleared all the doubts with the company directly, take trial or a demo to find out how it functions and if you are actually comfortable with the software. After purchasing the software you might face certain problems that you might have been unaware of therefore to take a trial is a safe way to choose the software.

Reach accounting software is an online accounting software, it customizes with any type of business and is suitable for both large and small business. Reach accountant gives bank level security to your accounts and is also accessible from anywhere as it is a cloud based software.
It manages your business keeping in account of every detail and tracks all the expenses, budget, inventory etc in your company. You can get all the updates in real time thus you are updated with your business daily so there are no frauds possible hence you can take full charge over your company using a single software.
Some of the features of Reach accounting software are:
a.) Project management
b.) Invoicing
c.) Expense management
d.) Accounting
e.) Inventory management
f.) Bulk messaging
g.) Lead management
h.) Mobile app

For queries and more information click here. For 15 days free trial of Reach accounting software click on >> Demo

Sumathi

I’m a tax expert with over 10 years of professional experience. I’ve gained practical insights on GST and other Taxes during my tenture as a Tax expert and GST Trainer in Reach Accountant.