How to choose Accounting Software packages for your business?

Accounting software packages is a basic requirement for any business for the simple reason of tax filing and auditing. In India, maintenance of accounts is mandatory for the business owner”™s good as well as for government purpose. As a business owner you will have only little time to handle accounts. So do your accounting part you need an accountant and software which can help you get accounting reports, tax reports and other financial reports. So it is important for you to choose the right accounting software. In order to help you we have listed out the basic things that you should consider before buying accounting software.

Fit your Business:

First and foremost thing which you have to consider is whether the chosen accounting software fits your business or not. You will have to ensure whether the features in the accounting software covers all the accounting aspects required for your business. If it is there then you can tick of the first point.

Request a Demo:

Lot of people makes the mistake of selecting by the brand name. Going by brand name will not always hold good especially when you are choosing accounting software. Never make your purchasing decision before looking at the demo of the accounting software. So it is always better you request for a demo of the accounting software. If you are satisfied with the demo then go to the next step.

User Friendliness:

Next what you have to look is whether you and your accountant can use the use the software without difficulty. Of course, you need some kind of training on the software. Check whether the software company will provide training. If you feel that you and your accountant can easily learn and use the software then you can proceed with the other factors.

Integration of Business Operations:

Another crucial factor that you need to look into is whether the accounting software can be integrated with various operations like sales, purchase, inventory, pay roll and so on. If the chosen accounting software can pull and coordinate all data into one, then you can give big thumbs up to the software.

Upgrade Facility:

Accounting software with an auto upgrade or a minimum charge upgrade facility is the need of the hour. In India, changes in tax rates and other changes will have an impact in the accounting software you use. Another aspect will be the technology changes. If the chosen accounting software has the above mentioned things it is indeed good software.

Cloud is the best:

When the whole world is embracing Cloud accounting software, in India we are still very much obsessed with desktop accounting software. Even though we have adapted new technologies like smart phone, tablets we are still way behind when it comes to accounting software. Of course bigger companies have already joined the cloud community. It is the small and medium businesses who are still behind desktop software. Cloud accounting software will save your time and money in a bigger way. So it is important for you to go for a cloud accounting software which has all the above mentioned points.

Bhavana Nagendra

I am a Chartered Accountant with 5 years of experience in both Consulting (KPMG) and Industry (Tapzo).

I am currently assisting various Organizations in understanding the impact of GST on their businesses to help them with a smooth transition.

Key areas of experience include:
– GST
– Developing SOPs and Process Implementation
– Identifying and Implementing Internal Controls as required by the ICFR Framework
– Training and Development of staff in various Finance/ Audit functions
– Statutory Audits