3 Ways To Find Out Which Online Accounting Software Will Best Suit Your Business

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A long time ago, keeping “the books” for a business was literally a paper-based process, involving a ledger, lots of columns, and a pencil to record a business’ essential financial data. 

But in this digital age, even the smallest business can benefit from a wide variety of online accounting softwares in the market.

An online accounting software not only helps you reduce human errors in your calculations, but also to keep your accounting insights updated in paperless form – such as determining overstocks, forecasting sales numbers for different time periods, and pointing out your least profitable service, etc.

But amidst the plenty of online accounting softwares available, it’s tough to find out the one which will best suit your business. As now-a-days, having many features is a common thing, but consistent user-friendly quality experience is still rare. 

Not really! This article will solve this dilemma of yours forever. 

Here we have filtered out 3 best ways to find out which online accounting software will best suit your business.

1. Select The Type Of Working Platform – Offline Or Online

You should figure out first whether your business needs an online cloud accounting software or an offline accounting software.

Why such a choice?

Well, opting for a cloud-based software by the businesses offers a lot of benefits over traditional offline accounting softwares. However, few businesses like retail stores need speed and are rarely connected to the internet. For such cases, an  offline POS (Point Of Sale) system is the best choice.

Pros of Cloud Accounting Software:

  • No pain and time-consuming installations 
  • Online software is always up to date
  • Anywhere access possible from any internet-enabled device at any point in time
  • Maintenance and backup is taken care of which saves your big costs
  • Synchronization of data across all of your offices 
  • Easy integration with other cloud-based applications

To keep your financial data on your tips, it’s a smart choice to opt for an online accounting software. 

2. Look For Data Security Score

Once you consider purchasing an online accounting software, securing data should be your first priority.

Follow this checklist:

  • You should ask your software’s company about their application data security program. Usually, the websites of these softwares provide security measures information. Learn more at https://dext.com/uk
  • Also, you should point out if your software choice is using an HTTPS connection.  It ensures an encrypted data transfer from your system to the accounting software’s portal with protection from hackers’ sights. It’s very simple to check –
  • Search the software website in Google and notice if there is https:// in the URL. Normally, it is highlighted in green. 
  • Also, it would be more prudent if you click on it to verify the security certificate. 

3. Compare The General Features

Before this you should make a list of necessary features that you need in your online accounting software. Make sure you have following features in your accounting package: 

  • Customized interface and creating quality invoices 
  • Track your expenses as per its categories
  • Manage inward-outward stock movements, inventory and wastage 
  • Importing bank transactions for reconciliation
  • Recording inventory purchases and framing purchase orders
  • Managing taxes compliant with updated tax system
  • Managing customers and vendors list
  • View account payables & receivables
  • View trial Balance reports, balance sheets, profit & loss statements
  • Audit Trail Tracking

Additional features to look for:

  • Support for multi-currency transactions
  • Employee management and payroll processing option 
  • Categorize transactions according to projects

Conclusion

There are ‘n’ number of ways to search for an online accounting software that fits your business. But, you should first understand your business needs, consider scaling, and discuss with your accountants and employees before making a choice.

Let us know what issues you are facing for selecting your online accounting software? To get more information, check this out: https://dext.com/uk