Guidelines in Choosing the Right Accounting Software for your Small Business

18 Nov

Getting an accounting software has been proven to be profitable for business owners as the software efficiently manages the finances of the business while increasing its profitability at the same time. Other than that, accounting software packages also aids in creating reports, tracking the money that was paid and owed, allows the owner to see his purchase histories, and helps in identifying the growth opportunities and financial trends in the Singapore market.

If you’re among the business owners who are still planning to get their own accounting software package, here are some tips that you could use in choosing the right software for your business.

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1. Look for the software that is related to the industry your business is in.

Some accounting packages are designed to work specifically on industries like manufacturing, construction, retail business, and wholesale distributors. Generic software, on the other hand, is an affordable accounting software, which also makes the accounting tasks of your business a lot easier.

If you have a small clothing boutique as your business, for instance, then a retail-specific accounting software would be your best choice to help you in managing your inventories. This software has features like the integrated point-of-sale (POS) system and is specifically designed to track an item’s colour, size, and type. If you’re in the construction industry, then you should pick a software that is programmed to do performance evaluation and equipment tracking.

2. Decide on the features that should be included in your software.

Before deciding as to which software you’ll purchase, do consider the features that your accounting software should be able to perform. List the tasks or features that you’d want to be performed by your software based on the needs and structure of your business. You might want to consider features like those from million.sg accounts software firm from Singapore that will help you keep track of your cash flow, or a full program that will perform every task.

Some of the most basic features of an accounting software includes budget tools, sales tracking, estimates, payroll services, tax reporting, inventory management and contact management features like Outlook.

3. Start out with a low-cost or free solution.

Utilizing a free software before purchasing one will help you figure out as to what kind of software you should have for your business. For instance, if you have no employees and you’re the sole proprietor of your business, and only have a handful of customers, then a free accounting software like Wave is the best software option for you. The Wave software has all the features that a small Singapore business needs – sending invoices to customers, allowing them to pay using their credit card or by any other means, tracking the payments, and customizing invoices.

Accounting Records on Ring Binder. Blured, Toned Image.

4. Consider the costs involved in purchasing an accounting software.

The price of an accounting software could range from $10 to $150 per month, and around $350 annually. If you have several employees and a high amount of inventory, then a more complex software like Sage Accounting Solutions will be the best choice for your business needs. This software helps in tracking inventories, planning purchases, managing the cash flow, and even includes multiple pricing levels. Just make sure though, that you know all the costs involved in purchasing a more complex software like support maintenance, and some periodic upgrade fees.

5. Make sure that your chosen software could grow together with your business.

Flexibility is one of the key factors that owners should consider when purchasing an accounting software. You might have a small business now, but as you start to expand it, your software should also be able to accommodate your increased inventory, new employees and customers.

Find out if the software that you want has modules that can be added later or if it comes with some regular upgrades. Also, figure out whether the software you’re planning to buy is cloud-based, desktop-based, or hard-drive based. A cloud-based software is one of the popular choices among Singapore businesses, since the information stored in it is accessible both for the owner and customer, and can be accessed by simply using mobile devices.
When it comes to managing business finances, accounting software’s can really make a lot of difference. But do consider various options first or try out a free software package before you consider purchasing one.

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