Choosing Xero accounting software for your business can be difficult, thanks to the huge number of software suites available for small-to-medium-sized enterprises (SMEs). You need a software suite that’s affordable and has all of the features you need – but is still easy to use and intuitive.
Wondering how to choose the right accounting software for your small business? Read on, and we’ll discuss a few of the steps you should take when choosing accounting software.
How to Save Time and Money with Hubdoc? read out
1. Build Your Accounting Knowledge
First and foremost, it may be important to build up your accounts knowledge so that you understand what you’re looking at when choosing accounting software. This is particularly important for entrepreneurs and small business owners who may not be working with professional accountants yet.
There are a lot of different ways to learn more about the fundamentals of accounting, such as online webinars and courses, blogs, books, podcasts, audiobooks, and more. If you feel at all uncomfortable with common accounting terms, we highly recommend this as your first step.
2. Undertake An Accounting Analysis To Understand Your Needs
You can’t take a road trip without a map. Similarly, you can’t choose the right accounting software if you don’t understand the unique needs of your business. Every organisation is different and has different needs when it comes to accounting software – that’s one of the reasons why there are so many different software packages available!
So first, make sure you conduct a needs analysis. What do you need your software to do? How long will you use it? What specific tasks must it perform? How much can you pay for it? Will you choose a cloud software or one that’s hosted on your organization’s servers?
You should work with other stakeholders in your company to conduct this needs analysis. By the end, you’ll have a much more developed understanding of what you should be looking for when choosing accounts software.
3. Talk To Your Accountants & Other Team Members
Whether you have an in-house accountant or an outside consultant, you should discuss the switch with them – this ensures that you can choose accounting software that works well with their existing programs, workflow, and data. They may even be able to recommend a software suite that’s perfect for your business.
You should also talk to other team members like your IT team and other professionals who may be involved in implementing and managing accounting software. Their advice and input can be invaluable when choosing accounts software.
4. Reach Out To Colleagues Or Software Consultants
If you’re a member of a professional organization, or you have colleagues and friends in a similar line of business, it may be worthwhile to reach out to them to learn more about the solutions they’re using. Professional software consultants may also be a good resource, as they specialise in helping small business owners invest in the right software for their own unique needs.
5. Make A List Of The Features You Need And The Features You Want
Prior to getting demos and exploring your software options in detail, it’s a good idea to make a list of your “must-have” and “nice-to-have” features.
It’s unlikely that a particular piece of accounting software will have every single one of the features you want, so splitting them up in this way helps you prioritize the features and tools that are the most important for your particular line of work.
6. Get Demos, Explore Software Options, And Make Your Choice
Once you’ve made a list of potential accounting software, discussed your options with your team and other experts, and devised a list of the features and tools you need, it’s time to explore your top options.
Most accounting software providers provide either self-guided demos or expert demos of product features and will answer any questions you have about their services or products. So get in touch with the relevant companies, schedule demos, ask questions, and use this information to make choosing the right accounting software for your business.
Choose The Right Accounting Software – Prepare Your Business For Future Growth!
“Measure twice, cut once,” as the old saying goes – and this is applicable to choosing accounting software, too. It’s important to take the time to choose the right product – and to choose accounting software that’s affordable, feature-rich, and easy to use, and that will serve your business well for the years and decades to come. Thanks for reading, and keep this advice in mind when choosing business Xero accounting software at your organisation.