Choosing accounting software can be a very confusing exercise. It is important that you choose your accounting software based upon your needs as this will ensure that your needs will be met and you will be comfortable with using the software. Choosing an accounting software package is all about simplifying your accounting process. Choosing the wrong one will only complicate matters.
There are well over 100 different accounting and management software packages available in Australia, and choosing the right one for your business can be difficult. Check out what accounting software is on the market by looking at websites, in stores and anywhere else you can find the information. Ask friends or family if they know of a good software program. At this point you are trying to gather information about features available and names of certain software programs. With this in mind here are some key points that you should consider when sourcing an accounting software package:
- Is the software produced by a reputable company- will the company be around in a year’s time? Do they offer support, training and service? What is the cost and are they available after hours? Do they offer regular upgrades to coincide with tax changes etc.
- Is the software appropriate to your needs? Make a list of all the things you need your accounting software package to do e.g. if you run a retail operation you may require stock control and payroll facilities. Decide exactly what you want the product to do for you. Also check that the software offers extra modules that you can add on as your business grows, for example a payroll system for when you start hiring extra employees.
- Is the software tax compliant? Your accounting software package should have reporting facilities that will easily provide you with all the information you need to prepare your monthly or quarterly Business Activity Statement. The new tax system has also made significant changes to payroll records and has introduced the Pay As You Go system. Check with your accountant to make sure you cover all the necessary tax codes.
Once you have identified the best products for your needs find the best reseller in your area for the products you are considering and arrange for them to demonstrate their products to you.
Remember to ask the accounting software company about support & training, installation process, their track record and a list of 3 to 5 references that you can call to check up on their work. Most companies will allow you to download a demo so you can try the accounting software yourself. This will allow you to figure out the ease of use and if you like the general layout of the program.
After you have tested the software on your list you should easily be able to narrow down your choice to one accounting software program that meets your needs.