Three basic rules apply to every business; have a plan, commit, and do the math. There’s a few more things to consider but running a business – a successful business – largely depends on the figures. If you’re not making money, you’re not running a business, and no-one gets into business to be broke.
You don’t need to worry if you’re not a math champion either. There are plenty of accounting apps and software solutions for all sizes of businesses.
Finding the right accounting solution for your specific business and the way you operate – will mean efficient business too, and when you’re using the right program, you’ll have more time to focus on generating business and moving the mountains you need to.
Here are a few things to consider when you’re looking for the best accounting solution for your business…
Cost
For start-ups, freelancers, solopreneurs and small businesses, every invoice counts. The incoming and outgoing have to balance, and that means tight budgets and stringent spending, so it’s important to find an accounting solution that you can afford with the bare essential functions that you need now.
When the budget permits and your business grows, ramp up your accounting program. Most accounting programs have varying levels of monthly membership to suit every stage of business and all kinds of uses.
Bank feeds
Most accounting apps and software solutions integrate with your bank feeds, which means every single expense on your business card is tracked and categorised so you can spend less time balancing the books and searching for lost receipts.
If the software you’re considering doesn’t have a bank-feed integration function, steer clear – it’ll end up costing you more time and money in the long run.
Ease of use
Some of us are technical wizards, and some of us prefer old school methods, and neither is right or wrong. Choosing the right accounting software is a personal choice, and they all operate differently.
If you prefer to work on the go, find an app that you can use from your phone, or if you prefer to sit down on a Monday and cross off those lists, make sure you find an accounting program with a desktop function. Every dashboard is different too, and some are more advanced than others. The key is finding one that you find quick and easy to use because your time is best spent elsewhere.
Integration
There are hundreds of business apps and integration tools, possibly thousands, but the only thing you need to be aware of – is if your accounting software integrates with what you need. Some integrate with Salesforce, some integrate with ServiceM8, some don’t integrate with any other apps at all, and this capability may also affect what you pay for it.
What’s important, is to make sure the software you choose, can do what you need it to do, and every solution will list what it can and can’t do, or what other programs it can and can’t integrate with, under the list of benefits.
Now that you’re aware of what to consider when you’re searching for the best accounting software for your small business, it’s time to take the plunge into the numbers pool.
The water gets warmer the more you swim in it, don’t worry. Australia’s top accounting programs are MYOB, XERO and QuickBooks, all of which have different functions, features and fees. Consider the pro’s and con’s first, and what works best for own business, and relish in the math.
