Published on October 19th, 2016 | by Guest0
Tips To Find The Right Accounting Solution For Your Business
Not so long ago, before the time of modern technology assisted accounting practices, proper bookkeeping usually included practices of simple documentation of all business operations in a paper ledger. With the advent of accounting software and cloud accounting solutions, businesses of all sizes and sorts now track their financial footprint, revenue, and to forecast sales and manage inventory, all at the same time, using accounting software like QuickBooks from Intuit and other such accounting software.
Such accounting software not only help to significantly diminish possible human errors from the many data intensive accounting processes, but also enables CPAs to manage and monitor their services, with quick and easy access to vital accounting data, with only a few keystrokes and mouse clicks. These software have simplifies accounting practices to such an extent that CPAs can now not only just act as financial overseers but also as financial advisers, helping their clients to grow their businesses the right way.
It is quite apparent that accounting software and skilled CPAs are absolutely necessary for the growth of a business and business owners are also aware of this. But in today’s digital and technology centric world, there are numerous accounting software and finding the right technology assisted accounting solution has become somewhat of a hassle. But fret not! Here are a few tips which will help you to find the best technology assisted accounting solution to help serve your business.
Contemplate on your business needs and requirements
The first thing to remember when you’re out to find the best accounting solution for your business is to first understand your business operations first. Gauge where your business falls on the financial spectrum, as a company which is at the low end of the spectrum has very different accounting needs from enterprises which are at the other end of the financial spectrum. There are specialized accounting software products and solutions like CCH iFirm which cater to small and medium sized business as well as large corporations.
Also take into account the industry of your business as you might also need to consider specialized accounting software to best compliment your niche industry. Like for example, there are customized accounting applications and solutions for business which fall under the manufacturing, retailing, restaurant, and other such commercial organizations to help them better manage and monitor their financials and accounts.
Getting all of your accounting needs and requirements is paramount to find the best technology assisted accounting solution that fits your business and its operations just right. Your choice of accounting software will have a direct impact on how well your accounts and financials are managed. Accounting software helps you to make your bookkeeping practices simpler and more dynamic, but also keep in mind that a certain level of financial literacy is also required to properly utilize and implement technology assisted accounting solutions.
Set a budget limit
There are technology assisted accounting solutions out there which suit every kind of budget. Generalized accounting solutions which cater to a wider user base can also be downloaded and used for free or can be purchased for a very minimal cost. But more business which require specialized or customized accounting solutions, a slight increase in cost is to be expected and justifies, as the market for such specialized accounting solutions is relatively very small. If your business dictates that you need to have a customized and specialized accounting solution, then expect to pay a premium.
Consider Cloud based solutions
Cloud computing and Cloud based accounting solutions like hosted QuickBooks and other such applications have become hugely popular in the accounting sector and can help your business take the leap into the future of modern business practices. The best reason, or reasons to consider Cloud accounting solutions is because of its numerous benefits. They offer anywhere and anytime access to accounting data, from any part of the world with an internet connection, though any internet-enabled device.
Apart from that, it also eliminates the need to purchase software licenses and IT infrastructure expenditures needed to run said software. All software and hardware issues are handled by the service providers which again eliminates the need to hire a full-fledged IT team. Moreover, all of your confidential business data is kept in high security data farms, with a plethora of top-notch security measures and redundant copies to ensure greater data security.
If your business operations depends on quick decisions then you’d definitely derive great benefits from Cloud hosted accounting solutions. It allows such business quick access vital operational and financial information which is updated in real time to mirror the actual business status and helps business owners and stakeholders make quick informed business decisions.
Be on the lookout for useful addons
There are numerous addons out there which are compatible with accounting software and helps bring greater utility to existing accounting software. There are a plethora of addons which brings lots of other functionalities to accounting software, like remote software access, online payment acceptance, integration with e-commerce platform, and add ons which bring accounting software compatibility with taxation management software, and many more.
Consult with your accountant
Nobody understands accounting like an accountant, and your accountant knows more nuances of your business process and operations better than anyone else. Consult with your accountant before you make the final move and take into account their insights, preferences and requirements as well. This will allow your accounting department and out technology assisted accounting solution to work in tandem and deliver better and quicker results and avoid any crippling issues.
Business owners and stakeholders are today realizing the many benefits that accounting software and technology assisted accounting solutions bring to the table. The decision to however shift to such accounting strategy should only be undertaken if it delivers better business operations than using traditional accounting practices and always with the help of skilled CPAs. Do remember that you are not tied down to only one service provider, if your needs and requirements are not met or you are not getting the desired benefits and results you can always opt for another technology assisted accounting service provider in the future.
About the author:
Akash Deb is a Content Editor/Writer, currently employed by Real Time Cloud Services, an industry leading QuickBooks Cloud and Application Hosting service provider. He has a strange affinity to technology, music, and all things creative. He is currently taking life as a journey for knowledge and excellence and patiently waiting for an opportunity to make it big one day with his very own advertising startup. But until then, he is happy doing what he does best and that is writing about tech.