Okay so what we’re going to do in this article is look at pros and cons of accounting software. And, instead of just seeing the pros first, then the cons, we’re going to mix it up a bit and alternate instead. The idea here’s to help you get that more rounded and informed perspective you’re after to see if it’s a good investment. Hint: it so is! Enjoy.
When you’re just winging it without a structured set of tools that help you manage your money, the odds of wasting resources are incredibly high. It’s all about efficiency and utilizing what you have to its highest potential.
Right, so depending on the software you choose, you may or may not find it challenging to get used to. Some accounting software is very simple, catering to those without much savvy or desire to learn. Others are very comprehensive and cover just about every aspect all in one secure cloud-based area.
Once you get the hang of the software, or whenever it’s being implemented, you’ll find lots of extra time on your plate thanks to its ability to crunch numbers, present all sorts of data-sets with a click, etc. Two easy examples are budgeting and forecasting.
You find this in every industry. While popular providers like FreshBooks or Xero have ZERO hidden fees and charges, other providers out there that are smaller or now as well known may have some iffy fine print. This is where Googling around for reviews and testimonials comes in handy.
Wow, accounting software really kicks the automation level of your biz of a few notches. Once you streamline your business bank accounts and debit/credit cards, it’s smooth sailing from that point. All it takes is curating the specific sets of data you want to focus on.
Over time software tends to grow and evolve. Expect that with most providers there may be occasional downtime, updates, hot fixes, etc.
Sorry all you flesh and blood accountants that have no other choice but to charge good rates. As the years tick by accounting software is taking more and more of your jobs away from you. But, to be frank, that’s happening everywhere so join the club.
While shopping around be absolutely sure you know what you need. If you don’t know exactly what you need, find out first before investing or bombarding yourself with new software. This way you can pick the right service packages. It’s just as troublesome to get a monster platform when all you needed was payroll and basic accounting. On the other hand, it sucks to have needs pop up your current software doesn’t cover. Remember to think ahead too!
This is demonstrated across the board: when a company integrates great accounting software that syncs well with their platform they see a pretty decent uptick in productivity. The reasons should be obvious: automation, less waste, more resources, etc.
Another big reason to do your homework and check up on what people/users are saying is to see what their customer service is like. Some are far better than others. Some have devoted a ton more resources to this part while others haven’t.
Whether you’re a business owner or freelancer, invoicing is essential because it’s how you get paid. Sometimes, manually doing this can be tiresome and slow. If you want customizable/brandable invoices which you can send in a click, using an accounting software would be appropriate.
Something you hear a lot from users is that when they process or send or interact with huge files things can slow down. Sometimes it’s going to be the providers fault, for sure, but let’s at least consider the computers/mobile devices these people may be using.
Employee management gets a ton easier with accounting software, at least when it comes to finances and compensation.
Technically, and this is no difference with banking but…if you work with online or cloud-based accounting software then technically your data could be compromised. It happens to even the largest most secure companies, or at least that’s what they tell us. Paper can be just as vulnerable.
So let’s say you like what you’re reading and are convinced that accounting software is the right direction for your brand. Here are our top three suggestions to check out as they are currently the leaders in the space.
FreshBooks is comprehensive and modern accounting software used by over 5 million entrepreneurs and considered one of the best with unique features such as a payment history, a download tool, daily dashboard, a mobile application and so much more. Very user-friendly as well.
Xero is amazing and also widely used by legions of business owners and individual contractors. Definitely caters to small to mid-sized businesses. Has a number of notable features, some of them include inventory management, bank integration, built-in time sheets and tons of other useful resources.
QuickBooks Online is the most popular and experienced accounting software with over 15 years of solid experience. Used by business owners, organizations, freelancers and biz professionals. Has practical features which include share & collaboration, multiple-user interface, free accounting plan upgrade and automated financial reports.