How to choose your accounting software?

 

It is difficult to make the right choice when you are mindful of other things. But, while it may take some effort at first, the benefits of reduced workload will be felt in the long run.

 Businesses are born from an idea and a passion and that's what should keep you going. Getting the right accounting software isn't just about the numbers. This can help you support your mission and goals. The right software will support your business as it grows and prepare you for whatever the future holds.

 Before purchasing a product, ask the software vendor the following questions:

 1. Will the accounting software change with my business?

 Everyone wants their business to grow. In doing so, and as a manager, you will need to hone and develop your knowledge, and learn more about business management. However, good accounting software will grow with you, with additional software packages from the same software vendor sometimes coming into play as your business develops new requirements, such as processing payroll or payments.

 2. How easy is it to share key data with business stakeholders?

 In a modern, forward-thinking business, financial data is shared with those who need it, and instantly. In particular, a sales team can have access to a dashboard giving an overview of the company's finances which allows it to progress. This type of culture fosters success and growth, and at the heart of this culture is the right accounting software.

 The ability to create custom dashboards or reports is a necessity, as is the ability to easily share them with key stakeholders.

 3. Will my software be up to the technology of tomorrow?

 Along with the use of artificial intelligence, the other incredibly promising technology for the future is block chain. It is still too early for accounting software to process crypto currency (most software only focuses on legal prices), but it is not incongruous to ask whether the accounting software vendor is monitoring or not the same technological horizon as you, or even, what is its position on future technologies like block chain.

 Ask the vendor if they have a phased approach to existing technologies, such as mobile technologies and the cloud.

  4. Does the software help me stay in compliance?

 The business world is difficult, especially if you are just starting out as a business manager, as legal requirements seem to come from all directions. Above all, it is about being able to manage taxes, because a company that cannot pay its taxes is almost bankrupt. Another common area of ​​compliance is payroll and pensions, where the rules can be complex, but software can quickly simplify the workload. There is also the need to keep your data safe so as not to violate data protection laws.

 Good Customized ERP Software's in Dubai will help you comply with the laws by providing you with features that will help you stay in compliance.

 5. Which reports and dashboards stand out?

 Just like in your car, the accounting software dashboard aims to give you the key information you need at a glance. The best accounting software includes at least one dashboard and it can revolutionize the life of the business.

 Rather than having to run a report every time you want to see the data in context, you can just glance at a dashboard and see real-time, up-to-date information. Viewing data this way allows you to become responsive and keep up with trends and developments, or just put an end to potential issues before they even emerge. However, essential accounting information is not the only one that appears on a dashboard.

Read also: 5 keys to correctly choosing an ERP software

 The ability to set up custom dashboards (or bespoke reports) can provide new insights and reveal relationships between data that were previously impossible to see.