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What to look for when comparing online accounting software

In the past, most businesses had to choose between Sage and QuickBooks if they wanted a piece of accounting software. But these days, a plethora of cloud-based solutions are available, which cost a lot less to purchase yet still provide the same sort of features and functionality.

But which ones are the best and how do you go about choosing a solution for your own requirements? Here’s a quick guide on what to look for when comparing online accounting software.

Automation

In order to save time and remove inaccuracies caused by human error, it is highly advantageous to pick an accounting software solution featuring automation. Along with taking care of time-consuming administrative duties such as recording expenses and creating invoices, automation can also handle extremely complex tasks too.

Analysis

Even though the main priority of most accounting software programs will be collecting and collating financial information, they also have the capability of analysing all of this data too. You can see which areas of the business are performing well or badly as well as making sure government and industry regulations have been conformed with.

Integration

Revenue and profitability is what a business relies upon to survive. Therefore, when it comes to processing your accounts, this should be easily incorporated with other administrative and operational systems. Look for software that allows you to bring together basic processes and deliver valuable insights across the whole organisation.

Scalability

While you can’t predict what the future has in store, countless businesses will be targeting future growth in the years to come. These same organisations will therefore need a piece of accounting software that can keep pace with their plans for expansion. The very best packages will be able to accommodate an increasing number of users, data, and transactions.

Customisation

Every business is different and there are no guarantees that an out-of-the-box software program will meet your needs. So, try to find a solution that features easy customisation of statements, forms, reports, and other accounting essesentials.

Security

The prospect of losing data to a cyber criminal or having financial information tampered with doesn’t bear thinking about, as it could have a catastrophic knock-on effect to the business’s long-term success. For this reason, ensure that your accounting software of choice has several built-in security features, which can include automatic updates to address vulnerabilities, anti-malware technology and network firewalls.