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How to Select the Best Accounting Software?

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Selecting the best accounting software is a crucial decision. Here's a comprehensive guide to select an ideal accounting software for small businesses. – PowerPoint PPT presentation

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Date added: 12 August 2020
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Title: How to Select the Best Accounting Software?


1
How to Select the Best Accounting Software?
  • https//www.imprezz.in/ Imprezz

2
Tracking transactions is vital for any business
to succeed in the near future. Enterprises
require the best accounting software to record
income and expenses precisely. Todays advanced
invoicing software also enables business owners
to file GST compliance in just a few
clicks. Accounting software for small
businesses enables you to accomplish the daily
accounting tasks. It effectively records
payments, invoice customers, track expenses,
reconcile transactions, and much more.
3
GST invoice software provides insights and
invoicing solutions that stimulate your business
performance from multiple dimensions. You can
better focus on other growth aspects of your
business by automating your bookkeeping tasks.
But selecting the best billing software for your
business can be challenging. There are various
options for accounting software available in the
market today. Each one of them offers different
features and pricing plans. To avoid any sort of
confusion, you need to filter all the
criteria. In this article, we have coupled a
list of key considerations that might help you
invest in Indias best accounting software.
4
Important Factors of the Best Accounting Software
5
1. Online Accounting or Offline Accounting
  • As a business owner, you must first decide
    whether your business requires online accounting
    software or an essential desktop-based, offline
    software. It entirely depends on your business
    requirements.
  • Few businesses prefer online/cloud accounting
    software for effective automation. They offer
    several competitive advantages over traditional
    offline accounting software. In contrast,
    companies that mostly operate without
    connectivity can opt an offline software such as
    POS (Point of Sale).

6
Why Does Your Business Require a Cloud-Based
Accounting Software?
  • Small businesses in India struggle with the
    cut-throat competition out there. Business owners
    must be able to focus on other managerial tasks.
    A cloud-based accounting software saves
    installations charges, time, and costs. You can
    sign in and directly get started with entering
    your transactions.
  • Online accounting software is always updated. You
    can access all your financial data from any
    device connected to the internet, work from
    anywhere, and restrict access according to your
    preferences. Businesses can save costs with cloud
    backup and maintenance features.
  • For synchronized access and integration, one must
    select a cloud-based accounting software. It
    simplifies your business workflow with effective
    automation. The comparative advantages of cloud
    accounting can help you stand out among your
    competitors.

7
When Does a Business Require Offline Accounting
Software?
  • For businesses like retail stores, desktop-based
    software works well. Their business requirement
    is limited to invoicing over the counter. They do
    not require connectivity at their business
    location.
  • If your business category is different from that
    of a retail store, go for cloud-based accounting
    software. Secure your business data control your
    finances at your fingertips with online
    accounting software.

8
2. Data Security
  • Your finances determine the sustainability of
    your business. Thus, ensuring data security plays
    a vital role in managing your finances. If you
    are selecting online accounting software, you
    must consider having a precise checklist.
  • Most online software manages accounting data over
    their websites. You should consider asking your
    service provider about the security measures they
    take to ensure your business data security.
  • You can review the security certificate of the
    server your accounting application hosts. Make
    sure that the data transferred from your device
    is encrypted. Encryption ensures that your
    financial data is not hacked or viewed by an
    unauthorized person or entity.

9
3. Features
  • Features are one of the main factors you must
    consider while choosing the best online invoicing
    software for your small business. Heres a quick
    checklist of essential features that an
    accounting package must include.
  • Tailored invoicing options
  • Categorized expense tracking
  • Inventory management, stock movements
    (inward/outward) and wastage management
  • Options to import bank transactions to perform
    bank reconciliation

10
  • Customizable purchase order (PO) creation and
    options to record inventory purchases.
  • GST billing options or create and manage taxes
    effectively
  • Journal Voucher recording
  • Automated management of customers and vendors
    list
  • Keep track of accounts payable and receivables.
  • Effective balance sheet maintenance
  • Generation of profit loss statements and trial
    balance reports
  • Tailored access to employees

11
What Additional Features Should You Look for in
the Best accounting software?
  • Features that support multi-currency transactions
  • Employee management and payroll processing
  • Categorize transaction as per the projects
  • Control the access of each team member
  • Now, make a detailed list of essential features
    according to your business requirements. Review
    all the features before making your final
    decision.

12
4. User Interface Complexity
  • You need not be an accountant to handle your
    business accounting. In case you have an
    accountant to manage all your accounting tasks,
    you should know how to log in and use it. It
    should be user-friendly for employees or
    accountants to learn the software in no time. It
    will rid you of training costs.
  • You needed not to subscribe for features that
    your business does not require. If your
    accounting software is simply stuffed with all
    the features, it can be hard for your employee to
    use it. Thus, choose software that comes with a
    simple user interface. It will help you and your
    employees to focus on crucial accounting tasks.

13
5. Exit Options
  • Your accounting software must have a feature that
    provides data export facilities. You must be able
    to export ledger and other transactions under
    unfavorable circumstances. However, it is always
    ideal to check if your accounting software offers
    backup options at regular intervals.

14
6. Scalability
  • Do not restrict your accounting needs. It is most
    specific for any small business in India to
    expand with time. When you buy software with
    limited features as per your current
    requirements, it might fail to cope up during
    expansion.
  • Rid from migrating from one software to another
    and all the painful data transfer processes.
    Select an invoicing software that can scale the
    needs of your growing business. Go for software
    that has a progressive version concerning the
    size and type of companies.

15
7. Hidden Costs
  • Most accounting software offers lower costs to
    attract customers. Once you buy the software, you
    will have to deal with hidden costs. For
    instance, some software might charge you extra
    for upgrades, maintenance, or additional support.
  • Check before you buy any software. Visit the
    official website and check the pricing page. If
    the software offers any additional services, you
    will know in prior.

16
8. Post-Sale Support
  • Post-sale support is one of the key features that
    cannot be ignored while purchasing accounting
    software. No matter how great the user-interface
    of the software is, you require premium support
    at crucial points. Select a software company that
    you can reach out to when you are stuck.
  • Most accounting software offers a cheaper price
    because they do not provide any support. Avoid
    any such products and rid them of throwing all
    your investment in vain.
  • Try calling the support number or reach out to
    messaging on the company portal. Simply check how
    well the company responds to your quarries. You
    will know their support infrastructure instantly.

17
9. Tax Preparations
  • Ease your business workflow by hiring an
    accounting software that automates tax
    calculation, tax reporting, multiple tax rates,
    and features like filing GST compliances. It
    should have the necessary features that allow
    access to all your financial data under a single
    system. An ideal tax ready invoicing software
    will help you file GST returns as per the latest
    tax rules specified by the government.

18
10. Automation
  • Automation is a vital aspect of hiring accounting
    software. It helps accomplish all your
    bookkeeping tasks effectively in no time. You can
    automate your recurring transactions, send a
    payment reminder email, auto-charge customers,
    etc.
  • Ideal accounting software helps capture data from
    receipts, and effortlessly convert them into
    transactions. Work on the core business functions
    while you can automate most of your accounting
    tasks. Rid of the tedious accounting processes
    and manual interventions. Choose an ideal
    accounting software for your start-up.

19
11. Integration
  • The integration enables you to work flexibly. Any
    changes you make are automatically updated,
    eliminating repeated entries.  For instance, when
    you link your customers information via CRM
    software, the same will be reflected on your
    application, so all your employees are on the
    same page.
  • Thus, the accounting software you choose for your
    small business in India must be integrated with a
    third-party server, CRMs, project management
    tools, or inventory management system.

20
12. Payment Gateways
  • The last but most important feature that an ideal
    accounting software must include is the payment
    gateways. It enables your customer to pay
    instantly by securely integrating payment
    gateways. It provides multiple payment options
    like credit cards, debit cards, online bank
    transfers, and other convenient options.
  • Once the payment has been processed, the software
    automatically updates the invoice status in the
    system. There are various payment gateways
    available in the market today. Check for a
    feasible option for your business and ensure that
    your software connects to a preferred payment
    gateway.

21
Imprezz.in Best Accounting Software
  • Imprezz, the GST accounting software, is an ideal
    choice for small businesses in India. It includes
    all the necessary features mentioned above. You
    can avail customized subscription packages rather
    than wasting your money unnecessarily on useless
    features.
  • The cloud-based invoicing software supports
    integration and advanced payment options. Our
    customer support is available round the clock to
    ensure your happiness. We provide customizable
    features concerning your industry or business
    size and type. Subscribe to Imprezz and ease your
    accounting task management.

22
Steps to Select the Best Accounting Software
23
1. Discuss with Your Accountant or Employee Who
Would Use the Application Your accountant or
employee knowns your accounting needs better. It
is ideal to talk to them to understand better
which accounting software is suitable for your
business needs. Discuss and make a checklist that
will determine the best choice. 2. Pricing and
Budget Knowing your budget will automatically
streamline your options. Most bookkeeping
software comes with different prices and
packages. Look for an overall plan that fits your
budget.
24
3. Shortlist Your Options Google is our next
mother. It should be the first point where you
start your research for the best GST accounting
software checkout software comparison sites and
testimonials. Create a shortlist of software
programs that you like the most. 4. Request a
Demo You can request for a demo on the software
providers website. Ask questions concerning your
niche while you take a demo. Precisely watch the
application walkthrough videos if there are any
available on the site.
25
5. Start a Free Trial Do not purchase software
before taking a free trial. It will give you a
clear idea about the software and its
functionalities. Enter some dummy financial data
to check the accuracy of the financial reports.
If the software meets all your requirements, you
can go ahead and purchase it.
26
Mistakes to Avoid While Purchasing the Best
Accounting Software
  • Dont buy cheap accounting software
  • Dont buy an on-premise accounting software
  • Dont ignore the database
  • Dont forget to include HRs
  • Dont Neglect the point of sale (POS)

27
Conclusion
  • Selecting an ideal accounting software for your
    business can be overwhelming. Once you invest in
    accounting software, migrating can hurt your
    business. Instead, spend your time looking for
    the best option out there.
  • Are you searching for the best billing software
    in the market? Imprezz.in is a one-stop
    accounting solution for all your accounting
    needs.
  • Do you want to cross-check the capabilities of
    the software? Start a 14 days free trial software
    program on Imprezz. Log in and start your
    accounting right away!

28
Contact US
Email - info_at_imprezz.in
  • Sign up Today
  • https//www.imprezz.in/
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