How do I know which Software is right for my company?

Selecting the “right” software for your company might seem like an overwhelming task due to the sheer number of options currently available.

As experts in accounting needs – and the related accounting software available today – we’d like to help make this process easier for you.

Here are the questions you should be asking as you are assessing your software needs.

1. What is your budget?

There are options out there for nearly any budget. Before you dive too far into the world of accounting software options, you should create a monthly or annual budget for yourself so you understand what you can invest in this important tool. Specific questions to answer related to your budget are:

• Will you need multiple people to have access to the software, or do you only need one person to use it?
• Are you looking for cloud-based tools? (If so, these are typically going to be subscription-based as opposed to purchasing a software use license.)
• What features are most important to you? Some tools charge additional fees based on “extra” features.
• And don’t forget to ask about a free trial! Many software providers will offer this, or at least a free in-depth demo of what their product offers.

2. What is the skillset of the person/team who will be responsible for using the software?

Depending on the capabilities of the person or people using the software, you’ll want to check on ease-of-use, if there is any training offered by the software provider or the company through which you purchase it, and what – if any - ongoing customer support is available.

• Do you have a CPA on staff who is well versed in GAAP compliance and all your accounting needs?
• Do you have a team of accountants who are skilled in utilizing complex cloud-based software tools?
• Or are you still cobbling together important data and reports on various excel sheets?
• You should also inquire about whether you are able to control what your team can access and edit within the software. Some of your team should have full Admin rights to everything, while others might only need to access one or two modules of the tool.
• We also suggest that you consider designating one person on your team as the go-to software person. This will help everything run more efficiently.

3. How complex is your business and your accounting needs?

Every business operates differently and has different accounting needs. There are software tools designed for specific industries and the businesses within those industries.

When reviewing your accounting needs, you should be asking some of these questions, and then create a list of your priorities. What are “must-haves” versus “nice-to-haves”?

• What kind of features and tools do you need in your software?
• Do you want to create and track invoices, pay vendors, and process credit cards? Are you looking for robust reports and the ability to integrate with banks?
• Do you operate multiple divisions that need to be supported by one, cohesive tool?
• Also, it’s important to understand how these different software platforms can integrate with whatever other platforms you are currently using.

There are options out there for every industry, business, and budget. Before you get started, it’s important to understand exactly what you can afford, who on your team will be working with the software, and what your specific needs and goals of the software are.

At Plumb, we have a narrow focus on a few key industries, an extensive knowledge of the software solutions we offer, and a commitment to serving our clients. We can help take your business to the next level. We are here to help guide you through the outsourced accounting and accounting software process, and to answer any questions you may have. Please let us know if you’d like to schedule time for a free consultation. We’d love to help.