How to Choose the Best Accounting Software for your Business?

You need the best accounting software for your business, either you are looking for cloud accounting software or on-premises accounting software.

Gone are the days, where accounting software was confined to a few monopoly players in the Industry.

With modern business practices, the demand and migration to advance web-based accounting software have been an ever-growing trend.

With the term Modern or Advance Accounting Software.

We simply mean accounting software that does not just help with the bookkeeping services.

But also be a useful resource for business analytics and planning.

And there are no second thoughts on the value addition this accounting software can make to your business.

But most businesses need help to choose the right accounting software.

 

How to Choose the Best Accounting Software for your business?

For Indian Business choosing the right or best Indian accounting software is vitally important.

Most people ask around in their peer groups, friends, etc. while selecting the right accounting software.

Others ask their Chartered Accountants since they are the ones who would be most in the know and therefore can guide you.

But in all this, you must understand your own needs while choosing the best accounting software for you.

Every accounting software shall have its pros and cons and therefore to that extent no accounting software can simply be termed as good or bad!

Each software shall have certain unique features that will make you want to select the software for specific industries.

And there would then, of course, be the regular standard features that make you select your best accounting software.

So how do you know what is best for your business?

Well, it’s easy – you need to ask a few simple questions.

Therefore before you choose the best accounting software for your business.

We have prepared a quick checklist of questions to ask such as

 

a) What Are My Business Accounting Software Needs?

In the first place access what your business needs.

Think and figure out the accounting tasks essential to your business.

Like, do you have simple needs for sending invoices, managing expenses, etc. or you want more complex solutions like inventory control, payroll management?

Only when you know what your business needs are you can define the core competencies of your accounting software.

But above all, define the area you want to grow your business in.

The right accounting solution should be able to manage both your current and future business needs.

 

b) Is the Accounting Software Easy to Use?

Complex software has lower adoption rates as compared to best accounting software usage

Always, opt for accounting software that you and your team can easily use but has strict security.

Picking up complicated accounting software would require additional efforts in workshops and training.

But how do know the software is easy to use?

Ask for a Free Trial.

Make your team members try the software on a pilot basis and take reviews before making the final purchase.

Because remember an over-complicated software even with advanced solutions will always be unutilized.

RealBooks has an Explorer version that allows all its clients to explore RealBooks for Free.

Sign up for a free trial version today with the click of few buttons

 

c) Is Accounting Software Secure?

Security is one of the major concerns while choosing accounting software.

Accounting data being the core of any business needs to be secure from any physical or natural occurring damage.

Over the years, Accounting Data has always been saved on hard disks and servers.

But now with the emergence of Cloud Storage.

All the major players in the Accounting Software Industry have started to adopt the cloud to build their solutions.

Cloud-based software is not easy to use but also can help in simplifying your day-to-day activities.

Cloud is not only secure but also free from any physical or natural damage. Where hard disk and servers need to be backed up regularly, Cloud gives you automatic backups saving time and effort.

 

d) Will the Software Grow with My Business?

There’s nothing worse than subscribing to a service only to find that it doesn’t support your growth.

While today you might be content to send invoices to clients, track your expenses, and get paid online, you might look for more sophisticated features as your business grows.

The best accounting software features a highly integrated set of configurations out of the box.

So when it comes to scaling your business can easily grow with it.

Therefore, yes think about your immediate needs.

But also consider what happens when you start working with teams or need to build financial reports.

Always find software that allows you to upgrade when your business grows.

With RealBooks having 3 Subscription Plans you can always upgrade to the best.

 

Online Accounting Software vs Offline Accounting Software

I think the pandemic and the lockdown has sealed that debate emphatically in favor of being online.

When the entire world is becoming digital, collaborative, and paperless, why would anyone want to not be online?

Online Accounting is the only way forward and the sooner you adopt the better it is.

It is significantly more cost-effective and offers far greater control and transparency.

At RealBooks, we increased a spurt in demand throughout the lockdown and I feel this migration will continue to happen.

Offline software that had dominated this sector for so long will gradually be replaced by cloud-based accounting, web-based accounting and online accounting.

 

Features of best accounting software RealBooks

Another important factor is to understand the different features that you want in your accounting software.

Realbooks provides some of the best accounting software features for your business on the cloud.

So, while your Friend or your Chartered Accountant might guide you to use specific software.

It is important that you outline your needs and assess the different accounting software available in the market.

RealBooks Accounting software is not just required for preparing and filing tax returns and compliance.

It is a powerful tool that is essentially a storehouse of all financial data

And online accounting software such as RealBooks also does not need a powerful BI tool to give you key insights into your business.

Because data can be sliced and diced in multiple ways even via simple accounting reports.

 

a) Budget for your Accounting Software

Current accounting software normally charges on a per-user basis or a per-company basis, or some enterprise-level software might even charge on a per company per user basis.

Depending on the requirements you have, and the budget you should select the right software.

I always prefer per-user software since the manpower needs are generally known.

Company-wise – people might open multiple companies/entities due to different business verticals or for tax purposes, and even have multiple personal files that need to be maintained.

Paying for each entity can be expensive, hence I feel a per user basis is more justified.

Also, the budget does not only mean the cost of the software.

It also consists of the manpower required to maintain the software.

Therefore, there is always a cost of capturing and maintaining data that needs to be factored in.

 

b) The Realistic Side

Sometimes management feels that they can afford software such as SAP and ORACLE.

But the cost of manpower, infrastructure, and hardware costs also needs to be factored in because the skill set of people required is much higher than the average accounting software.

Therefore the overall cost is significantly more than the cost of just the license fees.

Always keep in mind that investment in accounting software should be always thought of in the long-term.

Think about the budgets you can allocate for your accounting solutions for at least 5 years and compare your different accounting software in terms of pricing to choose the best.

Where RealBooks will always have the best plan for you – you can always update to Professional, Business, and Enterprise Edition depending upon your budget and needs.

Go for a free trial and once your trial exhausts you not only need to shift to a plan that will fulfill your business needs but also fits into your budget.

And RealBooks is undoubtedly the best fit not only for small to medium enterprises but even for large enterprises as well who don’t want to complicate them with an ERP.

 

c) Multiple Locations and Consolidation

One key feature to check in the online accounting software you choose is the ability of the software to handle multiple branches, permissions, access levels, and consolidation.

As you expand you need to ensure that the software can keep pace with your requirement and you do not need to keep migrating to other online accounting software (budget withstanding).

For eg. RealBooks as a software handles companies all the way from having a topline of a few lakhs to 2,000 crores plus without much difficulty.

Concurrent users handled are upwards of 200 and therefore as software, we feel confident in handling companies of all sizes. Being on Amazon Web Services has really made RealBooks scalable

 

d) Data Security

Data security and confidentiality is another factor to consider while selecting the best accounting software.

Being offline, your data resides on a computer, can easily get a copy and pass it on.

Online accounting software on the other hand is password-protected, can be download protected, IP restricted, and you can give very restricted access to each user.

Additionally, while selecting the right online accounting software.

Check the security protocols each software uses, the servers they are hosted on, the disaster recovery management programs they have in place, etc.

This will help in ensuring your data is never compromised at any point in time.

 

e) Post Sales Support

This is another critical area – like you don’t keep changing your doctors very often, you do not want to keep switching your accounting software – hence along with the features, the post-sales support is equally important.

Make sure that the post-sales support is not just a ticketing system, but you are actually in a position to speak to a help desk where prompt support is available.

Best accounting software does not only mean best by features but able to get prompt access to support and services.

Additionally, check for help videos available on the website or YouTube.

This will make using the software much easier.

 

f) No Hidden Costs

Some software, while seeming economical upfront, has lots of hidden costs – and hence every upgrade costs.

Each time a new feature is added, for you to get access to the feature – you have to pay additionally.

This is not a good feeling.

To avoid this, we at RealBooks ensure that there is only a version of the software running and you are always on the latest version.

So you never have to face any hidden costs or unwanted surprises at any time.

Hope this article has been helpful to aid you in selecting the right accounting software.

 

Conclusion

Choosing the right or best accounting software in India doesn’t have to be a difficult task.

Because you don’t have to be overwhelmed with the choices available.

You just need to ask (and answer) the right questions.

Do that and you’ll narrow down your queries and find the right accounting software for your business.

Finding the best accounting software is only a step away, a solution that is a perfect fit for small businesses.

A solution that offers the features your business needs to scale your business.

Hence, if you’re looking for a robust accounting solution online accounting software such as RealBooks could be the best fit for your business.

To help you select the best accounting software for your organization, we can provide you with an absolutely unbiased opinion.

Feel free to write to us at anurag@realbooks.in

 

Leave a Reply

Your email address will not be published. Required fields are marked *