Good client accounting software is essential for business growth and improvement. The right software will allow you to automate complex tasks, save time, reduce accounting errors and allow you to invest more time and resources towards business development.
In a saturated market, it can be difficult to choose the best client accounting software for your business, and even more difficult to change from one software to another. However, ensuring that your client accounting software meets your business needs is an essential part of the development process.
Understand your strategy
Your chosen client accounting software should align with both your current business strategy and your future business goals. Factors including trading volume, inventory management, scalability and industry regulations should all be considered when choosing software.
Consider your business goals and forecasts for the next three to five years and ensure that your chosen software has the capability to meet them.
Key features and processes
The key features offered by your chosen account software should align with your standard business processes. A well-detailed process map will allow you to determine what functionality you require from software, as well as identifying which processes can be automated or eliminated by the software functionality. These functions can include:
- Inventory management and stock tracking
- Payroll calculations
- Customer recordkeeping
- Cloud computing
- Integration with other systems
- Financial reporting
- Providing information on compliance requirements
As technology has evolved significantly, so to have accounting software packages. The move to fully cloud-based software has allowed major software brands like Xero and MYOB to integrate third party add on software into your main data file. This means that the functions mentioned above can be expanded on significantly based on your requirement for information or if your business has unique reporting requirements.
Cost/benefit analysis
Much like any other business cost, accounting software should be treated as an investment. Conduct thorough analysis on the perceived value that your chosen software will bring to your business and compare this to the cost.
While cost should not be the sole factor to consider when choosing client accounting software, it’s important to evaluate the impact that an expensive client accounting service will have on cash flow and business development.
Seek expert advice
It can be difficult to navigate the requirements and functionalities of accounting software, particularly for small businesses. If you’re not sure where to start, we’re here to help.
The team at Optima Partners is highly experienced in client accounting services, with a broad knowledge base in various systems. Contact us today to discuss the best client accounting software for your business.
