7 Questions You Must Ask Before Purchasing Accounting Software

Posted on 02/03/2017

Accounting software these days is considered as a must-have to meet the requirements of small business mainly. Plus, it also acts as a vital tool facilitating your decision making process since you get regular updates of your finances and there are tools to analyze your budget. Not only do they provide you with all the details you require but also most importantly, they provide the same on-the-go. But the question is in a sea of accounting software available online, how you can choose the right accounting software suitable for your business.

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Below are some of the questions you must ask the service provider before signing up for the product.

1. Can the software meet all your requirements?

First of all, you must be clear and precise in what you want in your accounting software; second of all, you must know what you don’t want your software to do. This self-understanding will put you on the right perspective in deciding your vendor.

To understand your requirements better you can start asking questions like:

  • What are the features that I need? For example, payroll processing, bookkeeping, invoicing, customer information, inventory, etc.
  • Is the software scalable based on your requirements?
  • What would work for you? Cloud based online setup or local?
  • Is this software compatible with your computer and other software in use?

2. What is the potential of the software for ROI?

Once you have fixed the functionalities you require, the next thing you should do is think about the pricing of the product. You would like to have accounting software only reduce some of your operational costs and not hinder them. Plus, you should also ensure that you don’t spend much on this so-called solution for your problem. One main thing you should understand besides your requirements is what is the most you can spend on this software.

Bear in mind, you are looking for functionality and not how slick this application is. The application must be two things

  • Serve the purpose and cost and
  • User-friendly

3. What do the reviews say about this software?

Today, the rate at which information reaches many people is very high. Thanks to the technological advances. Online forums and social media play a vital role in delivering information to the needy people. Online forums do talk about products and their reviews. These forms are straightforward and it is where the credibility of the product or software lies. It is imperative to know what these customer reviews and other third party websites tell about the software you are planning to purchase.

There are third parties who would examine the product and give an unbiased review.

4. How does their customer support work?

Technological failure is unavoidable. But what if this failure, for instance – account inaccessibility, or a software malfunction occurs at an inopportune moment? What you can do is, find out the customer support services they provide. Some of the things you may consider knowing are:

  • Support included: you need to inquire what kind of services are covered. Some companies charge you for providing one-on-one support or for providing 24/7 support.
  • Expertise: a problem can be identified by experts who have comprehensive knowledge in the field. How quickly they resolve becomes imperative when you are dealing with a customer on live.
  • Forums: do they maintain any forums where any frequently occurring problems are discussed by other users. This will give you some knowledge on resolving the issues without the help of the support team.

5. Is the software customizable to cater your needs?

Before purchasing software, you must ensure if they provide customizable solutions. We all know, requirements keep changing and if you do need some customizations, you cannot pay more than one-third of the total price of the software. Negotiations are inevitable. Make sure that both the parties are benefiting out of the deal. Sometimes it is good to talk to the top managers rather than go through gate keepers who will drag their feet most of the times.

6. How secure is your data?

Most software is available online. Though the online availability of all your records may sound fancy, remember it comes with a price. The major price you would have to pay for this convenience is compromising your data security. Even a minor breach in data can cause a major threat to the small business owners. This may come in terms of theft of credit card details and customer details, and other vital information.

One way to be alert is to read the customer review about the software’s security, find out if there are any complaints on data breach, and finally check the company security policies to know if there are any vulnerabilities.

7. Is migration of your data and customer’s data possible?

Anybody can have the necessity to upgrade their older computer or for some reason change their system. The last thing you would want to deal with is the unavailability of data migration option. Truly, it is time-consuming to enter all the data all over again. Hence, data migration is one of the important aspects you will have to make sure that it is available in the software you would like to purchase. Plus, there are vendors who can lend you a hand with migration. This will come in handy when you don’t have time for data migration.

It is imperative to look for vendors who provide you all the above said things and at competitive prices.

Call Joyce @ +1-516-717-2049 to know more about the best fit for your business and also to handle your accounting needs.

Topics: Accounting , Accounts Payables

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