Keeping a close eye on money coming in and going out is one of the top most priorities for a business owner. Failing to do so can make the survival of an organization tough. In the present competitive scenario, the best way to keep your business afloat is to pay attention to finances. As a business owner, you must bank upon accounting and bookkeeping to make financial reports that will help in forethinking the organization’s growth trajectory.
Having said that, a business owner is always occupied with several other tasks and rely completely on accountants and the finance team might result in certain loopholes or make you lose track of your expenses. In order to run a healthy business, one must choose the right accounting software that can help you maintain accurate financial records.
There are plenty of software available in the market, however, a comprehensive one that lets you undertake financial tasks more efficiently can help maintain good financial health. From a variety of accounting software, the imperative is to consider a few factors that will help you choose the most relevant accounting software for your organization.
Ease of accessibility
Traditionally, businesses relied on desktop-based accounting software that offer limited accessibility and functionalities. Limited storage and accessibility constraints restricted the fulfilment of businesses’ financial needs. New-age smart accounting software based on cloud technologies are highly accessible. Only with an internet connection and a smartphone or laptop, business owners can access their financial records, reports and receipts anytime from any part of the world. Unlike traditional software, business owners do not have to be tied up with their desktops to access any information remotely. These softwares are easy to collaborate with employees and accounting teams.
Integration capabilities
In a highly volatile market like today, every business demands customization in terms of financial record keeping. One must always consider integration capabilities while selecting accounting software for their business. An integrated software combines all major and necessary financial accounting functions into one application. Based on modern UI and UX, the software eliminates conventional processes, streamlines and optimizes useful processes for a seamless user experience. An integrated accounting software involves core modules – payable and receivable ledgers, bank reconciliation, purchase orders, inventory management, billing, etc.
Functionality
As part of the forward-moving strategy, every organization needs to align its financial management needs with scalability principles. To begin with, the organization must have its financial resources in place in order to have seamless progress. In a highly dynamic world of business, the imperative is to buy an accounting solution that does not become outdated. In addition, it must have necessary updates to manage the expanding finances without adding extra cost. As an organization will keep growing, it would necessarily need a solution that has expansive functionality and is easily customizable to suit its changing requirements.
Cost-effectiveness
When it comes to integrating accounting software, cost-effectiveness plays a crucial role in a two-pronged way. Businesses spend a huge amount on paying their finance team’s salary including tax accountants at different positions, financial reporting accountants, etc. Having accounting software automates several mundane human-oriented tasks. It reduces the chances of errors and time spent on manual entries while increasing business viability. Hence, consider a new-age AI-driven accounting software that can help identify wasteful spending in business and result in cost optimization.
Security
The financial data of any business organization is highly sensitive and confidential. With large amounts of data being entered and evaluated, its security becomes extremely critical for finance managers. As cloud-based accounting software eliminates paper-based tasks, an organization cannot lose control of the data as it is always stored on secure servers of their accounting software. Humans might misplace their laptop, financial files or their months of work. However, cloud-based systems always keep the backup of data with all safety and security. Therefore, before purchasing any accounting software, it is always recommended to check the reliability of the developer in terms of security infrastructure and data protection.
Cloud-based and AI-driven systems are not an option today. They are the need of the hour in order to keep a business afloat in a highly volatile market. Legacy accounting software solves several financial blockages and dramatically contributes to scalability of an organization.
(The author is Mr. Oumesh Sauba, Founder, NuBooks, and the views expressed in this article are his own)
