Let’s face it—the marriage between your business office and a manual entry spreadsheet has gone on long past its prime. Accounting is probably the one of the last bastions of manual entry in business. It serves no one, beyond allowing people to say, “Well, that’s how it’s always been done.” If you want to take the next step and find useful accounting software for your business, what should you be looking for? Here are some factors to watch for as you look for the best accounting software for your business.
Look for a solution that supports financial transparency.
For too long, the accounting office was a place of secrecy, siloed off from other departments. Today’s businesses need to make real-time decisions. To do that, they need transparent and true financial data at all times.
When searching for the best accounting software for you, look for one that optimizes your processes and views all financial data through a single pane of glass. With this type of actionable data, powerful BI is only one click away, giving you the ability to make better decisions, reduce costs, and improve profitability.
Look for accounting software that automates workflows.
Of course, true transparency can only happen when your workflows support that. The right accounting solution can streamline your internal business ops to ensure consistency and clarity of data.
Issues such as cash management, reconciliation, AP, and AR all work more effectively when automated. Workflow automation also allows for better collaboration between different departments. Consider the small nightmare that is credit card reconciliation every month. In the past, your sales team or C-suite might have submitted hand-tallied sheets that were then manually entered your accounting system. This makes for a lot of work and a lot of opportunities for human error and double entry. The best accounting solutions will address and eliminate pain points like these.
Look for a solution that delivers robust tracking and reporting capabilities.
When accounting solutions are done right, they are comprehensive in their capabilities. This involves robust tracking and reporting capabilities, as well. Whether tracking payments, revenue or billing, your accounting software should come with top-tier tracking features. All of that tracking means little if you can’t generate dynamic reports. Look, too, for accounting software that allows you to generate robust reports via inbuilt filters that allow you to customize and dial in on the finer points in your finances.
Look for an accounting solution that is secure.
Finally, security is always an issue with business and financial data. Any solution worth your while will leverage multiple levels of security along with strict protocols. Assigning role-based user access is just one must, as is requiring multiple authentications for anyone accessing critical financial data.
The the best accounting software for your business may be ERP.
Of course, ERP delivers on all of this and then some. At the heart of every quality ERP, is a detail-oriented accounting module that streamlines processes, keeps data sparking clean and helps you keep comprehensive control of your finances.
Start exploring what ERP offers as an accounting solution today. Want help to zero in on the best accounting software for your business? Let’s talk.
