Is Your Current Accounting Software A Good Fit For Your Business?

Are you a small business owner wondering if your current accounting software is the right fit for your company? Accounting software is a great tool to help with bookkeeping, invoicing, taxes, and other financial tasks. However, you may miss out on critical features and benefits if it’s not the right fit for your company.

Find out more with our complete guide to choosing the right accounting software. We'll discuss signs you need to switch accounting software, evaluate your options, and how to implement your new software.

3 Signs You May Need to Switch Accounting Software

Your accounting software may have been a good fit for your company five years ago. But software, hardware, and connectivity have changed since then. Look for these three signs that you may need a different accounting software.

1. Frustration With Functionality

One of the most common signs is if you find yourself constantly frustrated with the software's limitations or lack of features. If you're unable to perform essential tasks, such as generating the reports you need or managing invoices efficiently, it's a clear indication that your current accounting software is not meeting your needs.

2. Glitches & Crashes

If you're experiencing frequent issues with your software, such as crashes, glitches, or slow performance, it's a sign that your software may be outdated or incompatible with your current systems. These issues can lead to significant downtime and errors in your financial processes.

3. Lack of Customer Support

Subpar customer support or lack of regular software updates are two other signs it’s time to leave your accounting software behind.  Good support and regular updates are essential for ensuring your software stays up-to-date to fix any software glitches and continues to meet your evolving needs.

Evaluating New Accounting Software Options

Next, devise a concerted plan to find your new accounting software. Make a list of the must-have features and prioritize them. This list will help you narrow your options and focus on software that meets your needs.

Read reviews and compare different software solutions. Look for software that has positive feedback from other small business owners and offers the features you need. Pay attention to negative reviews or common complaints, as these could be potential red flags. Once you narrow down your selections, find any in-depth reviews from real customers.

Take advantage of free trials or demos offered by software providers. Free demos will allow you to test the software firsthand and see if it's intuitive and user-friendly. Don't be afraid to ask questions or seek support during the trial period to get a sense of the provider's customer service.

4 Main Factors to Consider When Choosing Accounting Software

Accounting software is more than just crunching numbers. It needs to have capabilities that allow your business model to grow.

1. Features of the Accounting Software

Think about what functionalities are most important to your business, such as automated bookkeeping, invoicing capabilities, and reporting options. Does it integrate with your current tools, like procurement or financial software? Does it offer secure remote access?

2. Scalability

As your business grows, you'll want accounting software that can accommodate your expanding needs. Look for software that can handle increasing transaction volumes and can easily integrate with systems you may need in the future.

3. User-Friendliness

Is your accounting software easy to use? Your team must quickly learn how to navigate and utilize its features effectively.

4. Cost vs. Value

Consider the upfront costs and any ongoing fees or subscription plans associated with the software. Ensure the price aligns with the software's value and benefits to your business. The cheapest accounting software isn’t always the best accounting software.

Tips for Implementing New Accounting Software

Implementing new accounting software can be a significant undertaking for any small business. Here are some tips to keep in mind to ensure a smooth transition and successful implementation.

1. Plan Ahead

Before implementing new software, create a detailed plan that outlines your objectives, timelines, and resource requirements. The plan will help you stay organized and ensure that all necessary steps are taken.

2. Train Your Team

Make sure your employees are adequately trained on how to use the new software. Consider offering training sessions, online tutorials, or even hiring a consultant to assist with the transition. The more familiar your team is with the software, the more effectively they can utilize its features.

3. Test and Validate

Conduct thorough testing before fully implementing the new software to identify any issues or glitches. Validate the accuracy of data migration and ensure that the software is working as expected.

4. Set Realistic Expectations

Understand that there may be a learning curve as your team adjusts to the new software. Be patient and set realistic expectations for the initial phase of implementation. Allow time for your team to adapt and ask questions.

5. Seek Support

Don't hesitate to contact the software provider for assistance and support. Whether it's troubleshooting technical issues or answering questions about functionality, reliable customer support can make a big difference in the success of your implementation.

6. Monitor and Evaluate

Continuously monitor the performance and effectiveness of the new software. Regularly evaluate if it meets your business needs and make any necessary adjustments or updates as you go.

7. Partner With Experts for Next-Level Training

The Whitlock Co. has two QuickBooks Pro Advisors on staff who can help you navigate the ins and outs of your accounting software, particularly QuickBooks Online (QBO).

If you’d like to consult with us about elevating your current QuickBooks functionality, request a consultation with our team. We also take care of other services like an outsourced CFO, business advisory, and succession planning for your company.