As a small business owner or freelancer, you may be looking to invest in digital accounting software. There are many benefits to using digital accounting especially now since tax is turning digital. It can feel overwhelming when you’re trying to find the right software for you as there are so many options out there, offering different kinds of things.
So, here’s a guide to some of the things you should consider when looking for accounting software that suits you and your business.
Free trials.
Most digital accounting software offers free trials, giving you the perfect opportunity to try out the software without having to fully commit first. This is the best way to find out what works best for you and your business. While online reviews can be useful, each business is different, your needs and expectations may differ from other users.
Flexible payments.
It’s important that your digital accounting software allows you to scale up and down depending on what your business needs. You don’t want your software to restrict your business as it grows and changes. Most software offers packages with different features, for example adding payroll. This may be a feature that you don’t need yet, but may need in the future, therefore having the flexibility to add or change packages is essential for any growing business.
Integration.
Your digital accounting software is supposed to make dealing with your finances easier and less time consuming, so it’s essential that it’s compatible with the apps you and your business already use.
For example, payment apps such as Stripe, PayPal or GoCardless.
Automated, scheduled and recurring invoices.
The ability to automate, schedule and set up recurring invoices isn’t essential but will save you so much time in the long run. Luckily, most accounting software offers this feature, which is great news – especially for service-based businesses.
Stock inventory.
If you sell products, then stock inventory can save you a lot of time and stress. Stock inventory can help you to highlight if you need to order more materials and help you to identify which products are more popular and may need more of.
Mobile app.
If you want to access your finances on the go, then mobile apps are a great way to do so. Apps can be useful for tracking payments and expenses by uploading receipts and if you work away from your computer a lot, then it’s a good idea to make sure that your digital accounting software has an app for you to use.
A lot of digital accounting software offers an app, however, it’s important to check online reviews to check the quality of the app and if it’s compatible with your device (some apps are more suited to Apple than Android or vice versa).
Predictions.
You may want to consider software that can predict your cash flow and tax for the year. This is a good way to keep you prepared and avoid any nasty shocks at the end of the tax year.
Good customer service.
You’re trusting this software with your finances, therefore if something goes wrong or you need any assistance then it’s important you have someone to help you. A good way to find out about the quality of customer service is through online reviews about the software, this may also be something you can look at during your free trial.
Want to know more about digital accounting software?
Read our blog with our top recommendations – The Best Digital Accounting Software: A breakdown
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