As technology continues to change the way we live and work, more and more companies have realized the benefits resulting from cloud-based accounting software due to the versatility and flexibility it offers in performing the financial processes that keep your business healthy.
However, not all cloud-based accounting platforms are created equal, so it’s important to know what to look for to meet your business needs. Here are some considerations to bear in mind as you shop for the right cloud-based accounting platform for you.
Know your business
As with implementing any new business solution, the first and most important thing you can do is know your business and what you need to accomplish. Review your internal environment by performing a software evaluation and be honest about what you find. What is working and what isn’t? What does management want out of the new system and what does the financial team need?
Features you need; features you don’t
There is no single answer to what features you will and won’t need for your accounting platform, so this is something that will change for every business. After you’ve performed your software evaluation and determined what your business requirements from your cloud accounting software, determine which features address your needs. Once you know what you need from the software you choose, you’ll quickly find that many of the features likely won’t apply to you. This will help you set your exclusion criteria for software options that offer features that you’ll pay for but never use.
Include your financial team
This step is often unfortunately overlooked, but it is vital that you consult with your financial team to determine what they need from your accounting platform. Features can sound great on paper to people with a general idea of accounting processes, but the people who will actually engage with the software every day are the people who will offer you the best insights on what you need, what you don’t, and which options will work best.
What’s your budget?
Early in your software evaluation process while scouting new accounting solutions, you’ll find a number of options that all seem approximately as effective as the others. It’s important to whittle this list down early, and one of the best ways to take out a huge chunk of your glut of available options is to know what you can afford and cross off any that you can’t.
Integrations and features
Many cloud-based accounting software options are part of larger business solution ecosystems that feature seamless integrations to streamline multiple business processes. Taking advantage of these integrations can significantly improve process efficiencies across your entire operation, and it is smart to take them into account when updating your system.
Accounting solutions like Sage Intacct can help businesses scale quickly and easily to meet growing operational demands by presenting cost-effective alternatives to traditional on-site ERP systems. Cloud accounting is a great choice if you want to do away with worrying about upgrades and maintenance fees – and it’s flexible because you pay only for users currently in the system. Deployment is quick and efficient.
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