With multiple online accounting software for Freelancers, it is easy to get confused and choose one. So, what can be the deciding factor for small businesses to choose the perfect solution? Well, first things first, you don’t need to rush with the decision. Have a look at this list of factors before you finalize an accounting solution.
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Functionality
Make a clear list of functions you will need. Is it for the purpose of raising purchase orders? Or will you be using it for managing inventory? Well, Free accounting software for business will help you carry out basic accounting functions and keep your records on the track.
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Industry-Specific Features
Yes, we understand that your business might have specific requirements. A website development company might need project costing features, whereas an eCommerce business might have completely different requirements. So, don’t be confined and experiment a bit before finalizing a solution.
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Multicurrency Support
If you have clients cross-border, you will surely need multicurrency functionality. Many free accounting software will let you manage currencies with ease and even generate reports for the same.
However, some systems don’t offer these features, and you might need to integrate them. So, make sure you have a clear conversation with your vendor on this aspect.
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Cloud or Desktop Version
Yes, online accounting software on the cloud will let you and your colleagues match records and carry out functions with ease. No access means no carrying out of accounting functions.
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Compatibility With Your Bank
Most free accounting software will let you integrate your accounts receivable/payable with your bank. This will let you download all your transactions from your bank and use it for reconciliations.
Not only will you be able to save a lot of time with this, but you will also stay at par with your finances and save your accountants tons of time.
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Is Your Chosen Solution Scalable?
Remember your chosen accounting solution needs to grow with your business. As your business grows in size, you will see a transaction volume. You might also need a multi-user accounting system.
So, make sure your online accounting solution can handle a higher volume of transactions and stay at par with your business. Besides, you might also want to see how much it will cost you.
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Security Options
If you want your business to grow at a good pace, you will need to pay heed to your security. Also, this security will go far beyond read and write security. When you have many people using the solution, you will also need to provide role-based security as well.
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Usability
Most free accounting software is easy to use while some are technical. Make sure you pick software that makes your life easier and does not complicate it further. So, try out a demo of the solution and read reviews before choosing a package.
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Customer Support
Customer support is an aspect that needs to be taken care of before choosing any software for your business. You will need some amount of training when you start operating a free accounting software for business.
Besides, you will need ongoing support. Check for the training and support your vendor is willing to provide you. If you can get 24/7 support that will be great.
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Reporting
Make sure your free accounting software offers multiple reports. Please remember writing reports from scratch will require time. So, take a package that offers a standard set of reports as it will help you save a lot of time and money. You should also look for software that offers custom reports.
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Cost
Most accounting systems are not that expensive. They come at a very modest monthly license fee. The price you will need to shell out will again depend on the number of users and the functions you will need for your solution.
Some vendors even provide packages based on the volume of transactions. Consider future aspects too and upgrades before choosing a solution.
Wrapping Up
A free accounting software for business is an investment if done right can be a boon for your finances. So, make sure you keep these parameters in consideration and streamline your finances with ease.
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