Online accounting and bookkeeping applications are taking over the world. Managing accounts was never this easy. Online accounting applications ease the process and cut down on costs, but there are many such applications available. How do you make a decision?
Don’t worry, today we’re giving you five tips on how to choose the best online accounting application.
1. Getting your requirements right
What exactly do you need is important to figure out the best online accounting application for yourself. Yes, it’s true that mostly what you’re looking for is a simple application that supports invoicing and has nice bookkeeping user-interface and is automatically backed-up safely on the cloud.
And in that respect, most online accounting applications are quite the same. It’s all a matter of look and style to you then.
• There’s more to them, and
• You need to think big.
You want to scale in future, so knowing your requirements as well as those requirements that will transition smoothly into future requirements is a must.
For example, let’s take two startups. One is where you need a very less number of clients but you charge a lot for each project. It’s something unique you do that they buy. The second one is where you’re providing service to large chunks of people.
In the first case, you don’t need two or three bank accounts linked, which is what some accounting applications don’t provide. However, for the second business you know your team will grow, and with them your departments. So, here, you need an application that supports multiple bank accounts.
Some requirements are listed below:
• Do you need task management features, real-time tracking status, etc.?
• How detailed customer identities you need when acquiring information?
• Would you be paid in foreign currency?
• What calculations would you need to perform on your data?
Get your requirements right in your head – clear and bold – and you’ll know which applications to dismiss.
2. Choose your priorities
It’s a scaled-up version of the first point. Sometimes you might find that an application doesn’t take care of a couple of your subtle requirements, but has a huge benefit if you use it – in some way you never perceived. There, you might choose that application, or would you?
Always have a rough sketch of which requirements of yours are high-priority, and which can be traded-off for something fresher or just visually appealing.
3. Compare, seriously
Serious comparison is necessary as you’re taking a pretty big decision here by choosing an online accounting application. Your accounts, accounts payable, accounts receivable, etc. all data depends on this.
By seriousness, it’s meant you should make a list of your low- and high-priority requirements and feed different applications’ features in a structured way – it can be a spreadsheet or just pen and a paper.
You’ll be able to see which application best serves your aims. Don’t overlook this step by being lazy.
4. Support quality and getting opinions
These will help you choose the best online accounting application for your business:
• What kind of support the service has? Maybe contact them with a real query to test their promptness.
• How other people think about the service? Scan the web, ask questions on accounting forums (or general forums like technical ones or Quora).
Read reviews and testimonials to know the pros and cons.
5. Inspect the website and the promises they make
The website of the service is a big point. You can tell which website is frequently-updated and modern and which one still serves stale, 5-year old outdated site content.
If the website isn’t appealing to the eyes as well as their promises are shallow with data and facts dating back years (or worse, no data or facts at all, but just keyword-stuffed repetitive bait promises) – please don’t choose it.
Contributed by Martin Brower.Matrin is a skilled maths loving guy who has a long work experience in accounting. His strongest point is perhaps his affinity to using cloud based modern tools to deliver faster results. His accounting method is as swift as his fingers are on the keyboard. He's an explorer, and always keeps finding something new to make his accounting services even faster and more efficient. To know more about his work, visit: