From Live Costs

Choosing the right accounting software
can be a huge dilemma for any type of business, especially those that
do not have the most up to date software or the most user-friendly
ones. We all know that managing and tracking your income is important
for your business, but we want a software that is efficient and worth
its price. For some people, the costs of new software or the new
complications and complexities added to it have led to them not
wanting to change or update their current accounting software.
However, because most software now use a cloud-based system, their
fees have been cheaper, and with the right type of package, every
business can find one that suits them perfectly.

What considerations should you take
first when choosing a software package?

When choosing a software package, you
must ask yourself, "Is it user friendly?". What devices
will you need access on? Will it work from your iPad or just your
desktop? Try comparing your current software to the one you are
thinking of getting. Next, consider the software's integration. Check
if your accounting software is able to integrate with additional
software and make sure of what you would like your software to
integrate with.

Your software's reporting capabilities
should be top-notch. This is essential in monitoring your business.
Lastly, consider the software's currencies. If you operate in
multiple currencies, do you manage this through multiple systems? Try
to find what works best for you.

What benefits can I obtain by
upgrading my current accounting system?

Once you have identified the general
functions and capabilities of your software, you can start to look at
the benefits of upgrading to a more efficient accounting software
system.

• Efficiency- You can save hours of
  data entry each week by having an efficient software in your
  business. You also make your accountant's job easier by freeing up
  more of their time. You could save on your accounting fees and
  create added value by focusing on financial and tax planning.
  
• Pricing- An accounting software is
  usually affordable, especially if it is cloud-based. A lot of these
  software, however, is highly competitive, so you will have a lot of
  options.
  
  
  
  
• Accessibility- Upgrading to a
  cloud-based software makes your life easier because you can access
  your financial records from any device in any location. All you need
  is the internet and you will be able to work and manage your
  accounts from anywhere.
  
• Tailored Fit- You can tailor your
  software to work in a way that is best for you and benefits you
  most. You can add different functions and combine them with your
  other business software making your job that much easier to do.
  
• Data & Back Ups- One of the
  benefits of using cloud-based technology is that you do not have to
  worry about backing up all of your data as this will be stored
  automatically in your software's cloud.
  
  

Xero and Sage are two of the best
accounting software providers for SMEs. You cannot go wrong with
either one of them, so make sure to check them out and see which one
you would like the best.

For more information on this topic, here is an infographic by LiveCosts.

Niall from Livecosts says: Thanks Stephen for this great insight. As you can tell i am a pretty big Xero fan too!

SOURCE: https://livecosts.com/construction-software/construction_accounting_software/