By: Mitch | Last updated November 29, 2022 
The use of financial management software has become a lot more common, and it’s not hard to see why. Hiring an accountant can be very expensive. Companies need accounting services so that they can manage their taxes, though. However, thanks to financial management software, companies can access accounting services without having to pay for a private accountant.
If you are a business owner and are considering using financial management software, then you have lots of different options. This post will offer a guide, explaining how you can choose the software that’s best for you.
One of the first things that you need to do is to think through your needs: What exactly do you need from financial management software? Do you need a residuals income calculator, or do you need access to tax templates? Considering and thinking through your needs will help you to make a better decision about the software that you buy. Software is not cheap, so if the software you choose does not offer you everything you need, then you will essentially just be wasting your money.
As mentioned in the last part of the previous section, the software is not cheap. Another important consideration to make is the cost of the software that you are buying. If you are on a budget and cannot afford to pay for new software upfront, then try to find software that you can pay for monthly. Paying for software in monthly installments will make it a lot more affordable. Something to bear in mind is that software providers often charge more overall when people pay monthly. You might be able to save money by paying upfront.
Once you have done a little research and have found software that interests you, learn about the features that it offers. Taking time to learn about your chosen software’s features will help you to make a better decision. If the software you are considering using does not have lots of different features (and is missing certain features that you identified as necessary when you were considering your needs) then you should pass it over and try to find another. Most software companies will have a full list of their software’s features available on their website or in their brochures.
You should always ensure that the software you buy comes with post-purchase customer support. Most software providers offer post-purchase support nowadays. However, sometimes post-purchase support costs a little extra. Try to find support that’s free of charge. In addition to finding software that comes with post-purchase support, try to work with a company that has lots of guides available on their website. If a software provider writes out guides and tries to help people to understand their software, then it is a strong indication that they care about their customer’s experience and want to make things as easy as possible for them.
The next thing to consider is reviews. A software provider’s reviews will help you to get a good idea of what it will be like working with them and using their software. Most software providers will also have on-site testimonials. As a general rule of thumb, it’s best to avoid reading on-site testimonials. The reason for this is that it’s very common for on-site testimonials to be biased. After all, why would any self-respecting company want to publish negative reviews about themselves on their website? Reviews on Google and Trust Pilot are usually the most accurate. It’s generally quite easy to spot fake reviews on Google and Trust Pilot.
If you have a large company, then it is very unlikely that you will be using your financial management software yourself. If staff is going to be using it for you, then you need to make sure that you sit down and talk to your employees before investing in software. Your employees need to be confident that they are going to be able to use the software you are buying before you buy it. Buying software that your staff need to be more experienced in could then mean that you have to pay to have them trained in it, in addition to buying software.
Data security is a very important consideration to make. In fact, it is perhaps the most important consideration in this entire article. Your business’s data security is something that you need to take very seriously. If the software you are using is not encrypted and does not have processes in place to keep your data secure, then you shouldn’t use it. Software that doesn’t protect your data puts you at risk of being hacked. Data theft and hacking are more common than ever. You should also have firewalls downloaded on all of your company’s devices, for added protection.
The user interface is something else to think through. The software that you choose should be very easy for staff to use. If your staff hasn’t got experience using the software that you are investing in, then you can at least make their lives easier by ensuring that the software’s easy for them to use and learn. You may want to spend some time collecting YouTube videos so that when you do buy software, you can then forward all of the YouTube guides and tutorials over to them. They can then use these guides to learn how to use the software.
Finally, think about hidden costs. It’s unfortunately very common for software providers to include hidden costs and purchases in software, i.e., you have to pay for upgrades or extra features. Try to find a software program that is free from hidden purchases. Hidden purchases can lead to you spending much more than you might have budgeted for a piece of software. You can usually find out whether or not there are hidden costs by researching a piece of software and reading reviews.
Financial management software is a great way to streamline your business’s financial management. However, there are literally hundreds of programs for you to choose from. You need to choose the one that’s best for your business (and has the most features). This post’s guidance will help you to do that.
