One thumb rule for the success of any startup says that you got to find an easy way to manage your financial accounts as early as possible. And the best way you can do that is by using the right account software in Singapore for your business. But, how would you know which software product would be perfect for you? Well, you first need to identify your requirements and priorities.
Most of today’s businesses are moving to the cloud to be able to access, review, manage, and operate their accounts round-the-clock from a web browser. Without a doubt, there are many benefits of cloud computing. With most cloud computing product claiming themselves to be the best, here are some useful tips on how to take your pick.
Factors to Consider when choosing
Whether you should choose xero accounting software or any other options depends on a number of factors, including features, pricing, data security standards, and scalability. Let’s take a look at the major factors to consider.
- Data Security – When you choose to use a web-browser based account software, the first concern is about data security. You need to make sure that the software has the right system in place to ensure hundred percent data security. For instance, make sure that the website is HTTPS enabled by checking whether the URL starts with https://. You also need to check where they are storing the application data. If they have their own hosting server, then try finding out what system they have in place to ensure the security of your accounting data.
- Features – One good idea would be to make a list of features you need to use. Once you identify your requirements, it would be easier for you to choose the right accounting software. Depending on your requirements, you may need a number of features, such as, multi-currency transactions, invoicing, payroll, document storage capacity, expense tracking, automated payments, invoice creation, round-the-clock accountant access, and report generation. Make sure you opt for a product that comes with all the necessary features, but does not include loads of unwanted features. It is also important to check whether the software is upgradable to suit the needs of your growing business in the future. For instance, you may want a product that would enable to add new users in future.
- Pricing – While pricing should not be your only concern, it should definitely be considered as an important factor. Look for cloud accounting software and services that allow adding multiple users. The monthly subscription fee for such products could a little higher, but that is definitely worth the facilities. In addition, will training be provided before using the software? Top products like Xero and QuickBooks offer different online accounting services for customers with different requirements.
Some other important factors to consider include whether the product is user-friendly and easy to install and operate, whether it has an easy exit route, and whether it is highly scalable. Choosing the right accounting software for your company is an important decision. You should review several options before opting for one.