How To Pick The Right Accounting Software For Your Construction Business

We believe that choosing the right accounting software for your company is very crucial to its success. Managing your income and tracking expenses is a huge part of running a business. However, doing these tasks can often be time-consuming and can eventually take its toll.

Some businesses do not even have the latest technology and software making their jobs that much more difficult. For some companies, the fear of spending too much on software and the complicated packages that come with it make them not want to upgrade their accounting software.

However, with most accounting systems becoming cloud-based, software fees have become very much cheaper compared to recent times. If you want to get your software updated, you must first identify which will work best for you.

Every business is different and works differently, so make sure you know your needs and which software can help you best address them efficiently. Start by looking at the basics.

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

When you choose your software package, ask yourself, “Is it User Friendly?”. Check what devices you will need access on, whether it be your desktop, an iPad, or perhaps even a phone. Will you be able to work remotely from anywhere you would want?

Next, check the software’s integration as this may be a very important factor to consider. Will your business’ current software be able to integrate with additional software? What would you like your software to integrate with?

Try to check for the accounting software’s reporting capabilities. This will make your job much more efficient. Lastly, if you operate in multiple currencies, check to see which software can help you handle the job and save you time.

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

Once you have already identified the capabilities and functions of your current software, you can now start to look at the multiple benefits of upgrading to a more updated accounting software system.

Efficiency

If your business has a streamlined and efficient software, you will be able to save a lot of time by cutting down your hours for data entry. You can save on your fees and can add more value because you will be able to put all your attention on more proactive accounting advice like financial and tax planning.

Pricing

A lot of accounting software is highly competitive, especially cloud-based ones. This is due to the fact that they are all very affordable, so you know that you are getting your money’s worth.

Accessibility

This is one of the great benefits of upgrading your accounting software. With the way, many businesses operate nowadays, being on the go is a must. However, if you upgrade to cloud-based software, you can access and manage all your accounts anywhere.

All you will need is internet access, and you will be able to view your financial records from any device in any location.

Tailored Fit

A lot of businesses use various types of accounting software. The good thing is that you can tailor your software in a way that works best for you and your company. You can add different functions, capabilities, and you can also integrate it with your other business software.

Data & Back Ups

Having an upgraded accounting software can help you achieve that peace of mind knowing that you do not have to worry about backing up all of your data. With cloud-based technology, all your important information and data will be stored automatically.

Xero and Sage are two of the best accounting software in the market right now. They are very good, especially for SMEs. They provide pretty much all of the benefits listed above and even more. So which software should you buy?

Well, the good news is that you cannot go wrong with either one of them. They both have on point features that will surely help you run your business more efficiently.

If we compare them head-to-head however, we are most likely leaning towards Xero. Their system’s simplicity makes it very user-friendly especially for SMEs. Their versatility in terms of integration also gives them the upper hand. There are various third-party systems and applications that Xero can be integrated with.

Xero’s interface also makes it easy for multiple users to be able to access it. When it comes to pricing, Sage is beneficial for starter packages but if you are looking at the future and long term goals, Xero is the way to go.

Xero is innovative and always updating especially with their Xero App Marketplace. This makes sure that they have access to more technology making them reliable in this fast-paced world that we now live in.

For more information about this topic, check out this infographic by LiveCosts.