Best Accounting Software: Developing Your Roadmap

If you have ever looked around at the market and hated selecting the best accounting software simply because there were too many options available, the bad news is the options haven’t reduced in number. The good news is that you don’t have to get stuck in the process of trying to select the best accounting software by looking at the market as a whole. Instead, develop a roadmap based on your needs today, your needs tomorrow and the value you expect to receive from the solution. Taking that information, you can develop the right roadmap for determining the best accounting software.

Starting the Process for Finding the Best Accounting Software

As you are developing your accounting software list – and you may want to add in a few “must haves” – think about the best accounting software as a whole. First, there are really two main types of accounting software solutions: generic ones and solutions that are specific to an industry. Before you automatically assume that an industry specific solution is the best accounting software for you, remember that a customized solution will be more expensive to purchase and ongoing support is also generally higher than the standard average in generic solutions. Yes, it is nice to have those customized reports with all of your industry jargon, but a little focused setup in a generic solution could achieve the same thing.

A generic solution can be the best accounting software, and allows you to spend less money on the front end, but also generally offers add-on features that allow you to expand the offering as your needs grow. You should also keep in mind that a generic solution is more likely to be supported by your local support team and unless you have an internal IT team to support all of your applications and software solutions, you have to think long term before you make your selection. Your local support is also likely to offer customizable consulting services that will help you take the best accounting software and align it specifically with your environment.

What Do You Need From Your Accounting Software?

Now that you understand what to consider between industry-specific and generic solutions when it comes to selecting the best accounting software, take a close look at your needs. First, what is the size of your business? If you produce less than $500,000 in sales every year, your needs are very different from the business that produces $10 million. It is very important in selecting the best accounting software that you do not overbuy or you will never get full value out of your investment.

Second, examine the industry in which you operate. If you don’t want to invest in an industry-specific ERP Accounting software solution, examine what Best-in-Class companies in your market segment are doing. What have they found that works or presents problems within the industry? Try looking at the best small business accounting software as well.

Making a Decision

Finally, when selecting the best accounting software for your environment, you have to consider your financial resources. Perhaps you need to go with a hosted solution because you need the components offered by a particular vendor, but you cannot afford nor need the entire platform. The options available to you through hosted offerings are vast, but do your research before deciding this is the best road.

As in any business decision, you need to do your homework before deciding on the best accounting software. In the process, developing a roadmap to determine the best destination will do wonders for the decision process. As long as you keep your eye on the destination and pay attention to the details along the way, you’ll truly select the best accounting software for your business.