Choosing The Best Accounting Software
Keeping books were all about the lengthy ledgers, never ending calculations and several nights’ long revisions of the balance sheets to ensure that the company’s accounts are being accurately maintained. Times have changed and what was once only a luxury for large corporations is easily available for all businesses. No longer does a company indulge in endless paperwork to maintain their accounts, courtesy the accounting software now the complicated world of accounting has become a cakewalk.
It would have been fairly easy to choose some accounting software if there was only a handful of options. Today, not only is there numerous accounting software but also various categories of the same. Unless a company explores the pros and cons of every type of accounting software, making a choice would not be an informed decision.
There are predominantly four types of accounting software – free resources, small business payroll and accounting software, web based accounting software and ERP system. Whether you have a company that has 10 staffs or one with 500, ERP system would be the best choice and we shall see why.
Free Accounting Software
The biggest advantage of this is that it is free but that is also the biggest shortcoming. Any free accounting software would only be good to an extent and would not be able to cater to complicated accounting tasks. It is certainly not ideal when your business is growing or you need to keep track of extensive accounting work. However, this is good to start off as a transition from paper to accounting software.
Small Business Payroll & Accounting Software
This type of accounting software works well but since it comes at a price it may be wise to consider more benefits out of paid accounting software which the ERP System offers.
Web Based Accounting Software
Cloud based accounting software can be fairly extensive and effective but if it can also bring in the advantages of ERP software then you can reap more benefits.
ERP Software or ERP System
ERP software is much more than just some accounting software. It not only takes care of your accounting, payroll and other normal balance sheets and the likes but also the sales, revenue, operations, stocks or inventory, communications between different departments of your business and also that with clients or other stakeholders. Enterprise Resource Planning or ERP System is a complete package that would be your accounting software, inventory tracker, communicator, product, cost and sales analyzer along with everything else that you would want it to compute.