Xero in on a great accounting software.
Is there a single software that perfectly fits every conceivable situation? No, there’s not.
Are there great software options that do suit of large number of situations? Yes, there are.
And Xero is a good example, along with others like MYOB, QuickBooks and the like.
What can you expect when you start exploring the world of modern accounting software? Here’s a few pointers to get you going.
- Don’t stress to much about it. If you’re running a fairly typical organisation, it’s hard to go wrong with one of the big names. They’ve probably got more features than you’re ever going to use.
- Having said that, keep an eye out for features you really want. Every business is unique and there may be areas you want to have extra functionality in.
- Explore some of the features that may look a bit daunting (like bank feeds or automatic invoice reminders). They might look unfamiliar but they could save you a bucket-load of time.
- Unless you’ve got a good, logical reason not to, go with a cloud option. “Cloud” just means your software sits on another computer (or server) and you access it through the internet. This can give you great flexibility, automatic updates and reliable backups.
- Think in an appropriate time frame. If you’re a start-up, you probably don’t need something that will do you for 20 years of growth. But you probably do want something that will stretch with you for about 5 years, so keep that in mind.
- Think about who’s going to be using the system. Make sure it’s something your team can work with in their day-to-day tasks. Why not involve your team in the process? – They may have already tried a few of the options you are looking at.
- And don’t forget to cover off the basics like price, contract terms, level of support and just the general feel of the software company.
So, while there’s no “one-size-fits-all” magic solution, there are some excellent “one-size-fits-many” options to choose from. And many providers will give you a free trial so you can see how their software fits you!