What is the best accounting software for new businesses and entrepreneurs in South Africa?
Whether you’ve just launched your small business, or it has been up and running for a while now, being in control of your finances is vitally important! Reasons include tracking your accounts, having a clear understanding of your business’s profitability, being prepared for tax season, and allowing you to make better financial decisions for your business. In fact, if you’re not careful about managing your business’s finances, it could lead directly to failure!
To assist with managing your business’s finances, there are many different software accounting solutions designed to help with organising accounts and simplifying financial operations. These accounting packages range from simple programs aimed at assisting freelancers with record-keeping, to more advanced systems that can run your entire business’s finances; including aspects such as payroll and reporting. While choosing the right accounting software package for your small business may seem daunting, here we take a look at which features are important for entrepreneurs and business owners to consider, so that making the right choice for your business is an easy one.
Which features are important for new business owners?
Costs: The best accounting software package for new business owners is one that offers a balance between features and price. After all, the goal is to improve managing your finances, while not imposing another financial burden in the growing stages of your business. Generally speaking, most packages require a monthly licensing fee, although some providers only offer annual packages.
Ease of Use: Running a small business often means wearing many different hats, and for the first while, you may be expected to play the role of “accountant” in order to save costs, so it is important that the accounting solution is easy to set up and easy to use. While some packages may offer reduced features for the sake of a simpler user-experience, the best solution for new businesses will strike a balance between ease of use and powerful features. Remember, the goal for new entrepreneurs is to ensure that they have a hold of their financial situation and remain financially compliant, not to become accountants themselves. Entrepreneurs should aim to outsource their accounting functions as soon as they can afford to do so.
Features: What features an accounting package offers is a big consideration in determining which is best for your small business. While some features are a necessity, it is important to consider the cost of enrolling in a package with rich features that you may not use. Generally, there are six features that small business owners should consider:
Invoicing: Can you generate custom invoices for clients?
Bank connection: Can the app automatically balance your books by connecting to your bank accounts?
Online payments: Does the app offer a payment portal for your clients to pay you online?
Payroll: Are you able to manage paying your employees from the app?
Reporting: Are you able to generate reports to make educated financial decisions for your business?
Integrations: Can you connect your accounting package with other software solutions?
Reviews: Since it’s the official home for your business’s financial records, whether you’re a small business or not, knowing that you can trust your accounting software package is vital. Reviews are the best way to gauge what other users think of your chosen accounting software package, allowing you to make an informed decision as to whether you can trust the solution with your business’s financial management
Read the full article on GetLion.co.za