Whether you're a freelancer or the owner of a small company, you have to keep track of a lot of numbers. At the beginning, it may work to track financial details in a spreadsheet or even just on a sheet of paper, but eventually, you may need to upgrade to accounting software. Wondering what features it needs?
Ideally, the accounting software you select should have the following abilities.
Accounting needs vary a lot from company to company, and your needs are likely to change as your company grows. So that you can keep using the same software and don't need to worry about learning a new program every time your needs change, you need software that has scalability.
For instance, you may want to start with a program that just helps you track income and expenses. Then, you may want to increase the scale so that it includes payroll, invoicing tools, the ability to enter expenses in multiple currencies or other features.
In the contemporary world, very few people go work in a single office all day long. If you're like most modern workers, you may work a bit in the office, a bit at home and a bit out in the field. Because of that, you need accounting software that's as portable as you are.
To that end, you may want to look at software such as Xero that is cloud-based. That way, you can enter numbers on your PC as needed, but you can also upload expenses or do other tasks using your laptop or cell phone remotely.
Are you using apps for tangential accounting needs? If so, you want to ensure that you find an accounting solution that is compatible with those other apps. Even if you are not currently using any apps, you may still want to look for accounting software that offers compatibility with a range of apps.
That gives you an easy way to add features onto your system as needed. For example, you might find a scheduling app that you like. It may allow you to notify employees of their schedule, track time out in the field or even upload employee expenses. If you have all that information in an app, you don't want to be stuck manually pulling numbers from that app into your accounting software. If you've got compatible programs, you can just sync them automatically.
Finally, you need a program that is likeable. If you're constantly feeling frustrated, you may not have the right accounting software for your needs. However, in some cases, you may just need a bit of help getting past the learning curve. Luckily, there are consultants who can help you. For example, there are consultants such as Xero software bookkeeping consultants who specialise in working with a particular type of software.
Hello. When you are at school, maths can seem so complicated at first. But then you learn about numbers and all of sudden everything seems as easy as 2 + 2 = 4. I used to be pretty good at maths so when I started my own business, I didn't think I needed to hire an accountant. After all, why should I pay someone else to do something that I could do myself? However, I very quickly learnt two important lessons. Lesson one was that accounting and doing the books will take a lot longer than you might think and, secondly, it is actually pretty complex stuff. In the end, I decided to hire a professional accountant. He is great and he has taught me a lot of cool stuff.