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Accounting Software Review

Selecting the right accounting software package for your organization can be a challenge. You want a package that will align with your business systems and processes, while also easy to use and backed by excellent support. With the advent of the Cloud there are more players and more products than ever before.

Accounting Software World has put together a chart that offers leading at-a-glance solutions based on the size of your organization:

This chart is a great resource to ensure that you are looking at the best-in-class software solutions for your organization.

When you are looking, remember these tips as to the essential basics any software package should include:

Reporting & Analytics. Reports are very important features. You’ll need software that offers a wide-range of preconfigured reports. Your package should also offer analysis tools, business-plan creators and forecasting tools.

General Accounting. Most software solutions offer basic accounting features: accounts receivable, accounts payable, invoicing, billing, general ledger and purchasing. When looking at solutions, you will want the ability to customize these features to meet your unique business needs.

Payroll & Employees. The HR aspects of accounting software need to manage complexity such as multiple pay levels, variable pay and incentives. Packages should manage the basics like payroll tax, automatic deposits, and time tracking.

Inventory & Services. Key features should be modules for inventory, vendors, quantities, re-order points, stock locations, and barcodes.

Automated & Integration Features. Software offering remote access, automatic backup, search tools and batch processing, as well as the ability to integrate with payroll services and process credit cards, is also important.

Whether or not you choose to make a change to your accounting software, it is a good practice to look at the capabilities of your current package and make sure that it is meeting your current needs and that you understand its capabilities and limitations as you grow.

The Accounting Pyramid: chart by Randy Johnson, Accounting Software World