Managing Business Expectations

Posted on: 22 July 2020

Cloud applications have gained popularity in recent years as more and more businesses choose cloud-based software over on-premise software. Cloud-based software can streamline accounting operations in your small business and save you the costs associated with hiring accountants and IT experts. However, with so many service providers on the web, making the right choice can be a daunting task. As you review various accounting software solutions for small businesses, here are the top things to look for:

Niche Specialization

Would you like software that has industry-specific features? For example, cloud accounting software for construction businesses varies with that of retail and restaurant businesses. Some service providers avail customizations based on the industry you operate. This can help streamline and simplify software use, generate more accurate reports, and improve the overall functionality of your accounting solutions. 

Flexibility and Scalability

You need accounting software that is flexible and can grow with your needs. As a small business, you probably need a few accounting services, such as bookkeeping, reporting, and tax services. However, as your firm grows, you may need additional ones such as accounting audit, account payable and receivable, payroll management, and even bank reconciliation. You need software that can accommodate your growing needs without requiring you to pay for services you don't currently use.

Suitable Payment Plans

Cloud accounting software can be expensive. Some providers require users to pay for long-term packages, which only make sense to medium-sized and large organizations. Since most small businesses don't have much to invest in expensive plans, it's worth considering providers with flexible payment plans and suitable terms. Look out for the following:

• Short-term plans such as monthly payments as they are affordable for small businesses
• Free trials to give you a feel of the software before committing your money
• Money-back guarantee if you don't like the software

Some accounting software providers even offer time-limited discounts that can save you a lot of money on your packages. Be on the lookout for such offers.

Security and Stability

Trusting an online service provider with sensitive accounting information is not easy. With issues such as cybercrime, you can't risk working with a firm that has loose security systems. If they were to get hacked, your data could get lost or stolen. Thus, find a service provider with robust and stable operations. Their services should feature the following:

• Data encryption to ensure hackers can't access information even if they steal it
• Reliable uptime of around 99% to ensure accessibility at all times
• A backup strategy for cloud-based software
• Disaster recovery plan for times when unforeseen disasters affect the servers

A firm with secure and stable solutions will give you the much-needed peace of mind when storing your accounting data on the cloud.

Cloud accounting software is a good idea for your small business, but only if you find the right provider. Have these things in mind as you shop around for the right company to work with.