Compare Accounting Software Features to Get The Most Out of Your Software

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Most of us know that it’s important to think before you buy so you don’t make a rash decision, and this is especially true when you compare accounting software for your business needs. As you make your needs analysis for your new accounting software solutions (whether it’s online accounting software, cloud accounting, or the traditional model) be sure to thoroughly identify your business processes.

It is imperative to compare accounting software and there are three critical areas you will want to review before implementation: data management, document management, and workflow management, which are often overlooked when people compare accounting software.

Consider Data Security as you Compare Accounting Software

With the amount of data and information moving around the office workplace, it’s critical to make sure your data is secure. Be sure to research this as you compare small business accounting software. The vast majority of states have passed additional laws regarding data security in addition to the federal HIPPA laws and penalties for violating these security rules can reach upwards of $500,000.

Should you have a security breach of this sort, not only will you cripple customer confidence; you can compromise a customer’s personal information as well. So file encryption, portals for external access, and careful file transfer and management is critical. When you compare accounting software, be sure to ask potential providers what they recommend for data security, which tools they include in their system to assist with this, and whether there are any additional measures they recommend beyond those to make sure your data is secure.

How Important is Document Management as you Compare Accounting Software?

Merely a decade ago, users laughed at the idea of a paperless office, but today most companies either have adopted or are designing a document management plan. As you review products check out how they house their document management, look at how they are digitized, how the files are attached to any transactions, what they do for encryption and storage, and what scanners are used.

There are so many different ways and the functionality that is included with the system is important to consider. Ask what needs to be accomplished with a third party document management solution and what hardware scanners and software investments are required as you compare accounting software choices.

Bear in Mind Workflow Management as you Compare Accounting Software

Compare accounting software that takes advantage of workflow management as well. Software systems now include the capability to design approval processes and have the flexibility to incorporate the simplest to the most complex tasks. It makes no difference if you have a budget, time sheet, or expenditure, the review and approval process needs to be an automated workflow of documents and alerts that are done electronically and accommodate your level of complexity.

When you review accounting software, be sure to review your own internal processes also. Involve all team members that are in charge of authorizations as this is a wonderful learning process that leads to better efficiency and business practices. Hopefully, you wouldn’t buy a new car without doing your homework and spending hours reading reviews and comparing products. As you compare accounting software to meet your needs, take the time to consider what really matters to you most as you look at the needs analysis for your business or home.

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