How to Choose Accounting Software for Your Innerpreneurial Business
One of the first decisions a small business owner needs to make is what accounting software they are going to use. I was silly and delayed this process and found, when I finally got around to accounting for my spending, that I had a large stack of confusing and forgotten bills to sort through.
Top Functionalities to Look For
- User-friendly: you aren’t an accountant and you shouldn’t have to be in order to understand your software. Look for an interface that resembles that of traditional paper accounting. The more familiar you are with the layout, the easier it’ll be.
- Internet and e-commerce friendly: so you can automatically pay and be paid directly. Especially important if you are running an ebusiness.
- Compatibility with your current programs: make sure it integrates with your basic programs such as Word, Excel, etc.
- Useful Report Generation: there are millions that can be created and only a few you actually need. Make sure the program has the basics and check to see if there are so many it just confuses things
- Country-specific Tax Features: Ensure that the software you are looking at can perform and calculate the specific tax structure needs of your country.
- Expandability: If you have plans to grow your company, you want to ensure that your software can grow with you. No sense in having to put out money for accounting software twice.
Using a Mac makes your accounting software choices limited and being from Canada (as I am) makes your choices even slimmer.
As with anything I do, I did some extensive research on accounting programs before I chose mine. Unfortunately, I quickly realized that in Canada on a Mac, you have only one choice, MoneyWorks.
I’ve been using MoneyWorks Express for a few months now and while, as I find with many things, the user guide is not written simply enough and can be confusing, I am happy with the software.
For those non-Canadian readers, Liquid Ledger was the hand’s down winner for Mac accounting software based upon my research.
For you PC users, see the comparison chart to find which is best for you.