The digital footprint is found in every industry these days and accounting has also been included. We always think of accounting as pen-and-paper work but the technology advancements have made the accounting tasks human-free.
Many big and small businesses have adopted online accounting software as their necessary technology and this choice is increasing the productivity of the businesses. The online accounting software is better than the desktop versions for those businesses which need huge data storage cloud space, easy updation, huge scaling opportunities, and multiple users operating the system at the same time. To upgrade your accounting system to the most effective and easy online accounting solution, check this online accounting software.
You should know what accounting needs your business demands from an online accounting software. As there are numerous features and versions available in the market of online accounting software, which makes it difficult for the business to choose the right online accounting solution for their business.
Therefore, let’s understand the important features to look for while selecting the online accounting software for your business.
1. Core Accounting Tasks
You cannot look for a system with all the new features but lags in core accounting tasks. The core accounting tasks include maintaining the general accounts ledger, accounts receivables, and accounts payables.
The online accounting software completes all these tasks within seconds with the help of its in-built AI driven system, which adapts the system with the best and industry standard accounting methodologies. Also, you should look for certain things for this section in an online accounting software:
- How much less time it takes to compute accounting numbers than the other alternatives?
- What is the cost of higher capabilities and how will it impact productivity?
- How to perform core accounting tasks without the internet connectivity or offline?
2. Employee’s IP Restraint
This feature is a boon for companies providing work from home option to their employees. It is very easy to steal data or hack using IP addresses. The online accounting software restricts your employees to access the company’s system only during working hours or as customized by the business owner.
Basically this feature allows you to put IP based restraints on the login which stops the access of data by employees or anyone outside the working hours or office premises.
3. Cloud Storage Space
Storing huge accounts data or files on the system requires a huge size of harddisk or system space. Also, you need to arrange and sort the files in an order every time to track the records during audits.
But online accounting software covers it all for you. You don’t need to worry about any storage spaces as with the software comes the cloud storage space for storing any amount of accounting data. Also, look for those cloud accounting softwares which provide free cloud storage space.
4. Data Security And Backup
You need to look for online accounting software which has a track record of good data security measures. You can find the data security policy on the software providers website or you can understand the program through their virtual bot assistance feature.
It is important to have a backup of the data that is being uploaded on the cloud space of the software as you cannot take the risk of glitch or errors. Many good online accounting software providers allow free backup services too and you can retrieve that data even offline.
5. Customization Options
There are a few online accounting software providers which allow the businesses to have accounting software designed specifically for their business needs. Though this feature is more costly than the available accounting software modes as it requires a dedicated technical team and other IT resources to maintain the customized online accounting software.
There are also other customization options in the available online accounting softwares like personalized dashboard showing only those features and metrics that are required by your business at that time.
6. Virtual Technical Support
When you buy an online accounting software you cannot ignore post purchase technical support service. It is important to consider software providers with proven excellent technical support service not only during onboarding but also for any future issue.
Also, the technical support service should be 24/7 available which will give flexibility to your employees to fix the system post working hours to not affect the working time for fixing the issues.
Conclusion
Overall, the businesses should be updated with the latest and important features of online accounting software. The crucial features to always look for while selecting the online accounting software for your business is – automation in accounting tasks, customization options, cloud space and data security with 24/7 technical support. There are other features also which you can look for according to your businesses like mobile app integration, bank reconciliation, and inventory management.
