Do You Really Need Your Own Accounting Software? Pandle looks at the pros and cons.

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Brandle

With everyone in the accounting industry talking about digital tax and the cloud, it’s no wonder that accounting firms are looking for new ways to compete in the digital era. One of the most popular ways firms are doing this is by developing their own bookkeeping software.

Everyone wants in on software and cloud accounting solutions. But do you really need your own solution? A lot of work and money will inevitably go into creating a new software. So the benefits and downsides need to be carefully considered before you think about going down this route.

 

The benefits

Builds your brand

Having your own branded software could potentially put you ahead of the competition. It’s one way to build a strong brand in this marketplace. It enables you not just to cover the accounting needs of your clients, but also how they manage their records and important data.

Makes your accountants’ jobs easier

If most of your firm’s clients are using one software product: yours, this makes the job of your accountants a lot easier and less time-consuming. If you’ve got your own in-house support for the software this will also mean you’re more likely to get any problems sorted quicker with your preferred solutions.

Many clients will also prefer to have all their accountancy needs met in one place and not have to use other companies for bookkeeping software and accounts.

Potential source of revenue

As business owners, it’s always important to look ahead for potential areas of growth and expansion for your firm. Having your own software means that it’s something else you can charge your clients for on top of accountancy services. This will help to cover the cost of developing the software but you will still need to be competitively priced.

 

The downsides

Cost

Building a piece of software is certainly not cheap. You can’t just pay someone to create software and then walk away. You will have to get developers to create and then regularly maintain any piece of software that you want to create. So you will have to pay for the planning, developing and maintaining stages of the software.

The future is mobile so you might want to look into creating an app to go alongside your software too. However, this is also expensive to create and support.

Whether you just have the software or the app too, you will also need to invest a lot in marketing to get them out there. 

Time

Software is definitely not a quick fix to boost your business. It takes a lot of time to develop. There are several stages in any kind of software development that gets rolled out to the public.

Before you even put your software idea into development you need to spend countless hours researching the market and your clients. It’s important that you’re building this for the benefit of your clients rather than just you as they’ll be the ones who decide the success of it.  

You’ll also need to test it out, get feedback, change whatever necessary and always keep on top of new ways to improve your software. The back and forth between your developers will mean that there’s less time you’re spending on managing your business.

 

The alternative

While the benefits of having your own software are numerous, the downsides can make it an impossibility for some firms.

Plenty of accountancy firms want their own software but are perhaps not ready to go into development or simply want to keep costs down. However, that doesn’t mean that they can’t have their own software. There’s a happy medium to be found between getting your own software and using someone else’s: white labelling.

Currently, not many vendors are offering this but at Pandle we now offer a white labelling solution called Brandle. This enables you to have the benefits of having your own cloud accounting software but without the effort and the price tag.

We give you our software that you can choose to brand under your own company. It will have no reference to Pandle so as far as your clients are concerned, it’s your software. You can also charge clients for your software if you wish, which gives you another potential source of revenue.

Brandle is hosted on your domain and can include bespoke development especially for your firm. This makes it a truly unique solution that cannot be found anywhere else in the market.

Whatever option you choose, make sure you’ve weighed up the pros and cons to see what fits best with your overall business aims. If you’re interested in learning more about our Brandle service, you can visit our website here.