How to choose the right accounting software for your business

12th Nov 2021
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Many SMEs ‘make do’ with entry-level accounting software packages. But, as they grow, they struggle with more complex reporting, such as consolidated accounting for multiple entities, and spend far too much time manipulating data in spreadsheets.

We’ll be exploring these challenges in our free webinar on 18 November.

If you’re going to outgrow your current finance system in 2022, here’s something to think about.  

Accounting software selection criteria

Here’s our 4-step checklist to evaluate your Cloud accounting software needs

1. Check the system has the advanced functionality your increasingly complex business needs.

For example, does it have:

  • A powerful, flexible general ledger with multi-dimensional coding capability
  • Workflow approval and a mobile app, for easy approvals across the business
  • Consolidation accounting capabilities for multiple entities and multiple currencies, without the need for fiddly workarounds
  • Group reporting capability, management dashboards and advanced analytics.

Discover group accounting and consolidation – with not a spreadsheet in sight!

2. Is it good value for money and will it help your finance team work more efficiently?

For example, the should system enable your team to:

  • Automate routine tasks, such as data entry, and reduce data transfer errors
  • Access the system in real time to enable hybrid working.

3. Is the system scalable?

This is really important if you plan to grow your company in the next 5 years, so check you can:

  • Add extra dimensions into your reporting
  • Add extra modules, sales channels, revenue streams and new entities easily
  • Integrate with other business systems and Cloud apps. 

4. Is it user-friendly and easy to implement?

Some of your system users may not be accountants, so ask your software provider:

  • How long is the implementation process? For example, an ERP project could easily take 12+ months, whereas the average implementation time with AccountsIQ is just a few weeks.
  • What onboarding and implementation support do they provide?
  • Training – what will they provide and will it cover your whole team?

Need help deciding which finance system is right for your growing business?

Find out more about how AccountsIQ’s Financial Management software could be the ideal solution for your growing company. 

Get a 30 min overview of AccountsIQ in action

Join us for our next demo webinar on 18 November where we’ll cover how to:

  • Save hours by automating key processing activities
  • Get superb insights with deep multi-dimensional analysis and business intelligence
  • Consolidate across your multi-currency, multi-entity organisation in one click
  • Collaborate better across your entire business
  • Integrate critical business systems to speed up monthly close and analysis.

It’s also a great opportunity to see a demo of our new AP Inbox invoice automation feature.

Register for our 18 November webinar here.

Can’t make the live event? Register anyway and we’ll send you a recording.

Discover more about AccountsIQ’s accounting software for startups and fast growing companies.

Learn more with our accounting resources

Download one of our free accounting resources on topics such as:

Data driven finance ebook 

Smarter finance: how finance leaders achieve data driven growth

Getting better visibility of group finances whitepaper 

Getting better visibility of your group finances

Demystifying Finance Automation Guide 

Demystifying finance automation

AccountsIQ's How to Solve a Problem like Consolidation Guide 

How to solve the Problems of Consolidation

outgrown your accounting software by AccountsIQ 

Outgrowing your accounting software.