Choosing the best accounting software for my organisation

Choosing the best accounting software for your business

Selecting the right accounting software is a crucial decision for any business, particularly for small and medium sized organisations aiming to streamline their operations and maintain accurate financial records.

With a myriad of options available on the market, ranging from basic tools to fully integrated cloud products, finding the best accounting software for your business can feel overwhelming. However, by understanding your organisation’s specific needs and evaluating essential features, you can make an informed decision that supports long-term growth.

Key features to look for in accounting software

When searching for accounting software for small businesses, it is vital to identify the features that align with your company’s operational requirements. Here are some critical elements to look out for:

Cloud-based capabilities

Modern businesses are increasingly turning toward cloud-based accounting solutions for their undeniable benefits. With cloud technology, your data is stored securely online, offering accessibility anytime, anywhere. This is particularly advantageous for businesses with remote teams or for those requiring real-time collaboration between finance departments and external accountants or auditors.

Scalability

Your chosen software should grow with your business. While the immediate needs of a small business may be relatively straightforward, selecting software that can handle more complex tasks as your operations expand is essential. Scalable solutions prevent the need to switch platforms down the line, saving time and resources.

Integration with other systems

A seamless integration capability with existing tools, such as customer relationship management (CRM) systems, payroll software or e-commerce platforms, can significantly enhance operational efficiency. Comprehensive integration also reduces the redundancy of manual data entry, minimising errors.

Ease of use

Not all finance professionals or business owners are tech-savvy. Therefore, user-friendly software with an intuitive interface and minimal learning curve is critical. Clear navigation and functionality allow teams to focus on core business tasks rather than grappling with software difficulties.

Compliance and security features

Ensuring compliance with tax regulations and data protection laws is non-negotiable. Reliable software automates compliance with local tax codes, such as VAT returns in the UK, making it easier to avoid penalties. What’s more, robust security measures, including encryption and regular backups, protect sensitive financial data from breaches or loss.

Benefits of cloud accounting software

Switching to cloud accounting software has transformed the way many businesses manage their finances. Products like iplicit offer a dynamic approach that integrates flexibility, efficiency, and accessibility. Cloud-based platforms allow financial data to be automatically updated, ensuring accuracy in reporting. Real-time insights provide FDs and CFOs with the ability to make faster, data-driven decisions.

Another key benefit of cloud-based accounting systems is cost-effectiveness. Businesses no longer need to invest in extensive hardware or IT infrastructure, as cloud software predominantly operates on a subscription model. It also reduces internal maintenance efforts, with updates managed by the service provider.

Accounting software options for small businesses

The market for accounting software is saturated with offerings tailored to small businesses.

While evaluating options, businesses should focus on pricing, functionality, and customer support. Some well-known software options include Xero, Sage, QuickBooks, and iplicit. While popular tools like QuickBooks and Sage are suitable for smaller, entry-level businesses, iplicit stands out in delivering features tailored to more complex, midmarket enterprises and nonprofit organisations – an important factor to remember if you have ambitions to scale.

For businesses in their growth stage, iplicit’s cloud-based software particularly shines as it bridges the gap between basic solutions and enterprise-level tools. Its ability to handle multi-dimensional reporting, manage multiple entities, and provide customisable dashboards makes it an excellent choice for evolving organisational needs.

How to choose the right solution for your business

Choosing accounts software for small businesses necessitates a thoughtful evaluation process.

Begin by defining your business objectives and specifying the financial processes that the software must cover. Whether it's budgeting, accounts payable or reporting, ensuring that all critical functions are incorporated within the software is essential.

Secondly, consider your team’s input. Finance team members who will handle the daily operations may have valuable insights regarding required features and user experience. Furthermore, assessing scalability and support options will help ensure a smooth transition to the platform and provides reassurance as your business scales.

Finally, take advantage of trials or demos offered by vendors. This hands-on experience allows you to explore features firsthand and determine suitability before making any investment.

Why iplicit is a standout choice

For midmarket businesses and nonprofits requiring something beyond basic accounting tools, iplicit offers a competitive edge.

iplicit combines enterprise-level features with affordability, making it a preferred choice among CFOs and FDs. Its modular approach ensures customisation based on your business’s unique needs, while its award-winning customer support ensures you always have access to expert assistance.

Unlike other accounting software, iplicit is purpose-built to handle complexity – including consolidating multi-entity divisions, tracking project costs and managing restricted funds for nonprofit organisations. By choosing iplicit, small businesses can confidently future proof their financial management processes while remaining agile in today’s competitive market.

Final thoughts

The best accounting software provides significant time savings, cost efficiencies, and the assurance of accurate financial reporting.

Businesses can focus more on planning their growth rather than being bogged down by manual finance processes. Evaluate your business’s goals, test potential solutions and choose a platform that matches your current and future needs.

Want to know more about how iplicit helps growing businesses? Get in touch for a demonstration.