Choosing the Right Accounting Package for Your Company (Part 3 of 6)

accounting software In previous articles of our blog series on Choosing the Right Accounting Package for Your Company we covered Questions to ask before choosing the package - Part 1 and Why use an accounting package - Part 2. Today we will consider the question:

How much are you willing to pay for an accounting package and what type

Accounting packages suitable to your business needs does not need to be an expensive cost, but you are likely to incur costs when setting up the system and training your employees to use it. Broadly speaking there are 3 main types of accounting software:
  1. Cloud computing software, which is accessed over the internet. With this option all your data is stored by the software provider, so you can sign in and use it from anywhere. Cloud software is usually paid monthly, so the cost to you is spread over a longer period. One caveat to mention is that you should ensure you have sufficient broadband capabilities as your effectively accessing an offsite database which may take longer than if it were in-house on company servers through an intranet system
  2. Desktop accounting software, which is installed on your computer, Generally, you can only use it on that computer and all of your data is stored there. There are however inherent risks with only using a one computer approach, in that if that computer crashes you need to ensure that a backup is available.
  3. Server-based software, that runs in house within your business. This means it can be accessed by several people at once. Server based software is quiet popular amongst medium to large companies, as different access levels and security protocols can be set.

What questions do you have?

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