How to Select the Best Accounting Software?

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How to Select the Best Accounting Software?

• https//www.imprezz.in/ Imprezz

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Tracking transactions is vital for any business
to succeed in the near future. Enterprises
require the best accounting software to record
income and expenses precisely. Todays advanced
invoicing software also enables business owners
to file GST compliance in just a few
clicks. Accounting software for small
businesses enables you to accomplish the daily
accounting tasks. It effectively records
payments, invoice customers, track expenses,
reconcile transactions, and much more.
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GST invoice software provides insights and
invoicing solutions that stimulate your business
performance from multiple dimensions. You can
better focus on other growth aspects of your
business by automating your bookkeeping tasks.
But selecting the best billing software for your
business can be challenging. There are various
options for accounting software available in the
market today. Each one of them offers different
features and pricing plans. To avoid any sort of
confusion, you need to filter all the
criteria. In this article, we have coupled a
list of key considerations that might help you
invest in Indias best accounting software.
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Important Factors of the Best Accounting Software
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1. Online Accounting or Offline Accounting

• As a business owner, you must first decide
  whether your business requires online accounting
  software or an essential desktop-based, offline
  software. It entirely depends on your business
  requirements.
• Few businesses prefer online/cloud accounting
  software for effective automation. They offer
  several competitive advantages over traditional
  offline accounting software. In contrast,
  companies that mostly operate without
  connectivity can opt an offline software such as
  POS (Point of Sale).

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Why Does Your Business Require a Cloud-Based
Accounting Software?

• Small businesses in India struggle with the
  cut-throat competition out there. Business owners
  must be able to focus on other managerial tasks.
  A cloud-based accounting software saves
  installations charges, time, and costs. You can
  sign in and directly get started with entering
  your transactions.
• Online accounting software is always updated. You
  can access all your financial data from any
  device connected to the internet, work from
  anywhere, and restrict access according to your
  preferences. Businesses can save costs with cloud
  backup and maintenance features.
• For synchronized access and integration, one must
  select a cloud-based accounting software. It
  simplifies your business workflow with effective
  automation. The comparative advantages of cloud
  accounting can help you stand out among your
  competitors.

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When Does a Business Require Offline Accounting
Software?

• For businesses like retail stores, desktop-based
  software works well. Their business requirement
  is limited to invoicing over the counter. They do
  not require connectivity at their business
  location.
• If your business category is different from that
  of a retail store, go for cloud-based accounting
  software. Secure your business data control your
  finances at your fingertips with online
  accounting software.

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2. Data Security

• Your finances determine the sustainability of
  your business. Thus, ensuring data security plays
  a vital role in managing your finances. If you
  are selecting online accounting software, you
  must consider having a precise checklist.
• Most online software manages accounting data over
  their websites. You should consider asking your
  service provider about the security measures they
  take to ensure your business data security.
• You can review the security certificate of the
  server your accounting application hosts. Make
  sure that the data transferred from your device
  is encrypted. Encryption ensures that your
  financial data is not hacked or viewed by an
  unauthorized person or entity.

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3. Features

• Features are one of the main factors you must
  consider while choosing the best online invoicing
  software for your small business. Heres a quick
  checklist of essential features that an
  accounting package must include.
• Tailored invoicing options
• Categorized expense tracking
• Inventory management, stock movements
  (inward/outward) and wastage management
• Options to import bank transactions to perform
  bank reconciliation

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• Customizable purchase order (PO) creation and
  options to record inventory purchases.
• GST billing options or create and manage taxes
  effectively
• Journal Voucher recording
• Automated management of customers and vendors
  list
• Keep track of accounts payable and receivables.
• Effective balance sheet maintenance
• Generation of profit loss statements and trial
  balance reports
• Tailored access to employees

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What Additional Features Should You Look for in
the Best accounting software?

• Features that support multi-currency transactions
• Employee management and payroll processing
• Categorize transaction as per the projects
• Control the access of each team member
• Now, make a detailed list of essential features
  according to your business requirements. Review
  all the features before making your final
  decision.

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4. User Interface Complexity

• You need not be an accountant to handle your
  business accounting. In case you have an
  accountant to manage all your accounting tasks,
  you should know how to log in and use it. It
  should be user-friendly for employees or
  accountants to learn the software in no time. It
  will rid you of training costs.
• You needed not to subscribe for features that
  your business does not require. If your
  accounting software is simply stuffed with all
  the features, it can be hard for your employee to
  use it. Thus, choose software that comes with a
  simple user interface. It will help you and your
  employees to focus on crucial accounting tasks.

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5. Exit Options

• Your accounting software must have a feature that
  provides data export facilities. You must be able
  to export ledger and other transactions under
  unfavorable circumstances. However, it is always
  ideal to check if your accounting software offers
  backup options at regular intervals.

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6. Scalability

• Do not restrict your accounting needs. It is most
  specific for any small business in India to
  expand with time. When you buy software with
  limited features as per your current
  requirements, it might fail to cope up during
  expansion.
• Rid from migrating from one software to another
  and all the painful data transfer processes.
  Select an invoicing software that can scale the
  needs of your growing business. Go for software
  that has a progressive version concerning the
  size and type of companies.

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7. Hidden Costs

• Most accounting software offers lower costs to
  attract customers. Once you buy the software, you
  will have to deal with hidden costs. For
  instance, some software might charge you extra
  for upgrades, maintenance, or additional support.
• Check before you buy any software. Visit the
  official website and check the pricing page. If
  the software offers any additional services, you
  will know in prior.

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8. Post-Sale Support

• Post-sale support is one of the key features that
  cannot be ignored while purchasing accounting
  software. No matter how great the user-interface
  of the software is, you require premium support
  at crucial points. Select a software company that
  you can reach out to when you are stuck.
• Most accounting software offers a cheaper price
  because they do not provide any support. Avoid
  any such products and rid them of throwing all
  your investment in vain.
• Try calling the support number or reach out to
  messaging on the company portal. Simply check how
  well the company responds to your quarries. You
  will know their support infrastructure instantly.

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9. Tax Preparations

• Ease your business workflow by hiring an
  accounting software that automates tax
  calculation, tax reporting, multiple tax rates,
  and features like filing GST compliances. It
  should have the necessary features that allow
  access to all your financial data under a single
  system. An ideal tax ready invoicing software
  will help you file GST returns as per the latest
  tax rules specified by the government.

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10. Automation

• Automation is a vital aspect of hiring accounting
  software. It helps accomplish all your
  bookkeeping tasks effectively in no time. You can
  automate your recurring transactions, send a
  payment reminder email, auto-charge customers,
  etc.
• Ideal accounting software helps capture data from
  receipts, and effortlessly convert them into
  transactions. Work on the core business functions
  while you can automate most of your accounting
  tasks. Rid of the tedious accounting processes
  and manual interventions. Choose an ideal
  accounting software for your start-up.

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11. Integration

• The integration enables you to work flexibly. Any
  changes you make are automatically updated,
  eliminating repeated entries.  For instance, when
  you link your customers information via CRM
  software, the same will be reflected on your
  application, so all your employees are on the
  same page.
• Thus, the accounting software you choose for your
  small business in India must be integrated with a
  third-party server, CRMs, project management
  tools, or inventory management system.

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12. Payment Gateways

• The last but most important feature that an ideal
  accounting software must include is the payment
  gateways. It enables your customer to pay
  instantly by securely integrating payment
  gateways. It provides multiple payment options
  like credit cards, debit cards, online bank
  transfers, and other convenient options.
• Once the payment has been processed, the software
  automatically updates the invoice status in the
  system. There are various payment gateways
  available in the market today. Check for a
  feasible option for your business and ensure that
  your software connects to a preferred payment
  gateway.

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Imprezz.in Best Accounting Software

• Imprezz, the GST accounting software, is an ideal
  choice for small businesses in India. It includes
  all the necessary features mentioned above. You
  can avail customized subscription packages rather
  than wasting your money unnecessarily on useless
  features.
• The cloud-based invoicing software supports
  integration and advanced payment options. Our
  customer support is available round the clock to
  ensure your happiness. We provide customizable
  features concerning your industry or business
  size and type. Subscribe to Imprezz and ease your
  accounting task management.

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Steps to Select the Best Accounting Software
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1. Discuss with Your Accountant or Employee Who
Would Use the Application Your accountant or
employee knowns your accounting needs better. It
is ideal to talk to them to understand better
which accounting software is suitable for your
business needs. Discuss and make a checklist that
will determine the best choice. 2. Pricing and
Budget Knowing your budget will automatically
streamline your options. Most bookkeeping
software comes with different prices and
packages. Look for an overall plan that fits your
budget.
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3. Shortlist Your Options Google is our next
mother. It should be the first point where you
start your research for the best GST accounting
software checkout software comparison sites and
testimonials. Create a shortlist of software
programs that you like the most. 4. Request a
Demo You can request for a demo on the software
providers website. Ask questions concerning your
niche while you take a demo. Precisely watch the
application walkthrough videos if there are any
available on the site.
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5. Start a Free Trial Do not purchase software
before taking a free trial. It will give you a
clear idea about the software and its
functionalities. Enter some dummy financial data
to check the accuracy of the financial reports.
If the software meets all your requirements, you
can go ahead and purchase it.
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Mistakes to Avoid While Purchasing the Best
Accounting Software

• Dont buy cheap accounting software
• Dont buy an on-premise accounting software
• Dont ignore the database
• Dont forget to include HRs
• Dont Neglect the point of sale (POS)

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Conclusion

• Selecting an ideal accounting software for your
  business can be overwhelming. Once you invest in
  accounting software, migrating can hurt your
  business. Instead, spend your time looking for
  the best option out there.
• Are you searching for the best billing software
  in the market? Imprezz.in is a one-stop
  accounting solution for all your accounting
  needs.
• Do you want to cross-check the capabilities of
  the software? Start a 14 days free trial software
  program on Imprezz. Log in and start your
  accounting right away!

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Email - info_at_imprezz.in

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• https//www.imprezz.in/