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 What is accounting?

Accounting is the recording, analysis and presentation of financial transactions in different standardized reports, corresponding to precise and understandable rules for all.
Its’ goal is to provide an overview of the company’s financial situation, but also its financial health, its’ profits and available liquidity, and to serve as a tool for decision-making. Complete transaction data is used in the calculations, as well as calculations on provisions and projections.
The legal aspect of records and accounting reports should not be neglected as they are subject to regulatory requirement standardization, as well as to current tax regulations.
Today, software and accounting tools designed to reduce the margin of error and to facilitate standardized entries automate a large number of these processes.


Does your business need accounting software?

These days there are a variety of accounting software products available on the market, especially designed for the size of your business and for the industry in which you operate. Each has different features to perfectly suit your needs.
It is obvious that no matter what your business is, the number of employees you have, or the features you need, it is wise for your company to implement a solution that will result in easier accounting procedures, more powerful analysis and interpretation of your data, and a reduction in the risk of error.Your accounting software’s features must therefore meet your needs and be able to perform the tasks required. 
The basic actions performed by your accounting software include preparing tax returns, payroll, recording daily transactions, monitoring sales, etc. It is therefore not necessary to choose a solution that offers a multitude of services, but one that is flexible and can evolve, that is easy to use, and which provides all the functions you need to best respond to your requirements. It should also allow you to integrate new functionalities when the need arises, to support the growth and development of your business. That said, the impact of such an investment should be taken into consideration. Sure, you can always find software at reduced prices, but these don’t generally allow you to integrate new functionalities, upgrade to a newer version of the software which can support a larger number of operations or a wider use, nor integrate data and information that has been collected since the launch of your business. It would be wise to invest in a complete accounting software package that has add-ons that can be selected when needed to support the evolution of your growing business.
In terms of cost, it is very important to balance the investment you’ll make on accounting software with the positive impacts on your business activity in terms of effectiveness and efficiency. Take time to study your needs, prioritize your criteria and balance all these elements so that you make the optimal choice of accounting software.


5 things to consider when choosing accounting software: 

The software’s ability to adapt to your needs

It is important to ensure that the accounting software you choose is compatible with your business sector activity. It is also important to establish the software’s functional parameters according to the business needs defined by the accounting department and the employees impacted by the information it generates, considering the size of the business, the number of users, and the budget allocated. It should also provide billing tools for purchases and sales, prepare tax statements, and manage inventory. Additional accounting analyses are also provided, as needed, such as:

  • A global vision in real time of the company’s current state
  • Precise identification of receivables
  • The ability to print a summary analysis of the balance sheet, the income statement and the cash flow statement

Services provided by the vendor

The quality of services provided by the software could be a deciding factor in your selection process, as well as maintenance, support, user training, and service after the sale. These are necessary considerations should you desire to make using the software and its’ features as easy as possible. 
The software should provide quick, intuitive tools and services to make using it more enjoyable and to enable the business and its’ employees to easily integrate the solution and optimize its’ use. 


In order to gain speed and efficiency, your accounting software must allow you to communicate recorded data to other applications and software, and to convert current data into other formats and vice versa. It should also interface with all of the other tools used by the company, so that data processed by those tools can be imported and automatically integrated.

Evaluate the software’s benefits

In order for your software to fully benefit your business, it should provide several key functions, such as:

  • Tax return preparation
  • Customer monitoring and recovery
  • Scheduling supplier payments
  • General, budgetary and analytical accounting
  • A full tax module
  • Preparing financial records 


A number of accounting software products are available at various price levels. In order to make a wise investment, compare the benefit of the proposed features and modules with the cost of the software investment. With the help of your accountant and employees, evaluate all of your options, and consider seeking the advice of an expert to ensure every angle has been considered before making your final decision.


Accounting Software Resources

The following articles & resources are available for Accounting software

The Ultimate List of the Top 100 Free Business Software

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Cloudswave Awards 2015: Introducing the 10 Best Accounting Software

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7 Cloud-Based Accounting Software for Small and Medium-Sized Businesses

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